According to a new survey by the survey agency GTM Research, the price of the grid-side energy storage system is expected to continue to decline, but the rate of decline will not be as fast as in the past. The report predicts that by 2022, the price of battery energy storage systems will decline at an annual rate of 8%, while during the period 2015-2016, battery prices will drop by as much as 32%.
The price of battery energy storage system will decrease by 8% per year in 2022
Although the decline in battery prices has slowed down, it is not expected that the growth rate of energy storage deployment will slow down significantly. The report predicts that between 2017 and 2022, the deployment of energy storage equipment on the grid side will increase by 6 times. The author of the report, Mitalee Gupta, an energy storage analyst at GTM, said that many energy storage deployments are driven by licensing and that this deployment will continue in the future.