Innovation trends in electricity storage: What drives global innovation?

Using patent data from 1978 to 2019 across 1881 regions, we estimate the main determinants of innovation in energy storage. Our results highlight the role of energy prices and past innovation in shaping innovation. Specifically, a one-unit increase in electricity prices leads to a 15.54% reduction in the ratio of storage to electricity generation patents. We also find evidence on the significance of past innovation in shaping the direction of current innovation. These results imply the need for a combination of energy policies and innovation policies to boost innovation in energy storage. •Innovation in energy storage displays an increasing trend and is led by top countries.•Innovation in energy storage is mostly directed at improving batteries.•Energy prices promote the share of storage patents while electricity prices hinder it.•Citation-adjusted past patents promote innovation in storage share.