Global energy storage battery development trend

According to the distribution of energy storage projects in the world, China, the United States and Europe are the main markets for energy storage batteries. In 2020, the total scale of newly added electrochemical operations in the three regions accounted for 86% of the total scale of newly added electrochemical operations in the world, among which, China's energy storage battery market accounted for the largest proportion, accounting for 33%.

Batteries are a key enabler of many other technologies, integral to modern mobile lifestyles and mass production of electric vehicles (EVs), and battery and energy storage technologies will be the foundation of the transition to renewable energy.

The battery industry has come a long way in the last decade, enabling the early adoption of portable consumer electronics, mobile Internet, the first electric car, and intermittent renewable energy storage and power generation. Energy storage will be one of the most important industries in the world over the next decade, given the accelerating and expanding role it will play in combating global warming.

Battery capacity will be enough to meet global demand in 2030, although the entire manufacturing process will need to be upgraded as a lot of new capacity is being built around the world. But the real threat has become clear: the lack of low-cost, easily purified raw materials to supply all these battery factories. Due to a lack of investment in new lithium, cobalt, nickel and manganese mines over the past five years, a global battery shortage will be a serious risk by mid-decade. It takes seven to ten years for any new investment to produce new mines.