And almost all of the growth came from lithium-ion batteries — the same as those used to power electric cars. Along with wind turbines and solar panels, shipping containers full of these batteries are set to become a more common sight in the future.
Batteries offer one solution because they can quickly store and dispatch energy. As installations of wind turbines and solar panels increase — especially in China — energy storage is certain to grow rapidly. They are part of the arsenal of clean energy technologies that will enable a net zero emissions future.
Large lithium ion rechargeable batteries are already being used to store energy to some extent, but “currently, battery technology only has a capacity of covering up to four hours”, notes Carlos Torres Diaz, director of power and gas market research at consultancy Rystad Energy.
Chinese battery companies BYD, CATL and EVE Energy are the three largest producers of energy storage batteries, especially the cheaper LFP batteries. This month Rolls-Royce signed a deal with CATL to help deploy the company’s batteries in the EU and the UK.
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.
This includes integrating traction batteries to power electrified public transit; batteries that act as uninterruptible power supplies (UPS) in data centers; batteries to replace diesel engines in construction; and battery energy storage systems (BESS) on board marine vessels. Batteries are essential to renewable energy sources like solar and wind.