Lithium Ion Batteries to Become a $1 Billion Segment of the Stationary Energy Storage Industry

October 21, 2009

The ability to capture and store energy for later use is an elusive goal that utilities and other companies in the power generation business have long pursued.  Energy storage will be especially important in compensating for the intermittent nature of wind and solar energy sources, which is often out of synch with the peaks and valleys of customers’ electricity demand.  Of the eleven competing energy storage technologies analyzed in a recent report from Pike Research, the cleantech industry analyst firm forecasts that Lithium Ion (Li-ion) batteries will be the fastest growing category for utility-scale applications, growing to a $1.1 billion worldwide business by 2018.

“Utilities will be the downstream beneficiaries of innovation and investment in Lithium Ion batteries for the transportation sector,” says senior analyst David Link.  “While Li-ion was once limited to consumer electronics devices, it is quickly becoming the battery of choice for electric vehicle manufacturers.  Improved storage capacity and economics will lead the utility sector to adopt Li-ion, as well – we anticipate that 2011 will be the inflection point for growth in this category.”

Pike Research forecasts that revenue from Lithium Ion batteries will represent 26% of the $4.1 billion global stationary energy storage business by 2018.  Important storage technologies also include other advanced batteries such as Sodium Sulfur (NAS), as well as kinetic storage techniques like Pumped Hydro and Compressed Air Energy Storage (CAES).

Pike Research’s study, “Energy Storage Technology Markets”, analyzes the opportunity for several key technology categories including advanced batteries, pumped hydro, compressed air, flow batteries, and frequency regulation for utility-scale applications.   The report assesses energy storage market drivers, challenges, and regulatory/legislative issues, and also provides detailed market forecasts and profiles of key industry players.  An Executive Summary of the report is available for free download on the firm’s website.

Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets.  The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Renewable Energy, Clean Transportation, Clean Industry, Green Consumers, and Environmental Management sectors.  For more information, visit www.navigantresearch.com or call +1.303.997.7609.

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
Spending on Energy Efficient Buildings in Europe Is Expected to Total Nearly $800 Billion From 2014 Through 2023
August 28, 2014Enforcement and activity vary widely from country to country, report finds • Buildings account for 40 percent of Europe’s final energy consumption, and thus represent a…
Read More »
Smart Grid as a Service Will Reach $11.2 Billion in Annual Revenue by 2023
August 26, 2014Benefits include reduced time to market and world-class security, report finds • While they represent a small part of the smart grid market today, smart grid…
Read More »
55 Million Electric Motorcycles and Scooters Will be Sold Worldwide from 2014 to 2023
August 25, 2014Harley Davidson’s entry will spur sales as growth accelerates in North America and Europe, report concludes • Driven by rising gasoline prices and increasingly congested city streets, more consumers are starting…
Read More »
Spending on Smart Grid Technologies Will Total Nearly $600 Billion From 2014 through 2023
August 20, 2014Intelligence is being distributed to the edges of the grid, report finds • The fundamental technology for infusing intelligence into the power grid has been in existence…
Read More »
View All News

{"userID":"","pageName":"Lithium Ion Batteries to Become a $1 Billion Segment of the Stationary Energy Storage Industry","path":"\/newsroom\/lithium-ion-batteries-to-become-a-1-billion-segment-of-the-stationary-energy-storage-industry","date":"9\/2\/2014"}