Record Setting Production and Sales of Advanced Lithium Ion Batteries Expected Despite Growing Pains
- Oct 29, 2019 12:29 pm GMT
Production and sales of lithium ion batteries have been slowing and will experience a slowdown for the remainder of 2019. That said, more than $350 million was invested in advanced li-ion battery technologies in 2019's first half, setting the stage for a record-setting year given an annual investment of $600 million in 2018, according to Wood Mackenzie Power & Renewables.
With demand continuing to grow, increases in manufacturing output, improvements in energy density and improvements in the commercialization of advances will fuel anticipated reductions in battery prices, according to Wood Mackenzie's Global Energy Storage Outlook, Q3 2019.
“Since 2018 the market has seen significant investments in advanced lithium-ion technologies from automotive giants and oil companies alike,” Wood Mackenzie Analyst Mitalee Gupta highlighted. “Investments have focused on developing batteries that are cobalt-free and use alternate electrode materials or solid-state electrolytes. While not all these technologies will become successful, several of them will make their way into the electric vehicle (EV) and storage markets in the coming years.”
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