»The global market for energy storage remains poised for growth, with the market outlook strengthening until 2025, reaching a total installed base of 52 GW,« according to the »Grid-Connected Energy Storage Market Tracker« by British consultancy IHS Markit. Overall, IHS Markit predicts that annual deployment if grid-connected energy storage will grow from 1.3 GW in 2016 to 4.7 GW in 2020 and 8.8 GW in 2025.
The grid-connected energy storage market is projected to grow from annual revenues of $1.5 billion in 2016 to more than $7 billion in 2025 with a CAGR of 16 percent, says the report. In 2020 for the first time more than 50 percent of cumulative annual installs will be deployed behind-the-meter.
The United States will be the largest market, deploying 1.2 GW in 2020, seeing a CAGR of 21 percent from 2017 to 2025. In the short term, South Korea, Japan, Germany, Australia and the United Kingdom will be the next biggest markets.
Driven by declining lithium-ion battery module prices, which have fallen 70 percent since 2012, the technology will dominate the market over the coming years. With prices for lithium-ion battery modules predicted to fall further, reaching less than $200 per kWh by 2019, Li-ion batteries will also establish themselves as the leading chemistry in longer duration systems aimed at the two-to-four hour duration segment.
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