Lithium ion "clear leader" in utility-scale battery energy storage apps
February 19, 2014 | By
Barbara Vergetis Lundin
The electricity distribution grid is one of the most complex networks in the modern economy, and one of the only advanced networks to not have any storage capabilities, according to Navigant Research. Batteries have not traditionally been an integral part of the utility grid, primarily due to concerns about cost, safety, durability, and efficiency; however, technological advances in electrochemistry have enabled a new generation of advanced batteries to start playing an important role in grid management. In fact, worldwide revenue from advanced batteries for utility-scale energy storage applications will grow from $164 million in 2014 to more than $2.5 billion in 2023, according to Navigant. "Unlike most other networked systems, the electricity grid functions mostly without any stored resources," said Sam Jaffe, principal research analyst with Navigant Research. "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." The clear market leader in utility-scale grid applications of batteries is lithium ion, according to Navigant, which offers the best mix of performance specifications -- including energy density, volumetric density, cycle life, calendar life, safety, and cost -- for most energy storage applications. Other battery technologies, such as flow batteries that have been shown to excel at long-duration energy storage applications, and advanced lead-acid batteries that have proven to be excellent performers in power-intensive applications, are still viable options, according to the report. The Asia Pacific region will see the highest growth in advanced batteries for utility-scale applications during the next 10 years, Navigant predicts, though growth will also be strong in North America and Europe. For more:
© 2014 FierceMarkets, a division of Questex Media Group LLC. All rights reserved. |