Lithium batteries have already put the world’s superpowers on a collision course as the technology is on the cusp of transforming everything from transport to internet services.
“The new clean energy geopolitical battle is being fought throughout the lithium ion battery supply chain,” Dan Clarke, thematic analyst at GlobalData, said in a new podcast from the research firm.
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He warned that while today’s geopolitics may be concerned over Russia threatening to choke the supply of gas in retaliation of the unprecedented sanctions levied against it after the invasion of Ukraine, lithium batteries will play a bigger role in the years to come.
China and the US are already ensuring that they will have a dominant role in the new era of lithium batteries. Both nations have subsidised the market and launched a plethora of initiatives towards that end. However, he said that China is so far in the lead, having already splurged billions of dollars on these initiatives.
“The subsidies really are enormous,” Clarke said.
Lil Read, senior analyst at GlobalData, added that the advent of modern lithium batteries will also affect how we tackle global warming and climate change over the next few decades.
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By GlobalData“It is going to be so important and one of the most significant industries over the next 10 years, so we really do need to start thinking about them,” she argued during the podcast.
The battery industry is set to be one of the most significant over the next 10 years, according to GlobalData, which predicts that revenues will exceed $168bn by 2030.
There are also a pelthora of businesses jumping on this opportunity. For instance, Swedish Northvolt has teamed up with the likes of Volkswagen and Volvo to build a series of gigafactories to produce lithium batteries at scale.
In the UK, Britishvolt has inked partnerships with Glencore in order to build a plant able to recycle lithium batteries.
GlobalData is the parent company of Verdict and its sister publications.
