Product Leader | Defining product's Next-gen | BESS, Inverters, EMS and solution optimization | Hardware/software solutions in BNEF Tier 1 vendor | Author: data-panda.com | LinkedIn top 1% industry voice (SSI)
Ha-ha. 40% growth is crazy. Thank you for the low-base effect. The growth percentage will slow down in the future, but in actual numbers, it will be much more impressive. And imagine what will happen when new Canadian/US/EU battery giga factories start to operate (the next couple of years).
The #Battery Show! The annual numbers for #lithiumionbatteries showcase an interesting trend. The Industry grew from 630 GWh to 890 GWh with an impressive annual growth of 41%, the number though much lesser than the sector growth in 21-22, specifically for the #electricvehicle batteries. The #EV batteries saw a growth of 39% during the year, while #ESS #batteries saw a growth of 53% lead by more than 100% growth rates by many Chinese #manufacturers. CATL retained the #leadership position with ~38% market share, further improving its dominance in EV batteries this year (4% upside). The second position in 2023 saw a change with BYD beating LG Chem to secure the second position with 14% market share. The overall market remains oligopolistic with the top 4 players dominating more than 70% #marketshare in both EV and ESS battery domain. Shift towards LFP battery chemistry resulted in a drop in market shares of prominent Korean manufacturers, specifically in the ESS market. In the #EV battery space, the market share of the Korean Trio (LG, SK, SDI) further dropped this year, to 23% but the year saw better #utilization of LG Chem and SDI as EV batteries. The #global ESS market which has been showing promising growth trends is projected to grow to 235 GWh by this year and reach to 458 GWh by 2030, growing at a CAGR of 10%. The ESS market remains dominated by #demand from China. in 2023, 45% of the demand for ESS batteries emerged from China followed by North America at 30% and Europe and others at 12% each. With battery prices falling significantly over the last few months and more aggressive price drop announcements coming from leading manufacturers, lets see how 2024 unfurls for the Industry, no matter what, for now Lithium Ion continues its RULE! The detailed briefings can be accessed here: EV: https://lnkd.in/dWtKEZT3 ESS: https://lnkd.in/d62eVqFh 2021-22 analysis: https://lnkd.in/dZgfTAGH #energystorage #energytransition
