KARACHI: Clean energy is opening new business opportunities worldwide, poised to become the next trillion-dollar industry, while transforming the grid-scale battery sector. The growing demand for affordable, efficient energy storage solutions is driving fierce global competition, especially in the battery market.
Sodium-ion batteries, which offer greater safety and lower costs compared to lithium-ion, are emerging as an attractive alternative. China, home to six of the top ten global battery manufacturers, leads this shift with companies like CATL, BYD, and Gotion High-tech dominating production. Other major players include LG ES, Panasonic, and Samsung SDI.
Following China’s lead, startups in the U.S. and Europe are investing heavily in sodium-ion plants to capture the growing market. New technologies, such as nickel-hydrogen batteries by EnerVenue, are being developed to meet the rising energy demands of data centers and tech companies, which increasingly rely on sustainable energy solutions.
According to the International Energy Agency (IEA), global battery storage capacity doubled in 2023, reaching 90 GW. Bain & Company estimates the grid-scale storage market could grow from $15 billion in 2023 to $700 billion by 2030, potentially reaching up to $3 trillion by 2040.
China’s focus on reducing environmental damage, combined with its investment in clean energy technologies, has made it a global leader in renewable energy production, with nearly one-third of its energy now coming from renewable sources.
As battery technology advances and costs continue to fall, clean energy is set to revolutionize industries worldwide.
Story by
GOHAR ALI KHAN
