Fast-growing battery sector set to support wider low-carbon energy transition
Battery storage technologies are critical to the trajectory of the low-carbon transition, both in electrification of cars and other transportation, and in supporting the fast-growing proportion of variable renewable generation in power grids.
Global battery demand is set to expand fast. Energy Intelligence forecasts growth to over 7 TWh by 2040, from ~500 GWh today. This will be driven by rapid EV adoption, but also by stationary storage use.
Advances in battery technology – aiming to boost performance, density and longevity, and cut use of scarce, costly materials – could accelerate current uses and unlock future demand in new segments.
This technology has been led by the specific needs of the EV sector, but requirements for different usage applications vary. With no single universal technology solution likely, batteries are set to diverge.
Most oil and gas firms outside Europe have avoided investing in the electricity space, but a few (like Exxon Mobil) are now eyeing upstream materials investments, such as in lithium. Others (like TotalEnergies and Equinor) are expanding their more sizable activity in areas like battery production and stationary storage.
You can learn more about the “Technology Monitor: Battery Storage” report – and our Energy Transition Service – in the executive summary.
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The “Technology Monitor: Battery Storage” report is part of the Energy Transition Service which helps guide the energy industry through the low-carbon transition. We offer an unparalleled combination of intelligence, data, independent analysis and direct client engagement. The Energy Transition Service helps energy firms, investors and governments understand how the low-carbon energy transition is unfolding, with a focus on key technologies, costs, market developments and policy drivers.
