Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
Multiple factors halt the downward trajectory of Li-ion battery costs, with higher prices for energy storage systems set to continue throughout 2022 and 2023
Lithium-ion (Li-ion) battery prices have increased by 10-20% in
the later months of 2021, impacted by a wide range of both global
and industry-specific factors.
Nonetheless, battery energy storage costs remain competitive
with the alternative technologies. The bigger threat to growth is
the ability of system integrators to procure the required volumes
of batteries.
We expect modest price declines in 2023 from the continued
scale-up of LFP battery manufacturing. Global LFP capacity is
predicted to continue rising. Announced expansion plans currently
suggest that it will reach 330 GWh of annual capacity in 2025,
compared with less than 200 GWh in 2020.
We expect a group of specialized energy storage battery
manufacturers is likely to emerge, and these tier 2 manufacturers
will have sufficient capacity to serve the energy storage industry.
This should help to alleviate supply constraints.
{"items" : [
{"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fihsmarkit.com%2fresearch-analysis%2fmultiple-factors-increase-lithium-ion-battery-prices.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fihsmarkit.com%2fresearch-analysis%2fmultiple-factors-increase-lithium-ion-battery-prices.html&text=Multiple+factors+halt+the+downward+trajectory+of+Li-ion+battery+costs%2c+with+higher+prices+for+energy+storage+systems+set+to+continue+throughout+2022+and+2023+%7c+IHS+Markit+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fihsmarkit.com%2fresearch-analysis%2fmultiple-factors-increase-lithium-ion-battery-prices.html","enabled":true},{"name":"email","url":"?subject=Multiple factors halt the downward trajectory of Li-ion battery costs, with higher prices for energy storage systems set to continue throughout 2022 and 2023 | IHS Markit &body=http%3a%2f%2fihsmarkit.com%2fresearch-analysis%2fmultiple-factors-increase-lithium-ion-battery-prices.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=Multiple+factors+halt+the+downward+trajectory+of+Li-ion+battery+costs%2c+with+higher+prices+for+energy+storage+systems+set+to+continue+throughout+2022+and+2023+%7c+IHS+Markit+ http%3a%2f%2fihsmarkit.com%2fresearch-analysis%2fmultiple-factors-increase-lithium-ion-battery-prices.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"}
]}
