Technologies Such As Solid State Batteries And Flow Batteries Will Drive Unprecedented Growth In Battery Energy Storage In The Next Decade

- Dec 10, 2019-

What emerging battery technologies will affect the market position of lithium-ion batteries? The report identified three battery categories: First, solid-state batteries, such as rechargeable alkaline zinc batteries, lithium metal batteries, and lithium sulfur batteries, can help power larger mobility applications; second, low-cost, Long-life batteries, such as zinc-based batteries and flow batteries, are very suitable for achieving grid balance in the future of high renewable energy and electric vehicles. Third, high-power batteries can ensure high penetration and fast charging of electric vehicles.

The research institute Rocky Mountain Institute in its latest survey report predicts that in the next ten years or more, the field of battery energy storage will achieve unprecedented development. Moreover, although lithium-ion batteries will continue to be a popular energy storage technology in the short term, the batteries used in future energy storage systems will be diverse.

The field of batteries and energy storage will see unprecedented development in the next decade and beyond. Although this idea has been proposed for some time, a survey report released by the Rocky Mountain Institute shows that its development and transformation will be faster than expected.

This survey outlines how increased demand for electric vehicles (EVs), grid-connected energy storage and other emerging battery applications, and improvements in battery costs and performance will drive investment.

The report states that in the first half of 2019, global manufacturers invested more than $ 1.4 billion in battery technology. By 2023, the total investment in the global battery manufacturing industry (both upfront and planned) will be approximately $ 150 billion. More importantly, predictions of technological advancement driven by these investments are not linear. This means that as the investment cost of lithium-ion battery manufacturing declines (the Rocky Mountain Institute predicts a 50% decline by 2023), battery prices will be lower and battery adoption rates will increase.

According to the forecast of the Rocky Mountain Institute, until 2025, most of them will be lithium-ion batteries or their derivatives. In contrast to the development of the solar power industry, the widespread use of lithium-ion batteries depends on their diversity. Different forms of lithium-ion batteries with different ionic compounds have their own advantages and disadvantages, as shown in the following figure:

But it also shows that lithium-ion batteries are not a perfect battery technology. Lithium-ion battery technology has inherent fire hazards and needs to gradually increase energy density, so it may be replaced by other battery technologies. Lithium-ion batteries need to reach a 100% discharge depth and double their current service life to compete with emerging batteries from a hardware perspective.

But which emerging battery technologies will affect the market position of lithium-ion batteries? The report identified three battery categories: First, solid-state batteries, such as rechargeable alkaline zinc batteries, lithium metal batteries, and lithium sulfur batteries, can help power larger mobility applications; second, low-cost, Long-life batteries, such as zinc-based batteries and flow batteries, are very suitable for achieving grid balance in the future of high renewable energy and electric vehicles. Third, high-power batteries can ensure high penetration and fast charging of electric vehicles.

According to the Rocky Mountain Institute's forecast, no matter which battery is used, it will help replace natural gas power plants and gain a foothold in new market areas, including heavy truck transportation and short-haul aviation.

These forecasts, as well as the US Department of Energy's plan to deploy a 2.5 GW battery energy storage system by 2023, depict a rapidly changing energy future.

There is no doubt that with the continuous advancement and improvement of battery technology and manufacturing processes, and significant cost reductions, energy storage deployments will grow significantly.

Original title: Research shows that the field of battery energy storage will achieve unprecedented development in the next decade