Aug 07, 2018
2018: Energy Storage Developments in the Last Twelve Months
The energy storage market continues to gain momentum over the past year.
McKinsey reported that from 2012 to 2017, battery costs fell more than 15% per year, for a total five-year drop of more than 50%. The total cost of energy storage systems (i.e. battery-pack costs; other hardware costs such as inverters, containers and climate-control equipment; “soft” costs such as customer acquisition, permitting and interconnection; and engineering, procurement and construction costs) is expected to fall 50 to 70% by 2025 as a result of design advances, economies of scale and streamlined processes. The downward trend is likely attributed to increased global demand for energy storage product and investment in the energy storage sector.