Due to growing concerns about the environment and sustainability, there is an urgent need for advanced energy storage technology to facilitate the adoption of new Electric Vehicles (EVs) and smart grids . A Lithium-ion Battery (LIB) stores energy through reversible lithium-ion reduction.
Lithium-based batteries are essential because of their increasing importance across several industries, particularly when it comes to electric vehicles and renewable energy storage. Sustainable batteries throughout their entire life cycle represent a key enabling technology for the zero pollution objectives of the European Green Deal.
Therefore, a strong interest is triggered in the environmental consequences associated with the increasing existence of Lithium-ion battery (LIB) production and applications in mobile and stationary energy storage system.
The global market for Lithium-ion batteries is expanding rapidly. We take a closer look at new value chain solutions that can help meet the growing demand.
But a 2022 analysis by the McKinsey Battery Insights team projects that the entire lithium-ion (Li-ion) battery chain, from mining through recycling, could grow by over 30 percent annually from 2022 to 2030, when it would reach a value of more than $400 billion and a market size of 4.7 TWh. 1
As the landscape of alternate energy methods for high technology and consumer goods such as, electric vehicles (EV) and bikes, smartphones and laptop advances, R&D is increasing to continually develop new types of batteries. In addition, QA/QC methods for lithium ion battery producers are also becoming more stringent.