India, Dec. 4 -- Cheaper batteries mean more sectors will get electrified with renewable energy, the analysis notes

Battery prices are falling sharply and will continue to fall, according to a new study by Bloomberg NEF (BNEF) published on December 3, 2019.

Prices declined sharply between 2010 and 2019, the paper said. In 2010, battery prices were above $1,100 per kilowatt-hour (kWh). These decreased to $156/kWh in 2019, a decline of 87 per cent.

According to the report, prices will fall further to reach $100/kWh in 2023. By 2030, they will touch $61/kWh. However, the exact factor that will cause further price fall is increasingly uncertain.

That is because the price fall can be achieved in a variety of ways. In the near future, it wi...