Batteries are essential to the functioning of the modern world. From consumer electronics to electric vehicles, high-performance batteries are enabling technologies across industries. As demand grows and innovation continues, several key trends in battery technology are expected to take center stage in 2024.
The lithium-ion (Li-ion) battery has long dominated the market, powering everything from smartphones to electric cars. However, limitations in energy density, safety, cost, and raw material constraints are driving research and development into the next generation of battery chemistry and design. Industry experts predict 2024 will be a pivotal year for bringing some of these new technologies into realization.
Understanding these battery trends can provide essential insights into the future of energy storage and electric mobility. Here are 10 battery technology trends to watch out for in 2024 and why they matter.
Growing Demand for Electric Vehicles
The electric vehicle (EV) revolution is perhaps the most visible driver of innovation in batteries. As EVs go mainstream, demand is skyrocketing for high-capacity, fast-charging, and affordable EV batteries. From the Tesla Model 3’s lithium-ion cells to emerging solid-state batteries, battery technology will remain at the forefront of enabling more affordable and practical EVs.
According to Allied Market Research, the EV market is poised to grow at a 22.7% CAGR from 2022 to 2030. Falling battery prices are a key factor, dropping 89% in the last decade and expected to fall further with economies of scale. Lighter, denser, faster-charging batteries will allow EVs to achieve parity with gas-powered vehicles.
Advancements in Lithium-Ion Batteries
The reigning champ of batteries, lithium-ion innovation continues to accelerate. Researchers are developing higher energy density anodes and cathodes, as well as alternative materials like lithium titanium oxide (LTO) that promise improved safety and longevity. Silicon-carbon anodes are also gaining traction, store 10x more lithium than graphite.
On the cathode side, lithium iron phosphate (LFP) and nickel-rich chemistries like nickel manganese cobalt (NMC-622) offer lower costs and better stability than cobalt-heavy cathodes. Advancements in liquid and polymer electrolytes will also enable faster charging lithium-ion batteries.
According to IDTechEx, the market for lithium-ion batteries is growing rapidly, expected to reach $100 billion by 2031. As the workhorse of batteries, incremental innovations add up to better performing and more affordable li-ion batteries.
Solid-State Batteries Moving Towards Commercialization
Solid-state batteries promise a transformative leap past the limitations of lithium-ion. By replacing liquid electrolytes with solid materials, they can achieve up to 2x the energy density, faster charging, and better safety. Solid electrolytes virtually eliminate the risk of dangerous leaks or fires.
With major investments from nearly every top battery maker, solid-state batteries are swiftly moving from lab to factory floors. Volkswagen aims to debut solid-state batteries in EVs by 2025, while Toyota plans a market introduction in the early 2020s. Although costs are still prohibitive, continued research into electrolyte materials and mass production methods promises to make solid-state batteries a commercial reality in 2024 and beyond.
Sodium-Ion Batteries as a Lower Cost Alternative
Lithium's rising costs and raw material constraints have battery researchers looking to new chemistries using more abundant materials. Sodium-ion batteries are emerging as a promising contender, offering similar performance to lithium-ion but with the advantage of utilizing sodium - the sixth most abundant element on Earth.
Recent advances have improved energy density and stabilized anode performance, leading to strong commercial interest. NAATBatt estimates that the sodium-ion market will grow 10-fold from 2020 to 2030. CATL, Faradion, HiNa Battery Tech, and Altris AB are among the major companies pioneering sodium-ion batteries. As research continues, sodium-ion batteries could become a viable low-cost alternative to li-ion.
Recycling and Second-Life Applications
Recycling and repurposing spent EV and consumer electronics batteries will grow increasingly important for supply chain sustainability. Companies are scaling up recycling capabilities to recover high-value materials like lithium, cobalt, and nickel.
Reusing EV and grid storage batteries for less demanding second-life applications can also optimize their lifespan. Nissan and BMW have piloted reusing old EV batteries for residential solar energy storage. Second-life use and recycling helps extract maximum value from batteries before material disposal.
According to Circular Energy Storage, the battery recycling market will grow from a $2 billion market in 2020 to a $20 billion market in 2030. As the number of spent batteries rises, recycling and second-use will become instrumental for improved sustainability.
Further Miniaturization for Wearables and Implants
Smaller, slimmer, and more power-dense batteries will help scale down electronics and unlock innovations like thin wearable displays and medical implants. Flexible thin-film lithium-ion batteries have made major leaps for wearable devices. Startups like Sila Nanotechnologies are even developing high-capacity microbatteries the size of a grain of sand.
For medical implants, ultrathin flexible batteries enable pacemakers and glucose monitors imperceptible under the skin. As microbattery technology evolves, it will pave the way for smaller wearables and more seamless bioelectronics. IDTechEx predicts that the printed and flexible battery market will grow to over $600 million by 2031.
Smart Battery Management Systems
Sophisticated battery management systems (BMS) are becoming essential for monitoring battery health and ensuring safety, especially for large-scale batteries in EVs and energy storage. Modern BMS can track parameters like cell temperature, charge levels, and cycle life, and prevent damage from overheating or overcharging.
Smart algorithms can optimize charging patterns and even predict faults before they happen. Startups such as electriphi and Dukosi offer advanced analytics dashboards for fleet battery monitoring. As battery packs increase in capacity, smart battery management will be critical to performance and safety. Mordor Intelligence estimates the battery management IC market to reach $12.49 billion by 2027.
Grid-Scale Storage to Enable Renewable Energy
Grid-scale battery storage is expanding the integration of renewable energy like wind and solar onto electricity grids. By storing excess daytime solar power for nighttime use, batteries overcome the intermittency of renewables. Large battery installations also provide vital grid services like frequency regulation and backup power.
Governments are also driving growth in grid storage. California has mandated its utilities to procure 1.3GW of energy storage by 2020. According to Wood Mackenzie, the US alone is projected to deploy over 10 GW of grid storage through 2023. Advancements in li-ion batteries and emerging technologies will enable greater adoption of emissions-free energy resources.
Research into New Battery Chemistries
The innovation race is also on to develop beyond lithium-ion chemistries offering step-change improvements in cost, safety, and performance. Aluminum-air batteries can deliver up to 10x higher energy density and ultralow costs, while new sodium and zinc-based chemistries use earth-abundant materials. Flow batteries can pair high storage capacities with battery longevity.
Dozens of startups with promising new battery chemistries have attracted large investments. QuantumScape, a solid-state lithium-metal battery startup, is now valued at over $15 billion. Further research and testing will reveal which new battery technologies can make the leap to commercial viability.
Battery Safety as a Priority
Safety remains an urgent focus across every aspect of battery technology. From flammable liquid electrolytes to battery firmware vulnerabilities, mitigating battery hazards will accelerate innovation. Improved manufacturing quality control, fireproof materials, and real-time monitoring systems make batteries more fail-safe.
New chemistries like solid-state electrolytes eliminate flammability risks entirely compared to liquid lithium-ion batteries. As large-capacity batteries are increasingly integrated into cars, homes and the utility grid, ensuring reliable safe operation and minimizing hazards will be more critical than ever.
Conclusion
Major leaps in battery technology lie ahead that promise to transform electric mobility, renewable energy, consumer electronics, and more. While the lithium-ion battery will likely remain dominant in the near term, emerging innovations aim to unlock safer, more powerful, and more sustainable energy storage.
Staying abreast of these trends provides key insights into the future of one of the most important enabling technologies of our time. From building smarter grids to powering fledgling technologies, batteries will play a pivotal role in driving the world forward. The battery innovations emerging by 2024 are poised to take us into an electrified future.
