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.
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.