After a difficult couple of years which saw the trend of falling lithium battery prices temporarily reverse, a 14% drop in lithium-ion (Li-ion) battery pack cost from 2022-2023 has been recorded by BloombergNEF.

Annual battery energy storage system (BESS) installations will grow by 10x between 2022 and 2030, according to research firm Rystad Energy.

The inaugural Energy Storage Awards: recognising excellence, hard work and innovation in the European industry.

A total of 16GW was added last year, equivalent to a 68% of year-on-year growth.

Lithium-ion battery pack prices have gone up 7% in 2022, marking the first price rise since BloombergNEF began its surveys in 2010.

China continues to lead rankings for involvement in the global battery supply chain, but the chasing pack of other countries is in flux.

Recent policy developments in the US and European Union represent a considerable uplift to prospects for global energy storage deployment.

Supply chain constraints impacting the energy storage industry have come at a “critical” stage for the sector’s development, a BloombergNEF analyst has said.

The global energy storage market will grow to deploy 58GW/178GWh annually by 2030, according to forecasting by BloombergNEF.

Supply chain shocks are causing short-term rises in the price of lithium-ion battery packs, but overall the price trend is downward and by 2024 average prices could dip below US$100/kWh.