The market for advanced batteries for energy storage faces a series of challenges. Costs are high; no single optimal technology has emerged; and advances in grid infrastructure equipment, such as smart inverters, could replace the batteries. Advanced batteries represent a unique technology, offering the promise of grid flexibility and the possibility of a fast and scalable enhancement of energy generation installations.
According to a new report from Pike Research, the market for advanced batteries will roughly double each year over the next five years. Revenues in the sector will reach $29.8 billion in 2022. Asia Pacific may benefit before other regions from manufacturing cost decreases. Though Western Europe lags behind Asia Pacific and North America, the European Union’s aggressive carbon reduction goals and public funding for grid modernization hold future promise. Highly decentralized energy industry of the North America is especially suitable for the deployment of advanced bateries.
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