Report: Li-ion Battery Demand to Soar Sixfold

SNE Research projects that demand for lithium-ion batteries will grow significantly over the next decade, driven by increasing demand from electric vehicles, energy storage systems, and consumer electronics.

Fatkhul Maskur

27 Mei 2024 - 15.52
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Report: Li-ion Battery Demand to Soar Sixfold

Illustration - Lithium mining area which is used as raw material for making batteries./Bisnis/Antara.

Bisnis, JAKARTA — Demand for lithium-ion batteries is projected to grow nearly sixfold, driven by the increasing demand for electric vehicle (EV) sector batteries. According to a report by SNE Research titled “Global LIB Mid/Long-Term Outlook by Application,” total demand for lithium-ion batteries (LIB) for small-size IT applications, xEV, and ESS is expected to reach 5,570 GWh.

"It is forecasted to be about 5.6 times the demand projection released in 2023, 994GWh. If converted to a compound annual growth rate [CAGR], it is around 15.4 percent," SNE Research wrote in a press release (5/21/2024).

LIB demand from EVs is 700 GWh (70 percent of total demand), energy storage systems (ESS) at 185 GWh (19 percent), and small-size IT applications with 109 GWh (11 percent).

By 2035, demand from EVs is projected to reach 4,760 GWh (85 percent), followed by demand from ESS, which contributes 618 GWh (11 percent). LIB demand for small-size IT applications is projected to reach 193 GWh (3 percent).

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.