Batteries, Emissions, Energy Storage

Li-ion batteries taking over energy storage market

Report: Energy storage technology revenue to exceed $21B by 2024

Lithium-ion (Li-ion) batteries have become the dominant technology in grid energy storage, capturing a 90 percent share of systems proposed in 2014. Molten salt batteries, however, accounted for a majority of installations by energy capacity, due to NGK Insulators’ early lead, but are no longer the technology of choice, according to a new report conducted by Lux Research.

“Driven by renewable-connected systems and demand management, grid-scale energy storage is taking off, with 450-MW and 730-MWh of systems installed in 2014 ,” said Dean Frankel, Lux Research Associate and lead author of the “Grid Storage Data Tracker.
 
Globally, li-ion accounted for 419-MW and 1,555-MWh of proposed storage systems in 2014; as of January 2015, 1,100-MW and 2,523-MWh of grid energy storage have been deployed across 605 projects.
 
The report finds that Japan lead the market in installed energy storage capacity with 1,174-MWh.
 
To read the full report, click here.

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