The global energy storage sector is entering a new phase of accelerated growth, now outpacing the expansion rate of electric vehicle (EV) sales. This surge is largely fueled by the rise of lithium iron phosphate (LFP) batteries, which are becoming the preferred choice for grid-scale storage due to their cost-effectiveness, safety, and lack of cobalt or nickel — a shift that is also reshaping global commodity markets.
While EVs continue to dominate overall battery demand, large-scale energy storage projects are scaling rapidly as grids around the world increase their reliance on intermittent renewable energy sources like solar and wind. As a result, energy storage is projected to make up roughly 20% of global battery demand within five years, according to forecasts by energy consultancy Rho Motion.
This momentum comes despite ongoing geopolitical uncertainties and supply chain pressures. The trend underscores a broader energy transition, where battery storage is not just a companion to electric mobility, but a cornerstone of future energy security.
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