A new study from UK-based GlobaData reveals that energy storage innovation will be essential to the advancement of solar power generation.

Unfortunately, the study also found that there is little renewable energy storage innovation and few firms focusing on it. “Currently, there are no effective storage systems for megawatt scale solar power plants,” said GlobalData analyst Pavan Vyakaranam.

Concentrated Solar Power uses molten salts to produce power for a short period after the sun goes down, Vyakaranam said. But, while that technology is being used in large-scale solar projects, it’s not efficient enough to be applied on a larger scale.

Ideas for innovation include adapting the processes involved in the generation of thermal energy to solar and other intermittent renewable sources. Pumped hydroelectric storage is currently used as a grid energy storage mechanism. It stores power during off peak hours when energy is cheaper and can be used during peak hours.  “Pumped hydro storage is being used on large scale and it does hold hope for application on a larger scale,” Vyakaranam said.

There is little innovation happening in the renewable energy storage field, according to the report. Of 162 US patents issued for solar energy in the first quarter of 2012, only two dealt with energy storage. But there are likely other companies working on solutions, Vyakaranam said.

“Apart from solar energy companies with R&D facilities, storage innovation could also be expected from companies with pioneering research in other areas,” Vyakaranam said. “Companies dealing with advanced batteries and ultra capacitors are the important examples. There are a number of universities and research organizations with extensive research on fuel cell technology and Hydrogen-based energy storage systems, both of which can complement a solar power plant if there is a breakthrough in efficiency and cost.”

He said major energy companies like GE Energy and several battery companies are also doing research to see if battery storage could become more efficient and affordable.

“Currently, as solar energy is close to achieving grid parity in some locations, solar adoption is already increasing steadily,” Vyakaranam said. “However, a commercial storage technique would boost solar adoption in countries where there is excessive and intermittent generation of energy due to renewable energy sources like solar and wind.”