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2023","battery-production-set-to-pass-1-twh-in-2023","article/battery-production-set-to-pass-1-twh-in-2023",{"_uid":547,"date":548,"tags":549,"editor":550,"content":560,"excerpt":702,"featured":51,"reporter":703,"_editable":707,"component":708,"seo_title":543,"categories":709,"visibility":722,"author_company":49,"featured_image":723,"seo_description":702,"author_full_name":49,"author_job_title":49,"formattedDate":727,"formattedArticleDate":728},"1f8c6c7e-a0f1-4d00-a9f2-cfd76b401ddc","2023-02-03 00:00",[],[551],{"slug":552,"name":553,"content":554},"matthew-bird","Matthew Bird",{"job_title":555,"image":556,"bio":558,"linkedin":559},"Senior Editor - Supply Chains & Data Visualisation",{"filename":557},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":561,"content":562},"doc",[563,580,585,590,595,600,605,614,621,626,631,638,643,656,661,674,679,684,689,694,699],{"type":564,"attrs":565,"content":566},"paragraph",{"textAlign":49},[567,570,578],{"text":568,"type":569},"Global ","text",{"text":571,"type":569,"marks":572},"battery production",[573],{"type":574,"attrs":575},"link",{"href":576,"uuid":49,"anchor":49,"target":49,"linktype":577},"https://source.benchmarkminerals.com/article/what-to-expect-for-the-lithium-ion-battey-market-in-2023","url",{"text":579,"type":569}," is set to surpass one terawatt-hour for the first time in 2023, representing an increase of over 500% since 2018, according to Benchmark analysis.",{"type":564,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":569},"Lithium ion battery demand from electric vehicles is expected to reach 740 GWh this year, up from 100 GWh five years ago, a more than six-fold increase.",{"type":564,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":569},"The data reflects the rapid growth in sales of electric vehicles as well as the growing demand for large batteries for energy storage projects, which are being supported by government policy in the US, China and Europe. ",{"type":564,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":569},"Sales of electric vehicles are set to rise to over 14 million units this year, according to Rho Motion, from 10.2 million units in 2022.",{"type":564,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":569},"This is the first year Benchmark forecasts demand from energy storage systems (ESS) to exceed portables demand, as growth rates for handheld devices continue to slow.",{"type":564,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":569},"Battery supply was 181 GWh in 2018. By 2030, it is expected to reach almost four TWh.",{"type":564,"attrs":606,"content":607},{"textAlign":49},[608],{"type":609,"attrs":610},"image",{"id":49,"alt":611,"src":612,"title":49,"source":49,"copyright":49,"meta_data":613},"","https://a.storyblok.com/f/287943243085208/d451db0990/bm-image-104.png",{},{"type":615,"attrs":616,"content":618},"heading",{"level":617,"textAlign":49},4,[619],{"text":620,"type":569},"China’s battery prowess",{"type":564,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":569},"Benchmark forecasts that this year, 78% of production will come from China, 11%  from the rest of Asia, 6% from Europe, and 5% from North America. ",{"type":564,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":569},"By 2030, Europe and North America are set to have increased their market share to 14% and 13%, driven by supportive government policies such as the Inflation Reduction Act. ",{"type":564,"attrs":632,"content":633},{"textAlign":49},[634],{"type":609,"attrs":635},{"id":49,"alt":611,"src":636,"title":49,"source":49,"copyright":49,"meta_data":637},"https://a.storyblok.com/f/287943243085208/6ac2cf8a02/bm-image-105.png",{},{"type":615,"attrs":639,"content":640},{"level":617,"textAlign":49},[641],{"text":642,"type":569},"How many batteries are needed?",{"type":564,"attrs":644,"content":645},{"textAlign":49},[646,648,654],{"text":647,"type":569},"In a TED interview last year Tesla’s chief executive Elon Musk ",{"text":649,"type":569,"marks":650},"said the world would need 300 TWh",[651],{"type":574,"attrs":652},{"href":653,"uuid":49,"anchor":49,"target":49,"linktype":577},"https://source.benchmarkminerals.com/article/how-can-the-world-meet-elon-musks-300-twh-battery-capacity-target",{"text":655,"type":569}," of battery capacity to be fully sustainable.",{"type":564,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":569},"That would require annual battery production rising to 6.7 TWh by 2030 and 11.8 TWh in 2040. The world would need to increase battery production thirty-fold from today’s levels by mid-century.",{"type":564,"attrs":662,"content":663},{"textAlign":49},[664,666,672],{"text":665,"type":569},"However, ",{"text":667,"type":569,"marks":668},"a battery deficit",[669],{"type":574,"attrs":670},{"href":671,"uuid":49,"anchor":49,"target":49,"linktype":577},"https://source.benchmarkminerals.com/article/shortage-of-top-tier-battery-supply-expected-this-decade",{"text":673,"type":569}," of over 250 GWh is expected by the mid 2030s. Benchmark analysis expects this deficit to remain throughout the next decade.",{"type":615,"attrs":675,"content":676},{"level":617,"textAlign":49},[677],{"text":678,"type":569},"EVs dominate ",{"type":564,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":569},"Supply of lithium ion batteries is increasingly going to new markets such as energy storage but remains primarily driven by the electric vehicle (EV) market.",{"type":564,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":569},"This year, EVs represent 81% of total battery demand. ",{"type":564,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":569},"Energy storage systems (ESS) will be responsible for the bulk of the rest of demand, with demand from the sector set to exceed 100 GWh for the first time this year. ",{"type":564,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":569},"Benchmark expects the ESS market to be boosted by favourable provincial policies in China, the tax credits promised by the Inflation Reduction Act in the US, and a shift in European Union strategy to reduce its dependency on Russian energy.",{"type":564,"attrs":700,"content":701},{"textAlign":49},[],"Global battery production is set to surpass one terawatt-hour for the first time in 2023, representing an increase of over 500% since 2018, according to Benchmark analysis. Lithium ion battery demand from electric vehicles is expected to reach 740 GWh this year, up from 100 GWh five years ago, a more than six-fold increase. The […]",[704],{"slug":552,"name":553,"content":705},{"job_title":555,"image":706,"bio":558,"linkedin":559},{"filename":557},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"1f8c6c7e-a0f1-4d00-a9f2-cfd76b401ddc\", \"id\": \"\"}-->","article",[710,713,716,719],{"slug":711,"name":712},"batteries","Batteries",{"slug":714,"name":715},"ess","ESS",{"slug":717,"name":718},"ev","EV",{"slug":720,"name":721},"new-energy","New Energy","private",{"id":49,"alt":611,"name":611,"focus":611,"title":611,"source":611,"filename":724,"copyright":611,"fieldtype":725,"meta_data":726,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6c7e3896f6/bm-0x0-megapack-01.jpg","asset",{"alt":611,"title":611,"source":611,"copyright":611},"Feb 03, 2023","3rd February 2023",[],[],1781280282031]