Over $100 billion has been invested in the lithium batteries sector since 2020. Global trends towards renewable energy has driven this growth. Forecasts indicate the sector will grow at a compounded annual growth rate (CAGR) of 13% from 2022 to 2031, making it one of the fastest-growing energy sectors.
The lithium battery industry is a $48 billion industry with a five-year compound annual growth rate of 23%.
Lithium batteries can be used to power electric vehicles, households and personal electronics, and as a power backup storage.
