BOULDER, Colo., Oct. 21 (UPI) -- Lithium-ion batteries will make up more than 20 percent of the global $4.1 billion energy storage sector within the next decade, a research company said.
Green technology research company Pike Research notes the role of stationary energy storage will increase in compensating for the intermittent power generated from wind and solar sources.
Their latest report on the energy storage market looked at various utility-scale applications, including compressed air, frequency regulation and other battery technologies.
The report on clean technology forecasts lithium-ion batteries will become a $1.1 billion sector by 2018, one of the fastest growth rates for utility-scale applications, the company said.
David Link, a senior analyst in renewable energy practices for Pike Research, says the batteries will see particular growth in the transportation sector.
"While lithium-ion was once limited to consumer electronics devices, it is quickly becoming the battery of choice for electric vehicle manufacturers," he said. "Improved storage capacity and economics will lead the utility sector to adopt li-ion, as well -- we anticipate that 2011 will be the inflection point for growth in this category."
