The global capacity of lithium-ion battery gigafactories is set to surpass seven terawatt hours (TWh) by 2031, according to Benchmark’s Gigafactory Assessment. This milestone comes just four months after the ten-year pipeline exceeded six TWh in April.
Over half of the global capacity is 2031 is controlled by just nine companies. China is set to control nearly 90% of the cathode market in 2030.
The lithium battery market will be over $300 billion per year in 2030.
In March 2022, Nextbigfuture reported that China battery makers CATL, SVolt, CALB, Gotion, BYD had made combined battery factory starts deploying over $100 billion in investments. This would enable 2 TWh/year of batteries by 2025. Those factories have mining contracts and contracts with EV companies in order to get the bank and government support for construction. There will be enough LFP batteries for 50 million electric cars or more in 2025.
In August, 2022, BYD announced a 30 GWh gigafactory in Yichun, China, tipping the pipeline capacity for the next decade past the 7 TWh milestone.
This is to build critical minerals supply, cathodes, anodes, to battery cells
Our estimates vary from $1Tr to $3Tr depending on depending on scenarios
At the top end – $3Tr – is for a fully sustainable world by >2050
We are on a demand path to needing spending $1Tr by 2040
— Simon Moores (@sdmoores) September 19, 2022
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.