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Growth Prospects for the Global Grid-Connected Battery Market

August 17, 2017

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The global grid-connected energy storage market could reach a total installed capacity of 28 gigawatts by 2022, from just 3 gigawatts in 2016, if an IHS Markit projection cited recently by AES and Siemens proves correct. By 2025, cumulative installations could grow to 52 gigawatts worldwide.

IHS Markit also projects that lithium-ion storage prices will continue to fall, driving industry expansion. The London-based research firm projects battery module prices below $200 per kilowatt-hour by 2019. Just a year ago, GTM Research projected costs of $217 per kilowatt-hour by 2020.

In monetary terms, IHS forecasts that a compound annual growth rate of 16 percent will push grid-connected storage revenue from $1.5 billion last year to more than $7 billion by 2025.

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