This is going to become more and more common. Li-ion battery costs are falling at a constant ~15% per year and there is no real reason why this shouldn't continue. Similar to what Moore's law did to semiconductors, this will mean that batteries are poised to have a massive impact and eat any energy application that can't keep up. New tech will have a hard time to keep up simply due to momentum this has already developed, aka it will have to be at least a magnitude better AND keep on scaling.
This is why Tesla is valued higher than GM, Daimler or pretty much any other car company. Tesla at it's heart is a battery company with products built around that. From what I've read, from 2025 onwards traditional internal combustion engines will not be able to compete on price with electric cars.
Something similar will likely happen to energy storage, though this is of course still a relatively novel industry that has been spurred on by renewable energy's intermittent availability. Interesting times..
Edit: percentage of annual battery price drop after doing some googling
This is why Tesla is valued higher than GM, Daimler or pretty much any other car company. Tesla at it's heart is a battery company with products built around that. From what I've read, from 2025 onwards traditional internal combustion engines will not be able to compete on price with electric cars.
Something similar will likely happen to energy storage, though this is of course still a relatively novel industry that has been spurred on by renewable energy's intermittent availability. Interesting times..
Edit: percentage of annual battery price drop after doing some googling