Global Energy Storage Outlook Key technologies driving growth over the next 15 years Your Yuan-Sheng Yu photo here Senior Analyst Asian Utility Week September 2019
The energy storage market targets three main markets 2
Electronic Devices There are few growth opportunities for battery companies targeting these markets 3 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
Electronic Devices Mobility There are few growth Automakers are aggressively opportunities for battery expanding their BEV offerings companies targeting these to capture greater shares markets 4 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
Electronic Devices Mobility There are few growth Automakers are aggressively opportunities for battery expanding their BEV offerings companies targeting these to capture greater shares markets Stationary Storage It still remains challenging to make money in this market due to uncertainties in regulations 5 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
Accurate market forecasts require considering the effect of new technologies implemented within the value chains Even in today’s mature battery value chains, technological innovations stand to concurrently disrupt and expand the energy storage market. 6 6 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
Accurate market forecasts require considering the effect of new technologies implemented within the value chains Even in today’s mature battery value chains, technological innovations stand to concurrently disrupt and expand the energy storage market. Innovation occurs at every step of the Li-ion battery value chain Many startups, small companies, and midsized firms are developing innovations for Li-ion batteries. Anodes, Battery Lithium Lithium Li-ion cells cathodes, & management End products feedstocks chemicals and packs electrolytes systems 7 7 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
MARKET FORECAST Global energy storage market reaches 3,082 GWh and amounting to $554 billion with a 20% CAGR through 2035 Total market projections Energy storage annual revenue ($ billions) $600 $500 $400 $300 Electronic devices Stationary storage $200 Mobility $100 $0 8 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
MARKET FORECAST Global energy storage market reaches 3,082 GWh and amounting to $554 billion with a 20% CAGR through 2035 Total market projections MOBILITY Energy storage annual revenue ($ billions) Makes up 74% of $600 revenue and 90% of demand $500 $400 $300 Electronic devices Stationary storage $200 Mobility $100 $0 9 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
MARKET FORECAST Global energy storage market reaches 3,082 GWh and amounting to $554 billion with a 20% CAGR through 2035 Total market projections MOBILITY Energy storage annual revenue ($ billions) Makes up 74% of $600 revenue and 90% of demand $500 CONSUMER $400 Growth remains flat $300 Electronic devices with less than 5% Stationary storage $200 CAGR Mobility $100 $0 10 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
MARKET FORECAST Global energy storage market reaches 3,082 GWh and amounting to $554 billion with a 20% CAGR through 2035 Total market projections MOBILITY Energy storage annual revenue ($ billions) Makes up 74% of $600 revenue and 90% of demand $500 CONSUMER $400 Growth remains flat $300 Electronic devices with less than 5% Stationary storage $200 CAGR Mobility $100 STATIONARY Surpasses consumer $0 electronics in 2023 11 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
The potential for stationary storage 12
STATIONARY STORAGE Global stationary storage will reach $112 billion in 2035 Global stationary storage market forecasts Energy storage annual revenue ($ billions) $120 South America $100 Africa $80 Australia $60 Southeast Asia India $40 Japan and Korea $20 North America Europe $0 China 13 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Global stationary storage will reach $112 billion in 2035 Global stationary storage market forecasts MARKET SIZE Energy storage annual revenue ($ billions) $112 billion in revenue $120 and 223 GWh in South America demand in 2035 $100 Africa $80 Australia $60 Southeast Asia India $40 Japan and Korea $20 North America Europe $0 China 14 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Global stationary storage will reach $112 billion in 2035 Global stationary storage market forecasts MARKET SIZE Energy storage annual revenue ($ billions) $112 billion in revenue $120 and 223 GWh in South America demand in 2035 $100 Africa $80 COST REDUCTION Australia 2% to 4% annual $60 Southeast Asia reduction in costs India $40 Japan and Korea $20 North America Europe $0 China 15 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Global stationary storage will reach $112 billion in 2035 Global stationary storage market forecasts MARKET SIZE Energy storage annual revenue ($ billions) $112 billion in revenue $120 and 223 GWh in South America demand in 2035 $100 Africa $80 COST REDUCTION Australia 2% to 4% annual $60 Southeast Asia reduction in costs India $40 Japan and Korea GEOGRAPHY $20 North America 40% of deployments Europe will take place in $0 China evolving grids 16 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Residential solar-plus-storage systems will comprise 45% of the global $112 billion stationary storage market Global stationary storage market forecasts Energy storage annual revenue ($ billions) $120 $100 $80 Commercial & Industrial $60 Residential $40 Utility $20 $0 17 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Residential solar-plus-storage systems will comprise 45% of the global $112 billion stationary storage market Global stationary storage market forecasts UTILITY Energy storage annual revenue ($ billions) Leads the market in both deployment $120 (GWh) and revenue $100 $80 Commercial & Industrial $60 Residential $40 Utility $20 $0 18 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Residential solar-plus-storage systems will comprise 45% of the global $112 billion stationary storage market Global stationary storage market forecasts UTILITY Energy storage annual revenue ($ billions) Leads the market in both deployment $120 (GWh) and revenue $100 RESIDENTIAL $80 New VPP business Commercial & Industrial $60 models will make Residential residential storage $40 Utility more tenable $20 $0 19 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
STATIONARY STORAGE Residential solar-plus-storage systems will comprise 45% of the global $112 billion stationary storage market Global stationary storage market forecasts UTILITY Energy storage annual revenue ($ billions) Leads the market in both deployment $120 (GWh) and revenue $100 RESIDENTIAL $80 New VPP business Commercial & Industrial $60 models will make Residential residential storage $40 Utility more tenable $20 C&I $0 Remains stagnant outside of Asia 20 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
Looking ahead to new technologies and market opportunities 21
Over the next 15 years, the commercialization of key technologies will grow the global energy storage market These technologies are well-positioned to impact 100 markets both inside and outside the energy industry: Y-axis: Summary of trends in Battery recycling will alleviate the strain on • patents, papers, funding, & more. 80 securing key feedstocks like lithium and cobalt. Battery recycling 71 Electric aviation will reduce the carbon cost of • Electric aviation flying, and regional operators are already Flow batteries 60 transitioning to electric powertrains. 57 55 55 Solid-state batteries Thin-film batteries Flow batteries will play a critical role in a future • 43 grid with a high wind and solar penetrations by 40 providing carbon-free bulk capacity. Solid-state batteries offer both improved energy • 20 density and safety, making them the most likely candidate to displace today’s Li -ion batteries. Thin-film batteries could enable innovations in • 0 wearables, medical applications, and IoT devices. 22 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
Key Takeaways 1 Vast majority of stationary storage will be deployed in the next 10 years 23 Client confidential. Not for redistribution. Client confidential. Not for redistribution.
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