The global battery-based energy storage systems market is expected to reach $ billion by 2020 with lithium-ion accounting for more than half of this revenue.
A boom in wearable devices and the Internet of Things (IoT) is driving battery manufacturers to invest heavily in producing batteries that are flexible, thin, and stretchy. Curved, foldable, and pin-sized batteries are some good examples. Solid-state battery chemistries are becoming more popular to power miniature devices that require high energy density.
Lithium-ion, the most sought after chemistry, is reaching its limits, thus, paving way for advanced chemistries such as metal-air, flow batteries, and sodium sulphur.
Strong growth in renewables is expected to drive the demand for storage, especially battery-based systems both on the grid scale as well as on the residential side. Revenue from grid scale Battery Energy Storage System (BESS) is expected to grow at a double digit CAGR (%) from 2015–2020.
‘No down payment’ is emerging as the most popular business model for installing battery energy storage systems for Commercial and Industrial (C&I) customers. Integrated battery storage solution providers such as STEM, Sunverge, Green Charge Networks, Solar City, and so on install, own, operate, and maintain these solutions at customer locations. In return they split the difference in savings from peak demand charges with the end-user.
About this report
This study examines the key mega trends that are creating a high demand for batteries. The role of the Internet of Things (IoT), advancements to telecommunication networks (LTE), wearable devices with sensors, renewable integration, smart grid, energy storage, and advancements to healthcare devices are some of the key technologies that are dependent on batteries for their successful implementation and performance. This study highlights the different emerging battery chemistries and their applications, apart from the existing, well-established lead acid, lithium-ion, and flow batteries. A long-term perspective of how the demand for batteries and winning business models will evolve in 2025 is given along with revenue forecasts.
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