The Consortium for Battery Innovation suggests while electric vehicles will increase lithium batteries’ share of the market, demand for all battery technologies will continue to rise.
Worldwide demand for battery energy storage will jump to 400,000Mwh in 2025, compared with 100,000 in 2015.
That’s according to independent market assessments commissioned by the Consortium for Battery Innovation (CBI), which suggests while electric vehicles will increase lithium batteries’ share of the market, demand for all battery technologies will continue to rise as the world increasingly adopts renewables and electrifies its infrastructure.
It notes electricity grids and renewables drive demand for longer-lasting, safe, and reliable high-performance batteries – the CBI aims to achieve this more economically than previously possible, as well as increase the cycle life of advanced lead batteries by up to five times.
It suggests improved battery cycle life would help to significantly reduce operating costs, which it claims are “a key parameter for utility and renewable energy installations”.
As a result, CBI says a greater number of clean energy storage projects would be able to be installed, providing reliable and affordable electricity.
Dr. Alistair Davidson, Director of the CBI, said: “We’re in the midst of a revolution in battery technologies as governments look to accelerate their move to low carbon energy sources. We need a range of high-performance batteries for different products and applications to meet this growing trend.
“Our technology innovation plan looms at a short-term boost in battery performance. But we’re also focusing on the next big leap in advanced batteries over the next decade as new forms of lead battery technology come to market.”