US battery and energy storage markets will grow

Subject

Batteries and energy storage.

Significance

With the rise of renewable energies and electric vehicles, a major transition is underway in global energy markets. The key to facilitating growth in both areas is the falling cost of lithium-ion (Li-ion) batteries. Cheaper batteries have helped to reduce the cost of electric vehicles and are making large-scale energy storage on the power grid -- which is a necessity if renewables are to continue growing -- a reality.

Impacts

• Secure access to lithium, cobalt and other battery-related materials will be vital to economic development.
• Competition over resources to build batteries could see protests, skirmishing and illegal trade where the resources are.
• Companies face higher due diligence demands when sourcing battery-producing materials.