How Batteries are Boosting the Growth of Global Supply Chain and Innovations

Batteries are more vital than ever as society moves toward a more technologically advanced, environmentally friendly future powered by energy.

Fremont, CA: Batteries are more vital than ever as society moves toward a more technologically advanced, environmentally friendly future powered by energy. Therefore, understanding the intricate relationships between global supply and innovation, which power the battery sector, is crucial.

• Batteries are an essential component of our daily life

Everything from phones and computers to power tools and toys is batteries of various sizes and technology. According to the EPA, Americans buy nearly 3 billion dry-cell batteries annually to power their electronics.

• The market for batteries is expanding quickly

According to research, the global lithium battery industry is anticipated to increase by 5 to 10 between 2021 and 2030. The expansion is expected to be fueled by rising electric car sales as well as rising consumer demand for consumer electronics.

• After a ten-year drop, battery prices have started to climb once more

Due to improvements in manufacturing and production, battery costs decreased throughout the 2010s, but in the last year, supply hasn't kept up with increased demand, creating a serious shortage.

• New battery kinds are being created and are becoming more and more popular 

Technology such as lithium iron phosphate (LFP) batteries offers advantages over lead-acid batteries, which are nevertheless extensively utilized in solar and automotive applications today. LFP batteries have an advantage over other lithium-based batteries in terms of superior aging and greater iron availability compared to nickel or cobalt. Other technologies, such as sodium-sulfur or solid-state batteries, can have distinctive advantages, including reduced weights, quicker charging, and more accessible manufacturing procedures.

• Although batteries drive modern, cleaner technology, the production process frequently negatively impacts the environment

Lithium, cobalt, and nickel mining are all highly destructive processes that typically need enormous amounts of water and cause extensive landscape degradation.

• The move to clean energy is anticipated to rely heavily on batteries 

In order to address the inconsistent output of wind and solar energy, it is essential to have the capability to store energy for later use. Large batteries that can store extra energy produced by solar panels during the day's peak productivity can power the grid when those panels shut down at night. Find out more about technology investment here.

• The Infrastructure Investment and Jobs Act, which was just approved, allot around $6 billion for grants for battery technologies

In order to reduce reliance on foreign sources of supply and the consequences of supply chain shocks, the funds will help increase the research and development capability of the American battery sector.