In the next twenty years, the lithium-ion battery market is expected to peak and then begin to decline. This is due to the rise of new ion-batteries, such as sodium-ion and aqueous zinc-ion, which promise lower costs, better safety, and improved performance. Furthermore, there is a growing demand for these alternative batteries in various industries that lithium-ion cannot satisfy.
According to a recent report by Zhar Research, the electric car market, which is currently the largest segment for lithium-ion batteries, will become increasingly saturated and may even face restrictions or bans in cities. This will result in a decrease in demand for lithium-ion batteries. Moreover, advancements in technology, such as Second Generation 6G Communications, will utilize Reconfigurable Intelligent Surfaces (RIS) that can power devices like smartphones and IoT nodes without the need for on-board energy storage.
Another emerging market for pulse and high power-density storage, such as electromagnetic weapons and ultra high-speed trains, is also opening up. These applications require batteries with a long cycle life, high energy density, and power-density. Research is currently being conducted on sodium-ion capacitors that claim to meet these requirements.
The largest energy storage market segment is expected to be Long Duration Energy Storage (LDES), which will primarily cater to wind and solar power storage. These systems, with a duration of 12 hours to one month, are currently being dominated by lithium-ion batteries. However, new alternatives that are non-flammable, non-toxic, and have a longer lifespan are becoming more popular. These alternatives also have a lower levelised cost of storage, making them a more viable option for larger scale storage needs.
The goalposts have shifted in the energy storage industry, with a growing demand for batteries that are safer, more reliable, and have a longer lifespan. This has led to a surge in research on alternatives to lithium-ion batteries, such as sodium-ion and aqueous zinc-ion batteries. These systems offer advantages such as lower costs, abundance of materials, and better safety compared to lithium-ion.
While lithium-ion batteries will continue to be used in various applications, their market share is expected to decline within the next twenty years. The growing demand for non-flammable, non-toxic, and long-lasting batteries in various industries will drive the market towards alternatives. Zhar Research suggests that lithium-ion batteries will peak in 2037, but this could happen as early as 2030 if the disruptors prove to be stronger.
For a deeper understanding of the energy storage market and its future, Zhar Research offers various reports on topics such as Long Duration Energy Storage, Redox Flow Batteries, Zinc-based storage, and Supercapacitors. These reports cover market forecasts, technology roadmaps, and a comprehensive analysis of manufacturers and current research in the industry. Zhar Research also offers reports on Zero Energy Devices (ZED) and 6G Communications, which will have a significant impact on the future of energy storage.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.