Advanced Batteries Market Near $30 Billion By 2022
Amid rising demand for electricity and increasing penetration of renewable energy resources, advanced batteries represent a unique asset, offering the promise of grid flexibility and generation asset enhancement at rapid speeds and varying levels of scalability.
According to a new report from Pike Research, the market for advanced batteries will roughly double each year over the next five years, reaching $7.6 billion in 2017. Over the ensuing half-decade, growth will level off to a still-robust compound annual growth rate (CAGR) of 31 percent, and revenues in the sector will reach $29.8 billion in 2022.
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