US$109B Market for Li-ion Battery Energy Storage Systems by 2035, Forecasts IDTechEx

BOSTON--(BUSINESS WIRE)--Sep 19, 2024--

Li-ion batteries remain the dominant electrochemical energy storage technology in the global market. As found in their new market report, market intelligence firm IDTechEx estimates that in 2023 alone, 92.3 GWh of Li-ion BESS (battery energy storage system) was deployed globally across market sectors, including grid-scale, commercial and industrial (C&I), and residential battery storage markets. Other battery storage technologies, such as redox flow batteries, Na-ion batteries, and metal-air batteries, have continued to remain as emerging technologies with a limited volume of deployments in the last few years.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919380695/en/

Global Li-ion Battery Storage Annual Installations by Chemistry Split (%). Source: IDTechEx

The growth of the Li-ion battery energy storage system (BESS) market has been facilitated by fast cost reductions of the technology and continued development. BESS manufacturers have continued to develop systems that promise improved safety properties and greater energy densities. These performance characteristics are important for BESS customers and will often be considered when acquiring BESS for grid-scale projects, alongside other crucial metrics such as cost, cycle life, duration of storage, and C-rate. The launch of ‘zero-degradation’ BESS technologies, such as the TENER technology from CATL, has also sparked interest in the industry.

Continued technology innovation will help facilitate the dominance of Li-ion BESS in the stationary battery storage market over the coming years. IDTechEx’s market report, “ Batteries for Stationary Energy Storage 2025-2035: Markets, Forecasts, Players, and Technologies ”, forecasts that the Li-ion BESS market will reach US$109B in value by 2035.

Ongoing innovation will be key for any one player to remain competitive, especially given that more players have moved to adopting the LFP chemistry. In the past, differences in performance metrics and cost of Li-ion BESS were more extreme between technologies using LFP rather than NMC cells. This allowed companies selling these systems to more easily express the advantages of their technology. In the current market, BESS manufacturers have launched Li-ion BESS with greater system-level energy densities to elevate their market position, while also bringing potential cost reductions for customers at project-level. This has been achieved using cells with larger form factors, and this is a key trend expected to continue and strategy to be adopted by a growing number of players.

For more information on the batteries for stationary energy storage market, visit www.IDTechEx.com/SES.

About IDTechEx

IDTechEx provides trusted independent research on emerging technologies and their markets. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240919380695/en/

CONTACT: Charlotte Martin

Subscriptions Marketing Manager

press@IDTechEx.com

+44(0)1223 812300

KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER MANUFACTURING TECHNOLOGY ENGINEERING CHEMICALS/PLASTICS AUTOMOTIVE MANUFACTURING PROFESSIONAL SERVICES MANUFACTURING BATTERIES HARDWARE DATA ANALYTICS

SOURCE: IDTechEx

Copyright Business Wire 2024.

PUB: 09/19/2024 07:54 AM/DISC: 09/19/2024 07:54 AM

http://www.businesswire.com/news/home/20240919380695/en