Lithium-Ion''s Grip on Storage Faces Wave of Novel Technologies
Adding hours of storage to lithium-ion battery systems, in contrast, results in linear increases in costs, making them less attractive for long-duration storage.
The cost of lithium-ion batteries has dropped more than 90% over the last decade; 2024 saw a 40% drop in costs. The prices of battery cells are expected to continue this downward trend in the coming years, making it even more attractive as an energy storage option for end-use deployments.
Batteries are at the core of the recent growth in energy storage and battery prices are dropping considerably. Lithium-ion batteries dominate the market, but other technologies are emerging, including sodium-ion, flow batteries, liquid CO2 storage, a combination of lithium-ion and clean hydrogen, and gravity and thermal storage.
The confluence of these trends in employment, sales, prices, imports, and exports likely indicates the growth of the lithium-ion energy storage battery manufacturing industry in the United States in recent years.
The federal agencies that collect and publish data on prices, sales, employment, production, imports, and exports of batteries do so at an aggregation, periodicity, or quality that may not provide sufficient visibility to monitor the advanced lithium-ion energy storage battery industry.
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