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A study of the Bloomberg New Energy Finance (BNEF) identified trends for this year in the storage market. According to the study, excess production and capacity will be hallmarks of the segment this year.
As a result, prices will come under pressure and may cause inconvenience when implementing stationary battery systems.
Prices and markets
Initially, in relation to prices, the research institute expects them to continue falling in 2024. Battery production grew much more than demand for them, causing a drop in these values. Meanwhile, producers are trying to recover the investments made.
When talking about market expansion, BNEF demonstrates optimism. Low prices are good for both the stationary battery and electric vehicle markets. The increase in stationary batteries should be around 57 GW (136 GWh), an increase of 40% compared to 2023.
In 2022, the institute predicted that the storage market would grow 15 times by 2030, reaching 411 GW, or 1,194 GWh
Furthermore, sales of electric vehicles are expected to break records again in 2024, even with the caution of a slow market in the US and Europe.
Improvements in battery technology
One of the battery improvements to watch this year is the incorporation of larger cells at an accelerated pace.
Both lithium iron phosphate (LiFePO4) cells in stationary systems and cylindrical cells in electric vehicles have been preferred over lithium pouch cells.
In addition to Lithium-Ion batteries, other long-lasting storage technologies (LDES) have an important year in 2024. China is leading the way in LDES research, but the US, UK and Australia are also working to advance these technologies.
In relation to battery recycling, the availability of new materials does not keep pace with the increase in recycling capacity, which means that BNEF expects delays in projects, or even their cancellation.
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