Navigant: Lithium-ion batteries to account for 85% of new installed energy storage capacity

Monday March 9, 2020 0 comments Tags: Boulder, Navigant Research, lithium-ion batteries, Ricardo Rodriguez

BOULDER -- Lithium-ion (Li-ion) batteries are the fastest-growing energy storage technology, with annual growth expected to reach more than 28 GW by 2028, according to a new report from Navigant Research.

The report provides a database of global energy storage projects along with a regional analysis of technology choice, capacity, and market share for deployed projects and projects in the pipeline.NavigantNEWlogoUSE 

Regulatory policy, government incentives, deployment mandates, grid modernization programs, and declining technology costs created market conditions in which hundreds of energy storage projects were deployed around the world between 2018 and 2019.

“Although pumped hydro storage (PHS) still accounts for 96% of installed energy storage capacity worldwide, Li-ion is the choice technology among project developers and system integrators,” said Ricardo F. Rodriguez, Navigant Research analyst.

“The technology is expected to account for 85% of newly installed energy capacity.”

In addition to the growth of Li-ion, three types of storage projects typified deployments across the globe in 4Q 2019. According to the report, these include commercial and industrial applications located behind-the-meter (BTM), utility-scale battery storage projects that replace gas peaker plants, and utility-scale storage projects co-located at large solar PV or wind generation facilities.

The reportEnergy Storage Tracker 4Q19, provides a comprehensive resource of global energy storage projects. The Tracker includes a database of 2,169 projects (encompassing at least 64,664 individual systems) and tracks the country, region, market segment, capacity, status, technology vendor, systems integrator, applications, funding, investment, and key milestones of each project.

In addition, the report includes an analysis of the technology choice within each major region for energy storage, analysis of the leading regions for energy storage capacity and projects, and market share analysis for technology vendors for deployed projects and projects in the pipeline.

An executive summary of the report is available for free download on the Navigant website.