What is the global market for lithium-ion batteries?

The global market for Lithium-ion batteries is expanding rapidly. We take a closer look at new value chain solutions that can help meet the growing demand.

Are Li-ion batteries the future of energy storage?

Li-ion batteries are deployed in both the stationary and transportation markets. They are also the major source of power in consumer electronics. Most analysts expect Li-ion to capture the majority of energy storage growth in all markets over at least the next 10 years , , , , .

How does battery demand affect nickel & lithium demand?

Battery demand for lithium stood at around 140 kt in 2023, 85% of total lithium demand and up more than 30% compared to 2022; for cobalt, demand for batteries was up 15% at 150 kt, 70% of the total. To a lesser extent, battery demand growth contributes to increasing total demand for nickel, accounting for over 10% of total nickel demand.

Can flow batteries compete with lithium ion?

If shorter duration systems are feasible, then the addressable market would be larger. BNEF predicts that flow batteries could compete with lithium-ion for up to 69 GWh (46%) of the total 150 GWh of required capacity in 2030. Peaking and energy shifting are the applications most competitive for RFBs, as shown in Figure 41.

What is the maximum energy density of a lithium ion battery?

There are three distinct maximum energy densities for these batteries 415Wh/kg, 550Wh/kg, and 984Wh/kg. The cycle life for these batteries is 1285, 1475, and 1525 cycles/s. A deeper analysis of battery categories reveals SSB, DIB, and MAB as standout technologies.

How much does a battery energy storage system cost?

The average installed cost of battery energy storage systems designed to provide maximum power output over a 4-hour period is projected to decline further, from a global average of around USD 285/kWh in 2021 to USD 185/kWh in the STEPS and APS and USD 180/kWh in the NZE Scenario by 2030.