Batteries, Energy Storage

Falling Prices to Speed Energy Storage Installations

By Editors of Power Engineering

A new report by IHS Markit indicates prices for lithium-ion battery storage will fall below $200 per kWh by 2019, PV Magazine reported.

That drop, a full 70 percent since 2012, will cause energy storage use to surge as applications become more economical.

The report indicated storage capacity will grow from 4 GW today to 52 GW by 2025.

Annual growth is expected to grow from 1.3 GW last year to 4.7 GW by 2020 and 8.8 GW by 2025. In turn, revenue will increase from $1.5 billion last year to $7 billion in 2025.

The United States should continue to lead energy storage and surpass 1.2 GW of annual deployment by 2020.