The transition from fossil fuels to renewable energy will take fixed storage as the key. GMI predicts that the 48v 10kwh lifepo4 powerwall lithium ion battery fixed storage solution will significantly increase its market share.
Analysts from Global Market Insights predict that in 2032, driven by the sharp drop in cost, the fixed storage market of lithium ion battery will reach 327 billion dollars.
According to the latest research report of Global Market Insights Inc (GMI), the valuation of the lithium ion 10 kwh battery storage market will reach 327 billion dollars in 2032. The significant decrease in the cost of lithium-ion batteries has become an important driving force for the development of the industry. In 2021, MIT scientists found that the cost of lithium ion has decreased by 97% since 1991. As lithium-ion batteries become a viable option for fixed energy storage and other applications, the reduction of battery costs may support market growth.
Strong growth momentum of lithium iron phosphate
GMI announced in the news that the lithium ion battery fixed storage market of lithium iron phosphate (LFP) chemical sector is expected to achieve significant growth by 2032. Due to the high safety record of lithium iron phosphate, its application in energy storage is in a rapid growth stage. Lithium and phosphorus are also more abundant than manganese, cobalt and nickel. In addition, lithium iron phosphate battery has a longer cycle life, which is conducive to product demand in the market segment. However, compared with nickel manganese cobalt (NMC) battery, the return rate of lithium iron phosphate battery is low, which may hinder the development of the market segment.
Power outage concerns rise
Off grid applications in the wall mount lithium ion battery fixed energy storage market will show strong growth in the forecast period, due to growing concerns about uninterrupted power supply, especially in remote areas of emerging economies. This is expected to lead to the development of grid connected power distribution system and advanced lithium-ion battery fixed storage equipment, thus promoting the expansion of the market segment.
Expanding the adoption of clean energy in the Asia Pacific region (APAC)
The fixed lithium ion battery storage market in the Asia Pacific region is expected to have a compound annual growth rate (CAGR) of 25% by 2032. This growth is due to the adoption of renewable energy and the increasing private and public investment in China, India and other developing economies. In addition, rapid industrialization and urbanization are also prominent reasons for promoting regional industrial expansion.
Government agencies have launched several energy storage targets in the region. For example, in March 2022, the National Energy Administration (NEA) and the National Development and Reform Commission (NDRC) launched the 14th Five Year Plan for energy storage. China also announced that the goal of the plan is to reduce the unit energy storage cost from 0.12 dollars to 0.01 dollars by 2025. These initiatives are aimed at expanding the use of fixed lithium ion power wall battery storage devices, thereby increasing industry demand in the region