The explosion of the novel Coronavirus (COVID-19) has resulted in a slowdown of the economic growth of China, and with China being a world manufacturing center is containing a negative effect on global economic growth as well. The outbreak of Coronavirus reduced the number of workforce in industries as a way of preventing person-to-person contact, which believed to fasten the spread of the virus. As a result, production has reduced in one blink of an eye, and this will affect consumers at large.
The ongoing scenario in China will have an impact on the global sector of clean energy, including sources of recyclable energy, electric vehicles, battery energy storage, and renewable heat and cooling. China is a worldwide leader when it comes to renewable energy ventures that observed in the nation’s installation of wind power, wind turbine development, and solar photovoltaic (PV) manufacturing. The country is enhancing its portfolio or recyclables, decreasing the consumption of coal, and increasing the competence to compact carbon emissions. The government of China also involved in several measures to strengthen healthy battery production to be a global battery market leader.
Battery manufacturers of China, backed up by the industrial expansion dream, are emerging with large battery production companies. CATL and BYD, two of the biggest battery producers in China, are broadening their production capabilities abroad supported by the government of China. Lithium-ion (Li-ion) batteries stay being the undisputed leader in the market of the electrochemical storage projects all over the world. The world lithium-ion battery marketplace dominated by players like Panasonic, Samsung, and LG. Their place will reinforce over in the coming five years but with a tilt on the direction of the suppliers of China led by BYD and CATL.
During December of 2019, the number of Li-ion battery big factories that were in conduit to the year 2029 was at 115, with 88 of the factories in China. The planned Li-ion battery capacity of Europe is 348GWh by the year 2029. Motivating government policies, the enormous base of manufacturing, protectionist measures, along with the growing batteries demand to go well for the battery market of China.
China, which is the battery production powerhouse in the globe, is currently experiencing a slow down with the outbreak of the Coronavirus. The most prominent Li-ion production players of China, CATL, and BYD, confronted with a high likelihood of additional manufacturing delays.