Market Research Report
Energy Storage Pricing Trends - Advanced Energy Storage System and Battery System Component Costs and Trends for Grid Storage and Transportation: Global Analysis and Forecasts
|Energy Storage Pricing Trends - Advanced Energy Storage System and Battery System Component Costs and Trends for Grid Storage and Transportation: Global Analysis and Forecasts|
Published: December 14, 2021
Guidehouse Insights (formerly Navigant Research)
Content info: 47 Pages; 37 Tables, Charts & Figures
Delivery time: 1-2 business days
Energy storage and its effect on the transportation and electricity sectors have grown in recent years as storage costs remain on a downward trajectory and new opportunities for storage emerge across a multitude of industry sectors and applications. The availability of lower cost, higher performance lithium ion (Li-ion) batteries for EVs is catalyzing electrification of the transportation sector. However, grid-scale energy storage lacks the restrictive power and weight specifications of EVs, allowing different storage technologies to compete to provide current and future grid flexibility services. As the evolution of the stationary storage industry continues, assessing the various storage technologies, comparing their costs and performance, and understanding the drivers behind future price declines is becoming more important.
The primary driver behind price declines for Li-ion batteries-the main technology of choice for EVs and stationary storage-is the rapidly growing capacity of global battery manufacturing. Since the onset of the COVID-19 pandemic, Li-ion battery production plans have accelerated. As of 2021, there are plans to build nearly 200 gigafactories around the world over the next decade. In terms of battery capacity, this amounts to over 3 TWh-the single largest increase in pipeline battery capacity since Guidehouse Insights started collecting this data.
This ‘Guidehouse Insights report ’ provides system and component price forecasts for four markets: residential energy storage, commercial and industrial (C&I) energy storage, utility-scale energy storage, and EV batteries (EVBs). This report focuses primarily on the specifics of pricing Li-ion systems for these four markets. Forecasts are provided for major global regions and cover 2021-2030.