Samsung SDI and LG Energy Solution Focus on Augment ESS Battery Market
LG Energy Solution in the ESS market due to competition from Chinese counterparts, is restructuring its operations with an objective of lithium iron phosphate (LFP) batteries.
August 04, 2023. By EI News Network
LG Energy Solution in the ESS market due to competition from Chinese counterparts, is restructuring its operations with an objective of lithium iron phosphate (LFP) batteries.
LG Energy Solution and Samsung SDI captured the global ESS battery market with a combined market share of 55 percent in 2020. However, their individual market shares declined to 7.5 percent and 7.3 percent, respectively, by the end of 2022, leaving a gap filled by Chinese companies.
LG Energy Solution and Samsung SDI occupy the fourth and fifth positions, respectively, whereas LFP batteries are heavier compared to ternary batteries and perform less efficiently at lower temperatures. However, their cost-effectiveness is higher due to the absence of cobalt in the main raw materials, using iron instead.
Despite the expected shift towards LFP batteries in the global ESS battery market, Samsung SDI believes that batteries still offer advantages in terms of capacity per unit volume. The company is strategically focused on prismatic batteries for its ESS products.
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