Energy Capacity of Advanced Batteries for Utility-Scale Energy Storage Applications Will Grow 71 Percent per Year through 2023

May 29, 2014

Lithium ion battery makers racing ahead to build manufacturing facilities, report finds

Traditionally, the electricity grid has functioned mostly without any stored resources.  Today, however, the rapid expansion of distributed, renewable energy resources is increasing demand for energy storage on the grid even as technological advances in electrochemistry are enabling advanced batteries to play an increasingly important role in grid management.  Click to tweet: According to a recent report from Navigant Research, the annual energy capacity of advanced batteries for utility-scale energy storage applications will grow from 412 megawatt-hours (MWh) in 2014 to more than 51,200 MWh in 2023, at a compound annual growth rate of 71 percent.

“While there are several chemistries suitable for large energy storage installations for the grid, the clear leader is lithium ion and its subchemistries,” says Sam Jaffe, principal research analyst with Navigant Research.  “Lithium ion manufacturers have raced ahead in building manufacturing facilities, giving them considerable advantages in the ability to meet large-volume orders and utilize economies of scale in order to bring prices down.”

The highest growth and volume of sales of advanced batteries over the next 10 years will occur in Asia Pacific, according to the report.  Power grids in the region are relatively immature, and the grid infrastructure still needs much work in many countries.  This provides an enormous opportunity for the use of batteries on the grid as one method to balance the load with generation.

The report, “Advanced Batteries for Utility-Scale Energy Storage”, analyzes the global market for advanced batteries for large-scale grid applications.  The report examines the business case for various utility-scale energy storage applications and explores the strengths and weaknesses of the major battery chemistries and how they match to specific applications.  Global market forecasts for energy capacity, power capacity, and revenue, segmented by region, application, chemistry, and subchemistry, extend through 2023.  The report also provides profiles of the key market participants, including major battery manufacturers and systems integrators.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin

+1.303.493.5483

richard.martin@navigant.com

* The information contained in this press release concerning the report, “Advanced Batteries for Utility-Scale Energy Storage,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Rss
Opower and Google’s Nest Labs Score Highest in Assessment of Home Energy Management Vendors
Opower sustains success with a leading suite of solutions, while Google’s Nest Labs innovates and expands its home energy management capabilities, report finds • A new Leaderboard Report from Navigant Research examines the strategy and execution of 16…
Read More »
The Global Market for Smart Grid IT Software and Services Is Expected to Total $142 Billion from 2014 to 2024
Growing demand for mobile connectivity among the utility workforce is helping to drive market, report finds • A recent report from Navigant Research provides a comprehensive overview of the global market…
Read More »
Annual Sales of Autonomous-Capable Vehicles Are Expected to Reach 85 Million by 2035
How quickly advanced driver assistance technologies spreads to installed base of vehicles is an important market consideration, report finds • A new report from Navigant Research analyzes the emerging market for different levels of…
Read More »
Revenue from Vehicle-to-External Communications Systems Is Expected to Total Nearly $180 Billion from 2015 to 2025
Smartphones are expected to help connect older vehicles to the communications network, report finds  • A recent report from Navigant Research examines the market for connected vehicles, with a…
Read More »
View All News

{"userID":"","pageName":"Energy Capacity of Advanced Batteries for Utility-Scale Energy Storage Applications Will Grow 71 Percent per Year through 2023","path":"\/newsroom\/energy-capacity-of-advanced-batteries-for-utility-scale-energy-storage-applications-will-grow-71-percent-per-year-through-2023","date":"9\/3\/2015"}