The burst of the energy storage market is pushing a sharp increase in demand for critical minerals, and lithium becomes the biggest winner.

The rapid development of the energy storage sector is driving a surge in global demand for critical minerals, with energy storage capacity expected to double by 2025 and the BESS industry potentially accounting for 20% of the battery market by 2030.

1. Energy Storage Market Growth

By 2025, the total energy storage capacity is projected to reach 400 gigawatt-hours, and by 2030, the market value could reach $114 billion.

2. Demand for Critical Minerals

The development of energy storage technologies will drive demand for critical minerals such as lithium, phosphorus, and manganese, with particularly significant growth in demand for lithium.

3. Decline in Cobalt and Nickel Demand

The rise of lithium iron phosphate batteries has reduced demand for cobalt and nickel in the energy storage sector, though they still dominate in the electric vehicle industry.

Original article: https://www.toutiao.com/article/1833952999238664/

Disclaimer: The article represents the author's personal opinions.