GTM Research recently released the latest US energy storage report. The report shows that the price decline of lithium-ion batteries in 2018 has slowed down. The supply of ternary batteries is in short supply, but the application of lithium iron phosphate batteries in China's grid-side energy storage projects is mainly concentrated.
According to the latest report from GTM Research, the price of lithium-ion battery components has dropped by more than 20% in 2015 and 2016, and the price of 2017 has dropped by nearly 15%. The growing demand in the electric vehicle industry and the fixed energy storage market, as well as the increase in energy density, is The main reason for pushing the price down.
GTM Research predicts that battery prices will fall another 14% during 2018, but the price decline has slowed significantly.
The price decline has slowed down, not only driven by rising raw material prices; on the contrary, there is a shortage of battery packs on the market, especially in nickel-cobalt-manganese ternary batteries used in electric vehicles and fixed energy storage. Battery manufacturers to meet growing demand, NMC ternary batteries are in short supply. However, with the increase in production capacity in the next two years, prices are expected to decline further.
The situation of lithium iron phosphate battery (LFP) is different. The installed capacity of lithium iron phosphate battery is mainly concentrated in China. Since the energy density of lithium iron phosphate battery is not as high as that of NMC ternary battery, lithium iron phosphate battery is mainly used for electric buses. Electric trucks, some user side applications and grid side FM applications. However, as the production of lithium iron phosphate increases, the price of these batteries will continue to decline, and the delivery time of NMC ternary batteries may be extended to 6 to 9 Months or longer. For the above reasons, the possibility of using lithium iron phosphate batteries in grid-side energy storage projects will continue to increase.
