May 27, 2016

Lithium-ion Batteries

The global market for lithium-ion batteries was $11.7 billion in 2012 and is expected to reach to reach $30.6 billion by 2024, according to Navigant Research.

Commercial energy storage system manufacturing is currently consolidated in just a handful of regions, but falling system costs will be a major factor enabling broader global market growth. South Korea, Japan, and the United States will account for 59% of global installations in 2016, with commercial deployments also expected to increase in other regions during the next five years, according to a report from IHS.

The average price for lithium-ion batteries fell 53% between 2012 and 2015, and by 2019 are forecast to again decline by half again.