Energy Storage: Battery Chemistry and Technology Trends

Recording of Tuesday, June 18, 2024 | The smarter E Europe 2024 | Conference Program | Language: English | Duration: 14:16 .

Rho Motion's Head of Research Highlights Rapid Growth in Stationary Battery Storage Market and Shift Towards LFP Dominance Amidst Global Supply Chain Challenges

Rho Motion's head of research provided a comprehensive overview of the current state and future projections of the battery market, emphasizing various end-use markets like EVs and stationary storage. The fastest-growing segment is currently stationary storage, with a 77% year-on-year increase in 2023, largely driven by grid storage outside Europe, notably dominated by China and the US. In Europe, residential behind-the-meter storage shows strong growth due to low electricity costs reducing demand for such solutions in China. However, Europe's supply chain faces challenges as it relies heavily on Asian suppliers for both cells and systems. Dominant players in cell supply include CATL, BYD, and EV Energy with over 50% market share collectively. The competitive landscape has led to significant declines in system prices—32% since Q4 2022—with new entrants offering lower prices to gain market share. Technologically, there's been a shift towards Lithium Iron Phosphate (LFP) chemistry which now commands an overwhelming majority of the grid market share globally.

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Speaker

Iola Hughes
Head of Research
Rho Motion
United Kingdom

Talk of session: What's Next? - Innovations in Battery Technology

The storage industry is being driven by needs from a wide range of areas: lower prices, longer life, second life of EV batteries, higher efficiencies and much more. Innovations in technology are providing answers to these questions. In this session, you will learn what innovations are coming next.