The growing population and increase in urbanization has resulted in an increase in energy consumption, which in turn has led to power outage problems in many countries. To offset this problem, new battery technologies are emerging, driving market growth at a CAGR of 57.6 percent from 2013-2018.
One of the reasons for power outage is the huge loss of electricity during the transmission and distribution of electricity. The use of energy storage technologies facilitates a reduction in loss and improves the overall efficiency of the power plants.
Also, the use of advanced batteries for energy storage makes T&D more flexible, increases the ability to meet the peak demand and also increases the system efficiency. Therefore, the increase in energy consumption is one of the major drivers for the Global Emerging Battery Technologies Market.
Types of New Battery Technology
Metal-air Batteries
Metal-air batteries are a type of battery that uses the oxidation of a metal with oxygen from the air to produce electricity. This type of battery uses a metal anode and an external cathode of ambient air, typically with an aqueous electrolyte. Examples of such batteries are lithium-air, zinc-air, and aluminum-air.
Mg-ion Batteries
Mg-ion batteries work in a similar way to lithium-ion batteries. Magnesium is a fairly abundant material and is significantly lower in cost than lithium as well as easier to handle. But, it also has some challenges such as being difficult to plate and strip, even more difficult than the lithium-ion batteries. The key advantage of mg-ion is that it provides two electrons for every ion and is therefore able to store more charge than the lithium-ion technology.
You might also like to read: Four Technologies that are Rapidly Adopting Printed Batteries
Solid Electrolyte Batteries
Solid electrolyte batteries are an advancement on conventional batteries where the liquid electrolyte is replaced with solid electrolyte making the battery significantly safer and increasing its ability to store charge by the use of high-energy electrode materials. Power delivery may be slower than today’s li-ion battery but energy storage is higher. This technology can save space and weight on airplanes and greatly reduce the cost of electric vehicles.
New Battery Technology Improves Energy Storage Systems
Emerging battery technologies have enhanced capabilities, such as long life, lightweight construction, and dependable functionalities, which mean that they are preferred over other existing storage technologies and hence drive sales growth.
The technological advancements in batteries have significantly increased the range of electric vehicles, from 25-50 miles per charge in 2000 to 100-125 miles per charge in 2011.
For example, Phinergy’s aluminum-air battery at 220 pounds provides energy to allow the vehicle to travel up to 1,860 miles in 2014.
Therefore, the sales growth opportunities for emerging batteries from the Automotive sector are expected to be robust during the forecast period.
High Battery Prices Having Negative Impact
Currently, High cost is the main constraint to the broad adoption of emerging battery technologies. The main cost drivers are the high cost of raw materials and materials processing, the cost of cell and module packaging, and manufacturing costs.
R&D efforts aimed at reducing the high costs associated with advanced batteries are underway, and TechNavio analysts expect that by 2015, we should start to see those prices drop.
Battery manufacturers are developing less expensive cathode materials and innovative packaging that decreases costs. Battery cost remains the largest obstacle to pure electric vehicle commercialization in the short term. Therefore, emerging battery chemistry has become the main focus for this issue.
Although the current cost of li-based batteries is approximately three to five times higher on a kilowatt-hour (kWh) basis for PHEVs compared to HEVs, technological advances and economies of scale will reduce the battery costs.
