Are lithium-ion batteries the future of energy storage?

Image: BloombergNEF Cumulative energy storage installations will go beyond the terawatt-hour mark globally before 2030 excluding pumped hydro, with lithium-ion batteries providing most of that capacity, according to new forecasts. Separate analyses from research group BloombergNEF and quality assurance provider DNV have been published this month.

How many GW of battery storage capacity are there in the world?

Strong growth occurred for utility-scale battery projects, behind-the-meter batteries, mini-grids and solar home systems for electricity access, adding a total of 42 GW of battery storage capacity globally.

How much lithium-ion battery capacity will India need by 2030?

The Indian government estimates it will need 120 GWh of lithium-ion battery capacity by 2030 to power EVs and for stationary energy storage — an achievable target if projects advance as announced.

What percentage of lithium-ion batteries are used in the energy sector?

Despite the continuing use of lithium-ion batteries in billions of personal devices in the world, the energy sector now accounts for over 90% of annual lithium-ion battery demand. This is up from 50% for the energy sector in 2016, when the total lithium-ion battery market was 10-times smaller.

What is the market share of lithium-ion batteries in 2030?

While energy storage and portable electronics are the other two key applications of lithium-ion batteries, the automotive and transport segment will have a market share of 93% in 2030. As of the end of the March quarter, global lithium-ion battery capacity stands at 2.8 TWh.

How many GWh will a lithium ion battery consume in 2022?

We tracked 30 battery markets in major regions and found that in 2022 the world will consume or demand 420 GWh of Li -ion batteries for all applications. By 2030 that will rise to 2,722 GWh. Stationary battery storage isn’t likely to account for more than 15% of all battery energy capacity.