Advanced battery market will grow 200-fold in 10 years: study
Worldwide capacity of advanced batteries for utility-scale energy storage will reach nearly 16,000 megawatts
BOULDER, Colo.—The market for advanced batteries will roughly double each year over the next five years, and continue growing steadily beyond that, according to recent research from Pike Research, a market research and consulting firm owned by parent company Navigant Consulting.
The study claims that by 2022, the total worldwide capacity of advanced batteries for utility-scale energy storage will reach nearly 16,000 megawatts (MW) – an almost 200-fold increase from 2012.
“The market opportunity for advanced batteries in the utility sector [hinges on] rising demand for electricity and the increasing penetration of variable renewable energy generation,” says research analyst Brittany Gibson.
“But advanced batteries are not the only assets that can provide these services. Utilities and grid operators are not yet convinced that advanced batteries are the only path forward, but many do agree that the current resources will not be sufficient in the long term.”
As power generation resources evolve and diversify, advanced batteries could help utilities, grid operators, and service providers enhance grid flexibility, integrate intermittent generation resources and accommodate growing demand.
However, no silver bullet technology for advanced batteries has emerged.
Each technology brings tradeoffs between a variety of operating characteristics and cost. Lithium ion batteries have safe chemistry and fast response times, flow batteries help decouple power and energy features.
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