CAO YINGYING/CHINA DAILY Driven by robust new energy vehicle demand, China's power battery industry has seen growing sales and production, with emerging technologies expected to accelerate its high-quality development, officials noted. Power batteries serve as the core component of NEVs and are the main driver in automotive electrification.
Against the backdrop of swift and significant cost reductions, the use of battery energy storage in power systems is increasing. Not that energy storage is a new phenomenon: pumped hydro-storage has seen widespread deployment for decades. There is, however, no doubt we are entering a new phase full of potential and opportunities.
As sustainability gains prominence, the battery industry is expected to focus more on maximising the value gained from materials within the UK. This includes designing batteries with recyclability in mind and developing efficient processes for battery recycling, reducing environmental impact and promoting responsible end-of-life practices.
Battery energy storage systems (BESS) will have a CAGR of 30 percent, and the GWh required to power these applications in 2030 will be comparable to the GWh needed for all applications today. China could account for 45 percent of total Li-ion demand in 2025 and 40 percent in 2030—most battery-chain segments are already mature in that country.
[Photo/Xinhua] The latest call to strengthen the supply of key mineral resources will support China's booming new energy vehicle sector, but battery innovation is still needed when it comes to reducing reliance on foreign resources, said industry experts on Monday.
In total, at least 120 to 150 new battery factories will need to be built between now and 2030 globally. In line with the surging demand for Li-ion batteries across industries, we project that revenues along the entire value chain will increase 5-fold, from about $85 billion in 2022 to over $400 billion in 2030 (Exhibit 2).