A comprehensive review on the techno-economic analysis of electrochemical energy storage systems: Technologies, applications, benefits and trends

Abstract

Energy storage technologies (EST) are essential for addressing the challenge of the imbalance between energy supply and demand, which is caused by the intermittent and stochastic nature of renewable energy sources. Electrochemical EST are promising emerging storage options, offering advantages such as high energy density, minimal space occupation, and flexible deployment compared to pumped hydro storage. However, their large-scale commercialization is still constrained by technical and high-cost factors. The techno-economic analysis of electrochemical EST continues to attract considerable discussion. This paper provides a comprehensive overview of the economic viability of various prominent electrochemical EST, including lithium-ion batteries, sodium-sulfur batteries, sodium-ion batteries, redox flow batteries, lead-acid batteries, and hydrogen energy storage. We first explain the principles and technical characteristics of these distinct EST, comparing them based on factors such as battery performance, resource availability, environmental impact, and cost. Subsequently, their applications and benefits are investigated, with some evaluation methods for revenues provided. Additionally, we present an innovative discussion from the perspective of research focus, specifically classifying and analyzing these topics. Finally, an outlook is provided for the future techno-economic research of electrochemical EST.