Solid state lithium-ion batteries will dominate $90bn market says report
The new study, “Future of batteries: Winner takes all?” examines the current enormous level of activity in the sector, which has seen existing and new players invest over $13.7 billion over the last two years. It predicts future trends that will meet growing needs in areas such as electric vehicles (EVs), renewable power solutions and consumer electronics. It aims to help players across the ecosystem build effective strategies that unlock value and market position, highlighting that no one supplier will dominate the market.
“Battery technology is undergoing the biggest disruption in its 150-plus-year history, driven by the need for better solutions in areas such as electric vehicles and renewable power. However, companies need to beware of the risks, as well as the huge potential of the market, if they are to emerge victorious in the future,” said Michaël Kolk, Partner and Head of ADL’s Global Chemicals Practice.
Solid-state electrolyte lithium-ion (Li-ion) batteries will replace existing battery technologies over the long-term says the report from improved performance and innovation delivery combined with consumer pull and willingness to pay for better solutions. This will help reach the target price of $100/kWh for electric vehicle battery packs.
Despite the current investment frenzy from various players, including the automotive, technology, consumer goods, utilities and chemicals sectors, either entering the market or expanding their offerings, the report predicts that the risks of failure are high. Companies that successfully build complex innovation ecosystems, working with a range of partners and backed by significant intellectual property, have the greatest chance of winning and maintaining market share.
Innovation in new technologies and process transformation is vital to bring down costs. “We estimate that to make EVs competitive with internal combustion engine vehicles, EV battery-pack prices need to fall to $100/kWh,” said Kurt Baes, Partner, Energy & Manufacturing, “Currently, the lowest cost estimates are in the $190–$250/kWh range. Equally, for energy grids, battery prices need to drop by 50 percent in order to switch back-up from gas-fired units to battery storage. This potential is providing enormous opportunities.“
The report is available at www.adl.com/Futureofbatteries
Related stories:
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- ILIKA LEADS ON KEY UK FAST CHARGING SOLID STATE BATTERY PROJECT
- RESEARCHERS TARGET CATHODE TO TRIPLE CAPACITY OF LITHIUM ION BATTERIES
- PROJECT BUILDS ALUMINA ELECTROLYTES FOR SOLID STATE SODIUM BATTERIES
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