In our previous blog entry, we have pointed out that the clean technology market is getting bigger and the investment industry is closely watching innovations in the energy storage and efficiency sector. In a BusinessWeek article, Michael Butler, chairman and CEO of Cascadia Capital, a US investment firm, forms his view on the future of the battery business.
Driven by new technologies and innovation, the storage battery market is expected to grow worldwide from $36 billion in revenues today to more than $50 billion by 2015. Thereby, Butler alludes to the overall rising demand for clean technologies and the increasing need for cutting-edge batteries and energy storage innovations. Without them, “we run the risk of remaining stuck in the petroleum era”, which he regards a dangerous place when aspiring long-term prosperity.
According to Butler, the increasing need of clean technologies is generated by the growing demand for hybrid car batteries (for hybrid vehicles), ultracapacitors and renewable energy, such as solar and wind power. The private sector and also governments are starting to see the industry’s opportunities and have developed research projects and funding programs in order to stimulate innovation in the green energy sector.
Despite government and private sector efforts, which Butler considers essential for the battery business’ future, he claims that we have not been able to fully grasp the array of possibilities of the energy storage market yet: “We also need to look beyond batteries, to a combination of available and efficient next-generation energy storage technologies that can help us reach our commercial and environmental goals.” Only by constant improvement of battery performance, continuous innovation in ultracapacitors and experimental research on battery technologies conducted by universities worldwide, the market’s full potential can be discovered.
