By 2022, the deployment of lithium-ion batteries may grow at a rate of 55% per year

by:CTECHi     2021-08-15

According to GTMResearch, it is estimated that by 2022, the global lithium-ion battery storage capacity will expand at a compound annual growth rate (CAGR) of 55%.

Market analysts predict in their latest report that during this five-year period, the growth rate of lithium-ion devices will exceed eight times, from 2 GWh in 2017 18 GW by 2022. The United States will maintain its leading position in the market. Followed by China, Japan and Australia, where deployment is supported by early battery projects, market reforms and energy storage projects. Analysts said that countries such as China and South Korea will experience 'rapid development' due to their centralized policies.

As the demand for electric vehicle batteries increases, this also affects the cost of grid-related battery storage applications. It is expected that the price of battery packs will drop from US$219/kWh in 2040 82% to 39 U.S. dollars (33.7 Euros) per kWh. This will in turn allow the use of battery storage in a wider range of applications, while the value of energy storage assets will rise due to the expansion of wind and solar energy.

GTMResearch pointed out that, for example, the price of Australia has begun to decline after the launch of the first large-scale battery storage facility, triggering the possibility that batteries may begin to 'economically replace' in 2025. 'The hope of a natural gas plant to gain peak power. At the same time, the battery is regarded as the main undertaker of the flexible peak shaving capacity of California, which in turn will further reduce prices. The state plans to completely phase out fossil fuel power by 2045.

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