The global market for batteries used for energy storage, could be worth $3.6billion (£2.5bn) within a decade.
That’s the conclusion of new research looking at the energy storage needs of the utility sector. The work done by Navigant Research, forecasts the demand, chemistry and growth of renewable sources, will mean the battery sector for industrial energy storage will grow rapidly, reaching the £2.5bn value by 2025.
At present the market is worth just $231.9 million (£162m).
William Tokash, senior research analyst with Navigant Research said: “Battery energy storage systems have demonstrated that value can be delivered by energy storage technology on the grid and regional transmission and distribution system operators have recognised these advances.
“Several factors are converging to enable the growth of grid-connected utility-scale energy storage markets.”
The research shows lithium ion batteries are at present leading the market but new kinds of batteries are being invented called flow batteries. These are expected to be better at energy storage and have lower costs.
Last week we reported how energy storage could help secure UK supply.