The global wind and solar energy system installations have grown steadily in recent years, and the energy storage systems are expected to follow. According to analysis agency TrendForce, lithium iron phosphate battery for solar energy storage technology has significant advantages over other technologies and is becoming the main installed capacity of new energy storage in the world.

This is in line with earlier research by US analyst Wood Mackenzie, which predicted that lithium iron phosphate (LFP) will surpass nickel cobalt manganese (NCM) in market share by 2028. Nickel-cobalt-manganese (NCM) batteries still accounted for half of the market last year, but LFP batteries are starting to emerge due to their competitive cost, long life cycle and high safety performance.

According to TrendForce, the cumulative global installed capacity of renewable energy is 3,064 GW in 2021, underscoring the urgent need for energy storage to balance supply gaps.

In 2021, the global energy storage market will maintain rapid growth. According to TrendForce, the newly installed capacity reached 29.6 GWh, a year-on-year increase of 72.4%. Looking ahead, the global energy storage market will expand rapidly, reaching 362 GWh by 2025.

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