Pike Research, the cleantech industry analyst firm forecasts that Lithium Ion (Li-ion) batteries will be the fastest growing category for utility-scale applications, growing to a $1.1 billion worldwide business by 2018.
“Utilities will be the downstream beneficiaries of innovation and investment in Lithium Ion batteries for the transportation sector,” says senior analyst David Link. “While Li-ion was once limited to consumer electronics devices, it is quickly becoming the battery of choice for electric vehicle manufacturers. Improved storage capacity and economics will lead the utility sector to adopt Li-ion, as well – we anticipate that 2011 will be the inflection point for growth in this category.”
Pike Research forecasts that revenue from Lithium Ion batteries will represent 26% of the $4.1 billion global stationary energy storage business by 2018. Important storage technologies also include other advanced batteries such as Sodium Sulfur (NAS), as well as kinetic storage techniques like Pumped Hydro and Compressed Air Energy Storage (CAES).
Pike Research’s study, “Energy Storage Technology Markets”, analyzes the opportunity for several key technology categories including advanced batteries, pumped hydro, compressed air, flow batteries, and frequency regulation for utility-scale applications. The report assesses energy storage market drivers, challenges, and regulatory/legislative issues, and also provides detailed market forecasts and profiles of key industry players. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Renewable Energy, Clean Transportation, Clean Industry, Green Consumers, and Environmental Management sectors.
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