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China and South Korea extend battery battle from EVs to grid storage

27 April 2025
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China and South Korea extend battery battle from EVs to grid storage
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A global rise in renewable energy and data centre demand is driving a boom in battery storage for electricity grids, with Chinese companies currently holding nearly 90% of global energy storage capacity. However, U.S. tariffs have created an opportunity for South Korean firms to regain market share, as they shift focus to producing lithium iron phosphate (LFP) batteries. Despite challenges, CATL remains the dominant player, with significant growth expected in the battery storage market, which is projected to more than double by 2030, addressing increasing electricity demands driven by AI and clean technologies.

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Tags: batterybattleChinaEVsextendGridKoreaSouthstorage
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