[Goldman Sachs: The global battery supply and demand ratio may bottom out in 2029, and energy storage growth cannot withstand the pressure of oversupply] October 15th, Goldman Sachs released a research report on October 14th saying that although energy storage demand continues to grow, the global battery industry still faces oversupply pressure, and the bottom of the cycle cannot yet be confirmed. The bank predicts that the ratio of battery market demand outside China to local production capacity will drop to 104% in 2027; if China's potential export supply is included, the ratio will be only 32%. By 2030, the two ratios will rise to 131% and 40% respectively. The global battery market supply-demand ratio may not bottom out until 2029, mainly because China's energy storage demand growth tends to normalize and supply continues to increase, leading to a decline in capacity utilization.