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.