As the energy transition quickens and countries and consumers strive to decarbonize, global battery demand could surge exponentially and approach nine terawatt-hours (TWh) annually by 2030, 15 times the levels seen in 2021.
Rystad Energy research shows that although global battery demand in 2021 stood at 580 gigawatt-hours (GWh), more than double 2020’s total, global supply was still able to keep up. However, that is set to change in the coming years as the appetite for battery technologies in passenger vehicles and stationary storage grows significantly, straining the supply chain.
Stationary storage will be the next-most significant contributor, with a projected demand of more than 2.5 TWh in 2030, 29% of the total market. The need for storage is set to soar from 139 GWh in 2021 because of the more prominent role that volatile renewable energy sources will play as the world shifts away from fossil fuels.
Source: Oil Price