Lithium Ion Batteries Are Expected to Account for 85% of Newly Installed Energy Storage Capacity
2019 marked a transformational year for the global energy storage market
A new report from Navigant Research provides a database of global energy storage projects along with a regional analysis of technology choice, capacity, and market share for deployed projects and projects in the pipeline.
Regulatory policy, government incentives, deployment mandates, grid modernization programs, and declining technology costs created market conditions in which hundreds of energy storage projects were deployed around the world between 2018 and 2019. In this growing market, Lithium ion (Li-ion) batteries have maintained a prominent place in the transformation of the power grid. Click to tweet: According to a new @NavigantRSRCH report, Li-ion is the fastest-growing energy storage technology, with annual growth expected to reach more than 28 GW by 2028.
“Although pumped hydro storage (PHS) still accounts for 96% of installed energy storage capacity worldwide, Li-ion is the choice technology among project developers and system integrators,” says Ricardo F. Rodriguez, research analyst with Navigant Research. “The technology is expected to account for 85% of newly installed energy capacity.”
In addition to the growth of Li-ion, three types of storage projects typified deployments across the globe in 4Q 2019. According to the report, these include commercial and industrial applications located behind-the-meter (BTM), utility-scale battery storage projects that replace gas peaker plants, and utility-scale storage projects colocated at large solar PV or wind generation facilities.
The report, Energy Storage Tracker 4Q19, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 2,169 projects (encompassing at least 64,664 individual systems) and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project. In addition, the report includes an analysis of the technology choice within each major region for energy storage, analysis of the leading regions for energy storage capacity and projects, and market share analysis for technology vendors for deployed projects and projects in the pipeline. An executive summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Energy Storage Tracker 4Q19, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.