Demand for lithium-ion batteries in stationary energy storage applications is forecast to see strong growth over the next decade, according to a new report from IDTechEx. The market research firm projects the lithium-ion battery energy storage system (BESS) market will reach $109 billion in value by 2035.
Key factors driving this growth include increasing penetration of renewable energy sources and a desire for greater energy independence among homeowners and businesses. By 2035, IDTechEx forecasts over 4.4 TWh of cumulative lithium-ion BESS capacity will be installed globally.
Technology Trends: The study examines evolving battery chemistries, with a particular focus on the dominance of lithium iron phosphate (LFP) cells in stationary applications. It also explores potential future technologies like sodium-ion and redox flow batteries.
Safety and Thermal Management: Given recent high-profile battery fire incidents, the report dedicates significant attention to safety considerations and thermal management strategies in BESS design.
Regional Analysis: Detailed examinations of key markets including China, the United States, Europe, and emerging regions in Asia and South America provide context on local policies, incentives, and deployment targets affecting BESS adoption.
While lithium-ion currently dominates the BESS market with over 90% share, the report also evaluates potential future technologies like sodium-ion, redox flow, and other battery chemistries that may gain traction.
The analysis covers both grid-scale and behind-the-meter applications, assessing market dynamics across key countries and regions globally. With detailed data on installations, players, and technologies, the report aims to provide a strategic view of this rapidly evolving industry for stakeholders across the energy storage value chain.
Source: IDTechEx Report
