A recent report from Navigant Research examines the market for advanced batteries for utility-scale energy storage, with global market forecasts for energy capacity, power capacity, and revenue, segmented by region, application, chemistry and subchemistry, through 2025.
Over the next decade, growth in advanced batteries for utility-scale energy storage applications is projected to be robust. Market factors such as variable generation deployments, government support, grid and market structure, demographics, and grid stability are anticipated to lead to an annual revenue increase from $231.9 million in 2016 to $3.6 billion in 2025 and a 30-fold increase in capacity.
“Improvements in advanced battery energy storage technologies, developing regional regulatory and market drivers, and emerging new business models are poised to make utility-scale energy storage a growing and viable part of the electricity grid,” said William Tokash, senior research analyst with Navigant Research. “Market regulation changes are also expected to foster the development of new revenue business models that will support capital investment in energy storage systems (ESSs).”
According to the report, ESSs such as advanced batteries have the unique ability to provide value to the grid operator/utility by improving stability while also improving the economics of an individual generating facility. These technological advances are enabling energy storage to meet evolving performance requirements and driving revised market rules and regulations.
The report, Market Data: Advanced Batteries for Utility-Scale Energy Storage, analyzes the global market for advanced batteries for utility-scale energy storage. The study examines 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 2025. An Executive Summary of the report is available for free download on the Navigant Research website.