Their potential is, however, yet to be reached. It is projected that between 2022 and 2030, the global demand for lithium-ion batteries will increase almost seven-fold, reaching 4.7 terawatt-hours in 2030.
Conclusive summary and perspective Lithium-ion batteries are considered to remain the battery technology of choice for the near-to mid-term future and it is anticipated that significant to substantial further improvement is possible.
The global lithium-ion battery market is forecast to exceed $73 billion by 2025, achieving a compound annual growth rate of 11 per cent1. As a result of increasing global demand and competition, batteries steadily have been getting better.
From the increased market uptake of electric vehicles to growing environmental concerns and legal mandates to shift away from fossil fuels, there has been a rapid rise in global demand for lithium-ion batteries. The global lithium-ion battery market is forecast to exceed $73 billion by 2025, achieving a compound annual growth rate of 11 per cent1.
Research company Bloomberg New Energy Finance (BNEF) forecasts a rise from 9GW/17GWh in 2018 to 1,095GW/2,850GWh by 204015, enabled by a steep drop in the cost of lithium-ion batteries. BNEF predicts that most of the new capacity will be utility-scale, although there will remain a strong market for home and business installations.
In fact, compared to other emerging battery technologies, lithium-ion batteries have the great advantage of being commercialized already, allowing for at least a rough estimation of what might be possible at the cell level when reporting the performance of new cell components in lab-scale devices.