GITNUX REPORT 2024

Global Battery Storage Industry Statistics: Explosive Growth and Innovation Trends

Exploring the booming battery storage industry: From market growth to cost reductions and efficiency improvements.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The average cost of lithium-ion batteries has fallen by 97% since 1991

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The average cost of utility-scale battery storage in the U.S. was $625/kWh in 2020

Statistic 3

The U.S. Department of Energy has set a goal to reduce the cost of grid-scale energy storage to $0.05/kWh by 2030

Statistic 4

The global battery energy storage system market size was valued at USD 4.4 billion in 2022

Statistic 5

The battery energy storage system market is expected to grow at a CAGR of 31.1% from 2023 to 2030

Statistic 6

The global stationary battery storage market is expected to reach 134.6 GW by 2030

Statistic 7

Energy storage installations are expected to reach 741 GWh annually by 2030

Statistic 8

The global electric vehicle battery market size was valued at $35.1 billion in 2020

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The global battery energy storage system market for utilities is expected to reach $31.2 billion by 2029

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The global battery technology market size was valued at $92.0 billion in 2020

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The global industrial battery market size was valued at $9.0 billion in 2020

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The global lithium-ion battery market size was valued at $41.1 billion in 2021

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The global lead-acid battery market size was valued at $39.7 billion in 2020

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The global nickel-metal hydride battery market size was valued at $1.9 billion in 2020

Statistic 15

The United States added 3,508 MW of new energy storage capacity in 2020

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China's energy storage capacity is projected to reach 35.5 GW by 2025

Statistic 17

Grid-scale battery storage capacity in the U.S. is expected to grow from 1.5 GW in 2020 to nearly 7.5 GW by 2025

Statistic 18

Australia's energy storage capacity is expected to grow from 0.5 GW in 2020 to 12.9 GW by 2030

Statistic 19

South Korea's energy storage capacity is projected to reach 4.8 GW by 2025

Statistic 20

The global battery recycling market size was valued at USD 17.2 billion in 2020

Statistic 21

The global lithium-ion battery recycling market is projected to reach $18.1 billion by 2030

Statistic 22

The battery recycling efficiency rate for lead-acid batteries is over 99%

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The global battery materials market size was valued at $49.3 billion in 2020

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The global battery metals market size was valued at $11.3 billion in 2020

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The global battery raw materials market size was valued at $45.6 billion in 2020

Statistic 26

The global battery recycling services market size was valued at $24.3 billion in 2020

Statistic 27

The global battery materials market size was valued at $49.3 billion in 2020

Statistic 28

Lithium-ion batteries accounted for over 90% of new energy storage installations in 2020

Statistic 29

Pumped hydro storage accounts for over 90% of global energy storage capacity

Statistic 30

The average duration of battery storage systems increased from 1.5 hours in 2015 to 3.5 hours in 2020

Statistic 31

Solid-state batteries are expected to capture 7% of the battery market by 2030

Statistic 32

The global battery management system market size was valued at $5.81 billion in 2020

Statistic 33

The global flow battery market size is projected to reach $1.11 billion by 2027

Statistic 34

The energy density of lithium-ion batteries has improved by 5-7% annually since 2010

Statistic 35

The global sodium-ion battery market is expected to grow at a CAGR of 22.9% from 2021 to 2028

Statistic 36

The average lifespan of a lithium-ion battery in energy storage applications is 10-15 years

Statistic 37

The global battery separator market size was valued at $3.5 billion in 2020

Statistic 38

The global battery thermal management system market is expected to reach $6.6 billion by 2025

Statistic 39

The global battery testing equipment market size was valued at $497.7 million in 2020

Statistic 40

The global battery electrolyte market size was valued at $4.7 billion in 2020

Statistic 41

The global battery coating market size was valued at $1.5 billion in 2020

Statistic 42

The global battery packaging market size was valued at $21.2 billion in 2020

Statistic 43

The global battery manufacturing equipment market size was valued at $3.4 billion in 2020

Statistic 44

The global battery monitoring system market size was valued at $3.2 billion in 2020

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The global battery analyzer market size was valued at $398.9 million in 2020

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The global battery case market size was valued at $1.2 billion in 2020

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The global battery charger market size was valued at $22.3 billion in 2020

Statistic 48

The global battery management IC market size was valued at $6.1 billion in 2020

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The global battery separator films market size was valued at $3.5 billion in 2020

Statistic 50

The global solid-state battery market size was valued at $0.5 billion in 2020

Statistic 51

The global thin film battery market size was valued at $0.4 billion in 2020

Statistic 52

The global zinc-air battery market size was valued at $1.5 billion in 2020

Statistic 53

The global redox flow battery market size was valued at $0.3 billion in 2020

Statistic 54

The global battery testing equipment market size was valued at $0.5 billion in 2020

Statistic 55

The global battery management system market size was valued at $5.8 billion in 2020

Statistic 56

The global battery thermal management system market size was valued at $2.2 billion in 2020

Statistic 57

The global battery electrolyte market size was valued at $4.7 billion in 2020

Statistic 58

The global battery separator market size was valued at $3.5 billion in 2020

Statistic 59

The global battery anode materials market size was valued at $7.8 billion in 2020

