Technology

Grid-scale storage such as battery energy storage systems help renewables reach their full potential.

The world is hungry for power, and batteries now occupy the centre stage of energy strategies. It has become a massive industry feeding huge demand, with lithium-ion batteries dominating the market. But necessity breeds innovation, and the battery revolution is just getting started.

In 1990, the battery market was valued at around $34bn, and the primary use cases were for consumer electronics and combustion cars. This year looks very different: in a $200bn market (Fortune Business Insights), battery demand has surged over 40-fold in the past 15 years, and average prices dropped by more than 90%.