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Li-ion Battery Storage Market

Author: Source: Datetime: 2016-10-10 16:48:27
battery storageThe global battery energy storage market for smart grid is forecast to grow immensely over the next four years at a compound annual growth rate (CAGR) of almost 73 per cent, a new report finds.
Analyst firm Technavio’s Global Battery Energy Storage Market for Smart Grid 2016-2020 report categorises battery energy storage into three main types: Li-ion batteries, lead-acid batteries and sodium sulfur batteries. The Li-ion battery segment is projected to reach 3,130 MW by 2020, growing at a CAGR of close to 72 per cent due to the growing demand for electricity storage. Both lightweight and compact with fast recharging capacity, Li-ion batteries are being extensively used in energy storage for the smart grid, solar powered portable generator, the report stated. 
The high cost associated with Li-ion batteries represents a major challenge for the industry though. “Companies are focusing on developing cost-effective Li-ion batteries,” said Sayani Roy, industry expert at Technavio for smart grid research.
“The Li-ion battery cost has dropped at an average of 23 per cent per year since 2010, while the energy storage system cost has also dropped at an average of 14 per cent per year. This has led to a total installation cost reduction by 17 per cent.”
Meanwhile, the lead-acid battery segment is predicted to reach 990 MW by 2020, growing at a CAGR of more than 67 per cent. This segment is expected to witness significant growth during the forecast period. According to Technavio, lead-acid batteries are the most widely used after Li-ion batteries.
Innovations in battery have helped the lead-acid battery achieve increased efficiency and overcome challenges such as slow charging, short life cycle, and high maintenance. An abundance of availability of raw material for lead-acid battery has helped to increase the number of installations of the battery.
The sodium-sulfur battery segment is projected to reach 1,450 MW by 2020, growing at a high CAGR of more than 84 per cent. These batteries are upgraded by adding electrodes to enhance their lifespan and operational flexibility, which also eliminates the risk of fire mishaps. However, sodium-sulfur batteries are hazardous and catch fire instantly if they come in contact with air and moisture.
“Costs of these batteries is continuously reducing, which is beneficial for its growth and portable solar power generator. Also, its high energy density and operating temperatures along with the corrosive nature of sodium polysulfide make it suitable for large grid energy storage,” added Sayani. “However, the increasing use of the Li-ion batteries may affect the growth of the sodium-sulfur batteries during the forecast period.”  
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