The report found that lithium ion battery manufacturers are accelerating ahead to construct production facilities.
The report said that Asia Pacific will record the largest growth and volume of sales of advanced batteries in the next decade.
Navigant Research said power grids in the region are relatively immature, and the grid infrastructure still needs more work in many countries.
The move will allow an opportunity to use batteries on the grid as one method that will balance the load with generation.
Navigant Research principal research analyst Sam Jaffe said lithium ion and its subchemistries will lead the market even though there are several chemistries suitable for large energy storage installations for the grid.
"Lithium ion manufacturers have raced ahead in building manufacturing facilities, giving them considerable advantages in the ability to meet large-volume orders and utilize economies of scale in order to bring prices down," Jaffe added.
