Lithium battery energy storage technology is becoming more mature and costs continue to fall

　　From 2012 to 2020, the global installed capacity of electrochemical energy storage has increased from less than 1GW to more than 13GW, contributing to the main increase in global installed capacity of electric energy storage.

　　Among various electrochemical energy storage technologies, lithium battery energy storage has great advantages in terms of cycle times, energy density, and response speed. However, the high cost previously restricted its large-scale application in the field of energy storage.

　　According to CNESA's preliminary statistics, the proportion of lithium batteries in electrochemical energy storage in transport and installation in 2020 has increased from 65% in 2016 to 90%. With the continuous expansion of production capacity, the cost of global lithium-ion batteries has dropped rapidly.

　　According to Bloomberg NEF statistics, the average global lithium-ion battery price in 2020 has dropped to US$137/kWh, a drop of nearly 80% from 2013. With the continuous decline in costs, the market of lithium battery energy storage has been opened up.

　　In recent years, lithium battery technology for energy storage has also made rapid progress, especially the cycle life of lithium iron phosphate batteries exceeds 3000 times or even higher.

　　The continuous decline in the cost of lithium batteries and the continuous advancement of technology will help them get more large-scale applications in the field of energy storage.