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The global battery cathode materials market size was valued at $17.4 billion in 2020

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The global battery binders market size was valued at $2.5 billion in 2020

Statistic 62

The global battery additives market size was valued at $1.4 billion in 2020

Statistic 63

The global battery enclosure market size was valued at $3.2 billion in 2020

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Summary

  • The global battery energy storage system market size was valued at USD 4.4 billion in 2022
  • The battery energy storage system market is expected to grow at a CAGR of 31.1% from 2023 to 2030
  • Lithium-ion batteries accounted for over 90% of new energy storage installations in 2020
  • The average cost of lithium-ion batteries has fallen by 97% since 1991
  • The United States added 3,508 MW of new energy storage capacity in 2020
  • China's energy storage capacity is projected to reach 35.5 GW by 2025
  • The global stationary battery storage market is expected to reach 134.6 GW by 2030
  • Pumped hydro storage accounts for over 90% of global energy storage capacity
  • The average duration of battery storage systems increased from 1.5 hours in 2015 to 3.5 hours in 2020
  • The global battery recycling market size was valued at USD 17.2 billion in 2020
  • Energy storage installations are expected to reach 741 GWh annually by 2030
  • The average cost of utility-scale battery storage in the U.S. was $625/kWh in 2020
  • Grid-scale battery storage capacity in the U.S. is expected to grow from 1.5 GW in 2020 to nearly 7.5 GW by 2025
  • The global lithium-ion battery recycling market is projected to reach $18.1 billion by 2030
  • Solid-state batteries are expected to capture 7% of the battery market by 2030

Shocking Statistics: The Battery Storage Industry Sparks with a $4.4 Billion Bang in 2022, Set to Electrify Growth at 31.1% - As the world scrambles to power up its energy infrastructure, the battery storage industry is stealing the spotlight with staggering numbers. From the dominating presence of lithium-ion batteries to the jaw-dropping cost reductions, and with countries like the United States and China racing to lead the charge, the future of energy storage is anything but dim. Dive into the electrifying details of a market charged with potential, from the powerhouse projections to the electric evolution of battery technology. It’s time to plug into the electrifying pulse of the battery storage industry!

Cost and Pricing

  • The average cost of lithium-ion batteries has fallen by 97% since 1991
  • The average cost of utility-scale battery storage in the U.S. was $625/kWh in 2020
  • The U.S. Department of Energy has set a goal to reduce the cost of grid-scale energy storage to $0.05/kWh by 2030

Interpretation

In the ever-evolving landscape of energy storage, the numbers speak volumes. The jaw-dropping 97% drop in lithium-ion battery costs since 1991 is not just a mere statistic, but a resounding testament to the remarkable progress in technology and innovation. With utility-scale battery storage costs hovering around $625/kWh, it's clear that we're on the cusp of a transformative shift in the way we harness and store energy. As the U.S. Department of Energy boldly sets its sights on achieving a target cost of $0.05/kWh by 2030 for grid-scale energy storage, it's a beacon of hope that the future of sustainable energy is no longer a distant dream but a rapidly approaching reality. Brace yourselves, the energy revolution is charging full steam ahead.

Market Size and Growth

  • The global battery energy storage system market size was valued at USD 4.4 billion in 2022
  • The battery energy storage system market is expected to grow at a CAGR of 31.1% from 2023 to 2030
  • The global stationary battery storage market is expected to reach 134.6 GW by 2030
  • Energy storage installations are expected to reach 741 GWh annually by 2030
  • The global electric vehicle battery market size was valued at $35.1 billion in 2020
  • The global battery energy storage system market for utilities is expected to reach $31.2 billion by 2029
  • The global battery technology market size was valued at $92.0 billion in 2020
  • The global industrial battery market size was valued at $9.0 billion in 2020
  • The global lithium-ion battery market size was valued at $41.1 billion in 2021
  • The global lead-acid battery market size was valued at $39.7 billion in 2020
  • The global nickel-metal hydride battery market size was valued at $1.9 billion in 2020

Interpretation

The battery storage industry is charging ahead at an electrifying pace, with numbers that spark both excitement and contemplation. From a market size valued at billions to projections reaching new heights, the statistics paint a picture of a world increasingly dependent on the power and potential of energy storage. As the race toward sustainable energy solutions accelerates, it's clear that batteries are not just a side player but a powerhouse driving innovation and shaping the future of industries ranging from utilities to electric vehicles. With each battery type carving out its niche in the market, it's a charged landscape where the competition is fierce, the stakes are high, and the possibilities are positively electrifying.

Regional Developments

  • The United States added 3,508 MW of new energy storage capacity in 2020
  • China's energy storage capacity is projected to reach 35.5 GW by 2025
  • Grid-scale battery storage capacity in the U.S. is expected to grow from 1.5 GW in 2020 to nearly 7.5 GW by 2025
  • Australia's energy storage capacity is expected to grow from 0.5 GW in 2020 to 12.9 GW by 2030
  • South Korea's energy storage capacity is projected to reach 4.8 GW by 2025

Interpretation

As the world of energy storage expands at a staggering pace, it seems we are all plugged in and charged up for a electrifying future. From the United States to China, Australia to South Korea, the race to amass gigawatts of storage capacity is on. With numbers skyrocketing faster than a Tesla in Ludicrous mode, it's clear that the battery storage industry is not just a flash in the pan, but a pivotal player in the global energy landscape. So, buckle up and get ready to ride the wave of innovation, because it seems like we're sparking a revolution that's positively charged.

