Various media outlets have recently cited an InterRegional for Strategic Analysis report entitled "Competitive Market: Dimensions of Increasing International Interest in the Battery Industry." This article discussed the global importance of the battery industry, particularly in light of growing climate challenges which will require mitigating carbon emissions and accelerating the energy transition to reach ambitious climate goals. This has resulted in an increasing focus on electric power and energy storage around the world. Batteries play an important role in the energy transition since they are a key part of various industries including electric cars and electronics.
Emarat al-Youm cited InterRegional’s analysis of the global industrial value chains for batteries, and their significant economic potential. Global demand for lithium batteries is projected to increase over the coming decade by more than 30 percent annually between 2022 and 2030 according to a McKinsey report. There are many signs that this industry is on the rise given growing European interest in minerals critical to battery production. Meanwhile, China dominates the global battery industry, although the US is making efforts to build new supply chains for the electric car market. Asia has growing opportunities with regard to battery market shares, while Taiwan is ramping up its battery production as well.
Al Watan’s coverage drew upon InterRegional’s analysis of the factors driving growing interest in battery industry at the global level. Various countries have tried to take advantage of these opportunities in order to cement their role in the battery industry, since batteries have become a central component of electric vehicle production. They are also important to the transition to sustainable energy, and the lithium battery market is expected to grow further. The market has grown significantly as electric car sales and sales of consumer electronics with long-lasting batteries have risen.
Al-Bayan cited InterRegional in arguing that despite major investment opportunities in battery production, there are various challenges that will require countries interested in expanding production to strengthen partnerships between the private and public sector. These countries will also need to cooperate in locating manufacturing equipment as well as building materials and skilled labor. The potential shortage of minerals critical to battery production poses another challenge for governments and private corporations alike, both of which will need to find sustainable solutions.