The utility-scale, grid-connected battery storage sector is on the rise, according to Frost & Sullivan. The sector was worth $460 million last year and will reach $8.30 billion in 2024. Lithium-ion batteries will fuel this progress during the first two or three years of the study’s term.
The commentary in the release suggests that the rise of renewable energies has liberalized regulatory policies on how innovative sources can connection to and supplement the grid. Rapid response approaches such as batteries are the beneficiaries of these changes. Battery storage is a preferred choice because of its flexibility in terms of end user applications and ability to supplement the grid in ways that are balanced and can be time-shifted.
Another factor is that the growth of wearables and hybrid vehicles has stimulated relevant research and driven down costs.
Fortune reported last month that Panasonic has gotten into the battery business. One example of its involvement is an initiative by Eco Solutions — which is part of its North American division – in association with PowerOasis. The companies are selling batteries that store solar power for use by the cell phone towers to which they are connected. The company is considering battery projects in which its batteries are directly connected to grids.