In battery energy storage systems, lithium-ion batteries are getting traction effectively. It caters to residential, commercial & industrial, and utility industries. Expanding infrastructure projects and the transportation sector’s growth will encourage prominent companies to tap markets. Stakeholders are poised to boost the battery energy storage market growth due to investments in solar power and wind energy. A notable transition toward low-carbon energy generation solutions will augur well for the industry size expansion.
LG Chem, BYD Company Ltd., SAMSUNG SDI CO.,LTD and Panasonic Corporation – Prominent Market Participants in Lithium-ion Battery Energy Storage Market.
Lithium batteries have interesting technological features for energy purposes, including modularity, high energy density, and high charging and discharging efficiency, which can exceed 90% on a singular module level. The charging and discharging of lithium batteries, which comprise a positive electrode (lithium cathode) and a negative electrode (carbon anode), happens through chemical reactions that allow energy, in this case, generated by renewable plants, to be accumulated and restored. Lithium batteries have very interesting technological features for energy purposes, including modularity, high energy density, and high charging and discharging efficiency, which can exceed 90% on a singular module level.
The top companies in the market Contemporary Amperex Technology Co., Limited, LG Chem, BYD Company Ltd., Samsung SDI CO.,Ltd. and Panasonic Industry Co., Ltd. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2022 | Morrow Batteries and ABB have signed two Memorandum of Understanding agreements to enhance their partnership and advance the shift to renewable energy sources and electrification across all sectors of society. As per the agreements, ABB has been selected as a non-exclusive preferred technology supplier for manufacturing and power supply to Morrow. The objective is to ensure that the planned giga factory at Eyde Energy Park in Norway becomes one of the most cost-effective and sustainable facilities globally. This partnership aims to leverage ABB’s expertise and experience to optimize Morrow’s manufacturing process and enable the production of high-quality, sustainable batteries. By joining forces, the two companies aim to accelerate the transition to a greener future by enabling more efficient energy storage and electrification | Europe |
| 2022 | ABB has announced the release of its Plant Optimization Methodology for battery manufacturing, aimed at supporting battery manufacturers to achieve their sustainability objectives more efficiently. The new methodology was unveiled at The Battery Show in North America. It outlines how greenfield battery sites can be optimized to streamline global operations, accelerating progress towards sustainability goals. The Plant Optimization Methodology provides battery manufacturers with a comprehensive approach to optimizing their production process, including everything from selecting the right equipment to implementing energy-efficient practices. | Europe |
