The global shift toward renewable energy and off-grid power sources has pushed battery technology research toward high power and high capacity cells for utility scale energy storage. That research now includes the use of lithium-ion batteries, though until recently the primary focus of lithium market news has been battery technology for the electric vehicle and mobile electronics industries.
“The lithium-ion battery market continues to evolve with focus on grid energy storage, off-grid power, telecom/data comm backup, and aerospace/defence applications,” said Vishal Sapru, research manager at Frost & Sullivan’s Energy & Power Systems, in a press release.
Energy storage technology drivers
According to a recent report by Pike Research, the market for advanced batteries—large storage systems designed to store excess solar or wind energy during low-demand periods for use during higher-demand periods — will nearly double each year over the next five years. “Considerable momentum is building behind newer energy storage technologies, such as advanced batteries, particularly as the renewable energy community embraces storage as a means of mitigating risks associated with variable power generation resources,” commented8 Pike Research Smart Energy analyst Brittany Gibson.
The market for such technology is expected to reach US$ 7.6 billion by 2017 and US$ 29.8 billion by 2022, driven mostly by escalating electricity demand and expanding renewable energy production. Both are forcing the utility industry to find dynamic solutions to incorporating carbon-free energy generation sources into the grid system while not compromising the quality of service.