BOULDER, Colo.--(BUSINESS WIRE)--Batteries have not traditionally been an integral part of the utility grid, primarily due to concerns about cost, safety, durability, and efficiency. Today, however, technological advances in electrochemistry have enabled a new generation of advanced batteries to start playing an important role in grid management. Click to tweet: According to a new report from Navigant Research, worldwide revenue from advanced batteries for utility-scale energy storage applications will grow from $164 million in 2014 to more than $2.5 billion in 2023.
“Unlike most other networked systems, the electricity grid functions mostly without any stored resources,” says Sam Jaffe, principal research analyst with Navigant Research. “Innovative electrochemistries – particularly lithium ion and its subchemistries – have solved many of the challenges inherent in battery energy storage, and there are more than a dozen individual applications that could utilize batteries for energy storage.”
The clear market leader in utility-scale applications of batteries is lithium ion, which offers the best mix of performance specifications (including energy density, volumetric density, cycle life, calendar life, safety, and cost) for most energy storage applications. Other battery technologies, however, remain viable, according to the report. Flow batteries have been shown to excel at long-duration energy storage applications, and advanced lead-acid batteries have proven to be excellent performers in power-intensive applications.
The report, “Advanced Batteries for Utility-Scale Energy Storage”, analyzes the global market for advanced batteries for large-scale grid applications. The study 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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’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 Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.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.