Global Revenue for Advanced Batteries for Utility-Scale Storage Is Expected to Reach $3.6 Billion by 2025
A new 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.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 in coming years. During the next decade, growth in advanced batteries for utility-scale energy storage applications is projected to be robust. Click to tweet: According to a new report from Navigant Research, global revenue for advanced batteries for utility-scale storage is expected to grow from $231.9 million in 2016 to $3.6 billion by 2025.
“Today, several factors are converging to enable the growth of grid-connected utility-scale energy storage markets,” says William Tokash, senior research analyst with Navigant Research. “Battery energy storage systems (BESSs) have demonstrated that value can be delivered by energy storage technology on the grid, and regional transmission and distribution (T&D) system operators have recognized these advances and are enacting new rules to allow BESSs to participate in power markets.”Because they offer the best mix of performance specifications for most energy storage applications, lithium ion (Li-ion) batteries lead in utility-scale applications of batteries on the grid, according to the report. However, flow batteries have the potential to deliver long-duration energy storage applications at anticipated low costs.
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.