Dive Brief:
- The global market for utility-scale battery storage will grow to $2.5 billion by 2023 from $164 million this year, according to Navigant Research.
- Lithium ion is the clear leading battery technology for utility uses, but other technologies are viable, Navigant said.
Dive Insight:
Energy storage in all forms is growing. Storage can make the grid more efficient, help integrate renewables and help meet peak demand.
“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,” Sam Jaffe, Navigant researcher, said.