Will 2024 be the year of the battery? We doubt that, for there is more to do before we get there. Although we are confident new year battery trends will include further progress towards safer, more powerful energy storage units. We also anticipate governments moving in a more renewable direction, with gradual global warming continuing.
Five Battery Trends Continue in the New Year
Tougher Challenges for Lithium-Ion Batteries
We expect lithium-ion batteries will continue extending their market lead. Although there will be pressure on their manufacturers to make them safer, and this will include tougher local ordinances. There could be some pushback from the industry in terms of tighter standards. These measures may include throttling cheap imports.
Solid State May Shuffle the League Table
UP Catalyst confidently suggests the solid state revolution will continue. Notable progress could mean greater energy density capacity, extended battery life, and a safer profile. These could bring this emerging technology closer to lithium-ion, although it seems unlikely any major player will be tempted to convert across yet.
New Trends in Battery Material Sourcing
The search for alternate battery materials will continue with an eye on local resources, and safer, more environmentally-friendly materials. China may extend its ban on exporting carbon and graphite to United States and European Union. Both regions will strive to enhance their energy independence.
A Greater Emphasis on Battery Sustainability
A fresh emphasis on battery sustainability, will continue to be high on the list of new battery trends in 2024. Pressure is increasing, particularly in European Union, to recycle more lithium-based batteries. However, the emphasis will shift from ‘doing the right thing’, to securing an ongoing supply of cobalt, lead, lithium, and nickel. Battery labeling will keep consumers informed.
The Lead Battery Market Will Grow
Yahoo Finance predicts the global automotive lead-acid battery market will expand to $27.7 billion by 2031. Their forecast assumes a compound average growth rate of 4.7% throughout the period. It includes ongoing diversification into energy storage, UPS systems, and telecom towers, where battery safety is increasingly paramount.
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Solid State Battery Technology Potential
