NEW YORK, Jan. 7, 2016 /PRNewswire/ -- This BCC Research report assesses and describes the current status and assess the potential growth of the worldwide grid scale battery storage (GSBS) technology industry and the market for associated storage technologies. Includes forecast from 2015 to 2025.
Use this report to:
Assess market potential for GSBS technologies over a ten-year period from 2015 through 2025.
Receive information about the regional characteristics of the grid-scale battery storage (GSBS) market.
Analyze existing GSBS technologies and promising emerging battery technologies and applications that are under development.
Gain insight into the regulatory aspects of the GSBS market.
The global market for grid-scale battery storage (GSBS) technologies reached $637 million in 2014. This market is projected to reach nearly $4.0 billion in 2025 from $716 million in 2015 at a compound annual growth rate of 18.7% for the period 2015-2025.
Lithium-ion battery storage technology will grow from $257 million in 2015 to nearly $1.9 billion in 2025 at a CAGR of 21.9% for the period 2015-2025.
Flow batteries storage technology will grow from $115 million in 2015 to $773 million in 2025 at a CAGR of 21.0% for the period 2015-2025.
STUDY GOALS AND OBJECTIVES
BCC Research's goal in conducting this study was to assess and describe the current status and assess the potential growth of the worldwide grid-scale battery storage (GSBS) technology industry and the market for associated storage technologies. More specifically, the study included the following objectives: (1) summarize existing GSBS technologies and promising emerging battery technologies and applications that are under development; (2) evaluate the existing GSBS technology industry, focusing on the manufacturers and providers of major components for viable storage technologies; and (3) assess market potential for GSBS technologies over a five-year period from 2015 through 2020.
REASONS FOR COMPLETING THIS STUDY
With the exception of the recent period immediately following the global economic turndown, global demand for electricity is expected to continue to increase through at least the next two decades. However, much of the world's electricity generation industry is in the midst of a turning point. In su port of carbon dioxide (CO2) emissions reduction regulations and industry trends, the electricity generation sector is in the process of transitioning generally away from coal- and oil-fired electricity production,
and toward the installation of increasing proportions of renewables. However, many renewable energy resources are intermittent in nature: Solar cells only generate electricity when the sun is shining, and wind turbines only generate power when sufficient wind is blowing. To meet consumer electricity demand, which is often not
aligned with available renewable power production capacity, very large-scale energy storage technologies are needed.
The purpose of this report is to provide a regional assessment of the GSBS market potential, as well as existing and projected future market sizes. This is an important scope because GSBS markets vary substantially based on regional characteristics and on the technology in question. Grid-scale battery technologies have been in existence for many decades but are only now coming into prominence as a major energy storage technology due to the increasing renewable energy generation sources. GSBS is considered in this report, as battery technologies are coming of age and are capable of storing sufficient energy to be relevant at the utility scale—with hundreds of
megawatts (MWs) of generation capacity. Grid-scale battery technologies come in many different electrochemical formulae combinations. Within this context, this report identifies the basis and installation/market potential for GSBS demand in each global region, within the 2015 to 2025 timeframe.
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