Prices of Lithium-ion (Li-ion) cells will drop down by around 46% in the ongoing decade. The price of Li-ion cells in 2020 is between the range of US$ 98.6 – 192.3 per kWh. The average price of it is US$ 122.9. This price will fall by 46% and reach US$ 66.6 in 2029.
Li-ion cells have already seen an 85% decrease in the past decade, post No.827. The rapid growth in the scale-up of global manufacturing capacity will be the main driver of declining cost in the next five years, from 2020 through 2024. After that, the declining rate will reduce slightly until 2029.
The reason behind this surge to increase Li-ion production capacity in the globe is the outpacing of the demand of EV carmakers from the supply of Li-ion. It is important to note that the Li-ion cells are extremely used in the EV and stationary storage systems.
According to GuideHouseInsights, these declining prices are opening new markets and profitable applications for grid storage to compete with conventional fossil fuel generation technologies.
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