SMM8, April 24: according to the latest report from GTM Research, the deployment of lithium-ion batteries will grow by 55 per cent a year over the next five years.

Most lithium ion deployments will take place in the United States, followed by China, Japan and Australia, the authors say.

GTM analysts say the growth of lithium-ion batteries is the result of several related trends. In order to meet the demand for electric vehicle batteries, lithium ion manufacturing capacity has been expanded on a large scale. The increase in so-called gigabit plants contributes to economies of scale and reduces battery production costs.

At the same time, manufacturers are adopting new technological advances that will help increase the energy density of batteries. Third, second-hand EV batteries will provide another cheap battery supply to the market, according to the report's authors, Mitalee Gupta, an energy storage analyst at GTM, and Ravi Manghani, director of energy storage at GTM.

Some energy experts expect energy storage to continue to build on its recent momentum. According to GTM Research-Energy Storage Association, the U. S. energy storage market recently reached a milestone, reaching 100 megawatt hours of grid-connected energy storage deployment in the fourth quarter of 2017.

One of the factors driving energy storage growth is that more utilities incorporate technology into their planning processes.

In the new GTM report, Gupta and Manghani argue that the price of lithium-ion battery packs has fallen by 82%, from $219 per kilowatt hour in 2017 to $39 per kilowatt hour in 2040. This will drive the further growth of energy storage devices.

The authors point out that the cost of energy storage has so far limited its use in professional applications on the grid, but as costs fall, they want to see a wider range of use cases become attractive.

(article compiled from external network)