These include tripling global renewable energy capacity, doubling the pace of energy efficiency improvements and transitioning away from fossil fuels. This special report brings together the latest data and information on batteries from around the world, including recent market developments and technological advances.
Battery technology has emerged as a critical component in the new energy transition. As the world seeks more sustainable energy solutions, advancements in battery technology are transforming electric transportation, renewable energy integration, and grid resilience.
The good news is the technology is becoming increasingly economical. Battery costs have fallen drastically, dropping 90% since 2010, and they’re not done yet. According to the IEA report, battery costs could fall an additional 40% by the end of this decade.
The planet’s oceans contain enormous amounts of energy. Harnessing it is an early-stage industry, but some proponents argue there’s a role for wave and tidal power technologies. (Undark) Batteries can unlock other energy technologies, and they’re starting to make their mark on the grid.
From more efficient production to entirely new chemistries, there's a lot going on. The race is on to generate new technologies to ready the battery industry for the transition toward a future with more renewable energy. In this competitive landscape, it’s hard to say which companies and solutions will come out on top.
In addition, alternative batteries are being developed that reduce reliance on rare earth metals. These include solid-state batteries that replace the Li-Ion battery’s liquid electrolyte with a solid electrolyte, resulting in a more efficient and safer battery.