Latest trends in the lithium battery energy storage market

With the growth of global demand for clean energy and the large-scale application of renewable energy, lithium energy storage has ushered in a broad market prospect and become the main force in the global energy storage market. In the past two years, it has shown a “raging” trend.

However, with the intensification of market competition and continuous progress of technology, the lithium energy storage industry is facing a series of new challenges and opportunities. In this fast-changing industry, staying on top of trends and market dynamics is critical to the future of your business.

According to Acumen Research and Consulting’s latest report “2022-2030 New Energy Storage System Market Forecast”, the global market for new energy storage systems is estimated to be $19 billion in 2022 and will reach $48.5 billion by 2032. The compound annual growth rate was 9%. Lithium energy storage as one of the most mature and fastest developing new energy storage technologies, its market scale and technical level has been widely recognized and applied.

The energy revolution is the biggest driving force behind the rapid growth of lithium energy storage

The market of lithium energy storage is growing rapidly. According to EVTank’s White Paper on the Development of China’s Lithium ion Battery Industry (2023), in 2022, the global total shipment of lithium batteries was 957.7GWh, worth 67 billion US dollars, with a year-on-year growth of 70.3% : The global shipment of automotive power batteries (EV LIB) was 684.2GWh, up 84.4% year on year, while the shipment of energy storage batteries was 159.3GWh, up 140.3% year on year (* It can be observed that the growth rate of energy storage batteries exceeds that of power batteries). EVTank estimates that by 2025 and 2030, global lithium battery shipments will reach 2,2211.8 GWh and 6,080.4 GWh, respectively, representing a compound growth rate of 22.8 percent. According to the report of Grand View Research, it is predicted that by 2028, the global lithium energy storage market will reach 35.5 billion dollars, with a compound annual growth rate of 18.8%.

In the global lithium energy storage market, the Asia-Pacific region is the largest market, dominated by China, Japan and South Korea. Among them, China is the most important market, accounting for more than 40% of the global lithium battery energy storage market. According to the statistics of GGII, the market scale of China’s lithium energy storage in 2021 is 32.4GWh, about 41 billion yuan (about 6.35 billion US dollars), and it is expected that by 2025, the market scale will reach 120 billion yuan (about 18.59 billion US dollars), with a compound annual growth rate of 20.6%.

Energy revolution is the biggest driving force for the development of lithium energy storage industry, while policy incentives and market demand are the main driving forces for the development of lithium energy storage industry.

The march of technology has sounded

In addition to the growing market size, lithium energy storage technology is also constantly innovating, and the application of various new technologies will further drive the development of the market. If the enterprise does not improve its cost and technology well, it may face a very strong comprehensive crackdown after 5 years!

At present, it mainly shows several clear technological development lines and trends:

① The increase of battery energy density to achieve higher energy storage efficiency and longer service life. Up to now, there have been more than 10 domestic cell enterprises capable of mass production and sales of 280Ah lithium iron phosphate energy storage cell.

② Reduce battery cost, which is the key to improve market competitiveness. The cost of energy storage systems is expected to decline by 8% per year through 2022 and further to 0.3-0.5 yuan/KWH in 2026. According to the National Renewable Energy Laboratory, battery storage systems with new types of energy storage will decline by 50 to 66 percent by 2030.

Security will be paid more and more attention. Between 2017 and 2022, more than 70 energy storage safety incidents occurred globally. Frequent energy storage accidents make the safety of lithium battery one of the key problems restricting its application. In recent years, the emergence of technologies such as solid state battery and new battery design has made it possible to improve the safety of lithium battery.

④ Intelligence of energy storage system. With the increase of the scale and complexity of energy storage systems, the control, management and optimization of energy storage systems can be more intelligent through the Internet of Things technology, cloud computing, big data analysis and other technical means.

⑤ Long-term energy storage is becoming more and more prominent. At present, new energy storage services in the world are usually four hours or less in response to demand, but with the progress of technology, long-term energy storage (more than 10 hours or even days) will become a major development trend of the industry.

At the same time, battery recycling, recycling and secondary utilization technologies will also become an important development direction of the future lithium energy storage industry.

CeramiX is ready!

In conclusion, the global demand for renewable energy has driven the growth of the market for new lithium energy storage systems and the development of the lithium energy storage industry, but there are still changing competition and opportunities in the market.

In this ever-changing landscape of energy storage, CeramiX (Luoyang) New Energy Technology Co., Ltd. is well positioned to be a leading force. Our lithium battery energy storage plant has been completed in just 5 months from design planning to production. At present, the first batch of independently designed and produced 5Mwh energy storage containers have been shipped and applied, and received good market evaluation and feedback. We adhere to the high quality of products and high standards of service to create value for customers, in order to promote the green development of the earth, toward the national double carbon goal overall efforts; We adhere to the spirit of hard work, actively move towards the direction of higher technology, higher high-end, higher efficiency, more green and higher added value of the global battery manufacturing industry, actively implement the original aspiration and mission of “Let China make a beautiful world”, and join hands with global customers for a better green and low-carbon future.