Next-Generation Advanced Batteries Will Reach $9.4 Billion in Annual Revenue by 2023, Forecasts Navigant Research New chemistries will offer higher energy densities and lower price points, report finds
The primary battery chemistry currently used for applications that require advanced batteries, lithium ion (Li-ion), has limitations that include input costs and materials scarcity. Research and development of new battery chemistries, beyond Li-ion, is advancing rapidly and will have a major impact on the battery industry in the coming years. Click to tweet: According to a new report from Navigant Research, worldwide revenue from next-generation advanced batteries will grow from $182 million in 2014 to more than $9.4 billion in 2023.
'The advanced battery industry is growing at an aggressive pace, and new chemistries will likely enable even more applications for batteries, thus increasing the overall size of the battery industry,' says Sam Jaffe, principal research analyst with Navigant Research. 'The emergence of these new chemistries will help meet the world's expanding appetite for advanced energy storage devices.'
Although energy density has been the most sought-after goal for new battery chemistries, cost has also become an important concern for most battery buyers, according to the report. Next-generation chemistries, including ultracapacitors, lithium sulfur, and next generation flow technologies, offer a combination of higher density and lower price points.
The report, 'Next-Generation Advanced Batteries', analyzes the global market for next-generation advanced batteries, with a focus on the current leading battery chemistry, Li-ion, and the energy storage device types that might eventually replace it: ultracapacitors and lithium sulfur, solid electrolyte, magnesium ion, next-generation flow, and metal-air batteries. The report provides an analysis of the market issues and battery landscape associated with next-generation advanced batteries. Global market forecasts for energy capacity, power capacity, and revenue, segmented by region, application, and chemistry, extend through 2023. The report also examines the key imminent and emerging technologies related to advanced batteries and provides in-depth profiles of the major industry players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, 'Next-Generation Advanced Batteries,' is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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