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Renew Grid: Content / Up Front / Advanced Batteries For Utility-Scale Energy Storage To See Revenue Surge

Worldwide revenue from advanced batteries for utility-scale energy storage applications will grow from $164 million this year to more than $2.5 billion in 2023, according to a new report by Navigant Research. In addition, energy capacity is expected to grow from 248.1 MWh to 8.5 GWh over the same time frame.

Navigant notes that batteries have not traditionally been an integral part of the utility grid, primarily due to concerns about cost, safety, durability and efficiency. However, the research firm says technological advances in electrochemistry have enabled a new generation of advanced batteries to start playing an important role in grid management.

Lithium ion (Li-ion) batteries utilize the flow of lithium ions between the cathode and anode of the battery to charge and discharge. Although Li-ion has excelled as the primary chemistry of choice in consumer electronics for the last decade, Navigant reports that it is only just now finding its place on the grid, as next-generation cathode chemistries and new manufacturing processes are allowing for larger-format battery cells.
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