Investment in batteries in the NZE Scenario reaches USD 800 billion by 2030, up 400% relative to 2023. This doubles the share of batteries in total clean energy investment in seven years. Further investment is required to expand battery manufacturing capacity.
The global car market is valued at USD 4 trillion today, and leadership in it will depend on battery technology. Batteries also support more wind and solar PV, which capture USD 6 trillion in investment in the NZE Scenario from 2024 to 2030, by balancing out their variations and stabilising the grid.
Innovation reduces total capital costs of battery storage by up to 40% in the power sector by 2030 in the Stated Policies Scenario. This renders battery storage paired with solar PV one of the most competitive new sources of electricity, including compared with coal and natural gas.
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.
The economics of battery storage is a complex and evolving field. The declining costs, combined with the potential for significant savings and favorable ROI, make battery storage an increasingly attractive option.
The global market for battery manufacturing is forecast to reach €450 billion euros by 2035, according to an Oliver Wyman analysis. This is 10 times its value in 2020. Amid this growth, the industry is in flux. Until now, it has been mainly based in Asia — the top 10 battery cell manufacturers worldwide are all from China, South Korea, or Japan.