Sustainability and Recycling

  • The global battery recycling market size was valued at USD 17.2 billion in 2020
  • The global lithium-ion battery recycling market is projected to reach $18.1 billion by 2030
  • The battery recycling efficiency rate for lead-acid batteries is over 99%
  • The global battery materials market size was valued at $49.3 billion in 2020
  • The global battery metals market size was valued at $11.3 billion in 2020
  • The global battery raw materials market size was valued at $45.6 billion in 2020
  • The global battery recycling services market size was valued at $24.3 billion in 2020
  • The global battery materials market size was valued at $49.3 billion in 2020

Interpretation

The battery storage industry is charging ahead, with statistics showing a dazzling array of numbers that power up the significance of recycling, efficiency, and market value. As the global battery recycling market size hits a high note at USD 17.2 billion in 2020 and is expected to crescendo to $18.1 billion by 2030, it's clear that sustainability is striking a chord. With lead-acid batteries boasting an impressive recycling efficiency rate of over 99%, it's a harmonious melody of environmental responsibility. And with the battery materials, metals, and raw materials markets collectively striking a chord nearing $100 billion in 2020, it's a symphony of innovation and economic opportunity. In this electrifying orchestra, the global battery recycling services market harmonizes at $24.3 billion, underscoring the industry's commitment to a sustainable encore. The stage is set for the battery storage industry to power up its performance and conduct a sustainable future for all.

Technology Trends

  • Lithium-ion batteries accounted for over 90% of new energy storage installations in 2020
  • Pumped hydro storage accounts for over 90% of global energy storage capacity
  • The average duration of battery storage systems increased from 1.5 hours in 2015 to 3.5 hours in 2020
  • Solid-state batteries are expected to capture 7% of the battery market by 2030
  • The global battery management system market size was valued at $5.81 billion in 2020
  • The global flow battery market size is projected to reach $1.11 billion by 2027
  • The energy density of lithium-ion batteries has improved by 5-7% annually since 2010
  • The global sodium-ion battery market is expected to grow at a CAGR of 22.9% from 2021 to 2028
  • The average lifespan of a lithium-ion battery in energy storage applications is 10-15 years
  • The global battery separator market size was valued at $3.5 billion in 2020
  • The global battery thermal management system market is expected to reach $6.6 billion by 2025
  • The global battery testing equipment market size was valued at $497.7 million in 2020
  • The global battery electrolyte market size was valued at $4.7 billion in 2020
  • The global battery coating market size was valued at $1.5 billion in 2020
  • The global battery packaging market size was valued at $21.2 billion in 2020
  • The global battery manufacturing equipment market size was valued at $3.4 billion in 2020
  • The global battery monitoring system market size was valued at $3.2 billion in 2020
  • The global battery analyzer market size was valued at $398.9 million in 2020
  • The global battery case market size was valued at $1.2 billion in 2020
  • The global battery charger market size was valued at $22.3 billion in 2020
  • The global battery management IC market size was valued at $6.1 billion in 2020
  • The global battery separator films market size was valued at $3.5 billion in 2020
  • The global solid-state battery market size was valued at $0.5 billion in 2020
  • The global thin film battery market size was valued at $0.4 billion in 2020
  • The global zinc-air battery market size was valued at $1.5 billion in 2020
  • The global redox flow battery market size was valued at $0.3 billion in 2020
  • The global battery testing equipment market size was valued at $0.5 billion in 2020
  • The global battery management system market size was valued at $5.8 billion in 2020
  • The global battery thermal management system market size was valued at $2.2 billion in 2020
  • The global battery electrolyte market size was valued at $4.7 billion in 2020
  • The global battery separator market size was valued at $3.5 billion in 2020
  • The global battery anode materials market size was valued at $7.8 billion in 2020
  • The global battery cathode materials market size was valued at $17.4 billion in 2020
  • The global battery binders market size was valued at $2.5 billion in 2020
  • The global battery additives market size was valued at $1.4 billion in 2020
  • The global battery enclosure market size was valued at $3.2 billion in 2020

Interpretation

In a world where energy storage is no longer just a sidekick but the superhero of the power industry, lithium-ion batteries have emerged as the iron man, leading the charge with over 90% of new installations in 2020. Meanwhile, pumped hydro storage stands tall like the Hulk, dominating global capacity levels. As the average duration of battery storage systems evolves from a mere sprint to a marathon, solid-state batteries are poised to join the Avengers lineup by 2030. With markets for everything from battery management systems to electrolytes booming faster than a comic book blockbuster, it's clear that the energy storage industry is not just a sequel but a full-blown cinematic universe in the making, where innovation and investment collide with the force of a well-timed explosion.

References