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The market for advanced batteries for utility-scale energy-storage applications will double each year over the next five years to reach $7.6 billion in 2017, according to a recent report from Pike Research. And by 2022, the market is forecast to be $29.8 billion, representing a compound annual growth rate of 31%.

Pike Research, a Navigant subsidiary, says advanced batteries offer "the promise of grid flexibility and generation asset enhancement at rapid speeds and varying levels of scalability," which will ultimately outweigh the challenges the market now faces, such as high costs and the absence of single winning technology.

"While interest in advanced batteries for grid-scale energy storage remains high, battery manufacturers have not yet put forth a leading technology or business model that has achieved strong traction in the utility industry," says research analyst Brittany Gibson. "Regulatory and market structures are rapidly evolving, however, and adapting in ways that signal the potential for advanced batteries to provide a unique value to grid infrastructure. The next several years will be crucial for the sector's development."

According to the report, the European Union's carbon reduction goals and incentives for grid modernization represent "abundant future promise." Also, North America's electric utility industry presents opportunities for various energy-storage technologies, including advanced batteries.

For more information about Pike's report, click HERE.

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