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GTM Research, a market analysis and advisory firm on the transformation of the global electricity industry, announced a new prediction that global lithium-ion battery deployments will grow by 55 percent annually, over the next five years.
The report adds that lithium-ion installations will grow more than eightfold, from 2 gigawatt-hours in 2017 to 18 in 2022.
That annual demand will also to grow by more than threefold for the electric vehicle sector and ninefold for energy storage sector.
The report authors expect battery pack prices to fall from $219/kilowatt-hour in 2017 to $39/kilowatt-hour in 2040, an 82 percent reduction.
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