Lithium Ion Batteries were introduced in 1970, are voltage-limiting devices, tighter voltage tolerances and are generally lighter than other types of rechargeable batteries of the same size. A lot of energy can be stored in lithium ion batteries as lithium is a highly reactive element. They have a very high energy density with low maintenance and a lithium-ion battery has the capacity of storing 150 watt-hours of electricity in 1 kilogram of battery. Some of the lithium ion battery provide high current density and are the choice for the consumers of mobile electronic equipment, while others provide high current levels and are therefore suitable for power tools and electric vehicles. Lithium-ion batteries are used in smartphones, e-cigarettes, hoverboards and electric vehicles. These are also used for remote monitoring systems, due to the characteristics such as fast charging, small size, relatively long stand-by time, and best choice for mobility equipment, as they offer relatively long life span.
Lithium Ion Battery Market Taxonomy
On the basis of material type, the global market is segmented into:
On the basis of power capacity, the global market is classified into:
On the basis of application, the global market is classified into:
Lithium-ion batteries offer easy handling and relatively reduced weight as compared to conventional lead acid batteries and are therefore used in marine motors. Rechargeable lithium-ion batteries are an excellent choice for solar panels due to fast recharging ability
Lithium Ion Battery Market Outlook – Increasing Demand for Automotive Applications to be the Major Market Driver
According to a report by Battery Power, “Global trends of energy storage systems that require lithium ion batteries are expected to triple from less than $2 billion in 2015 to roughly $6 billion by 2020.” Asia Pacific is expected to be the most potential market for lithium ion battery manufacturers. Rapidly increase in the automotive industry marks the increasing demand of lithium ion batteries for consumer and the commercial goods in countries such as India and China. According to Li3Energy, “The government of the Republic of South Korea, one of the world's leading lithium battery producing nations has mandated to invest US$12.5 billion over the next ten years in lithium resource projects and considered lithium a "strategic commodity". Industry estimates recommend that annual requirement for lithium has increased from 100 tons in the beginning of the 20th century to approximately 23,000 tons of lithium carbonate equivalent (LCE) today.”
The key factors that drives the demand of lithium ion batteries is its fast charging and lower self-discharge rate than other types of rechargeable batteries chiefly in Asia Pacific and Middle East Regions. Next area of innovation for lithium ion batteries is grid-scale battery installations needed for energy storage. They have a high energy density than other rechargeable batteries, this means that for their weight or size they can store extra energy than other rechargeable batteries. The main problem with the existing lithium ion batteries is that they are inflammable and the battery gets ruined when discharged completely. The researchers at the Dallas University are working on innovatory lithium-air battery technology, in which oxygen is used as an oxidizer, making battery five times cheaper as well as long-lasting.
Some of the major companies operating in the global lithium-ion batteries market are LG Chem Ltd., Valence Technology Inc., Saft Groupe S.A., Panasonic Corporation, BYD Co. Ltd., Samsung SDI Co., Ltd., BAK Group, GS Yuasa Corporation, Johnson Controls Inc., Hitachi, Ltd., Toshiba Corporation, and A123 Systems, LLC. .
Increasing research and development related to lithium ion batteries is expected to boost the market growth. For instance, on September 06, 2019, researchers from Dalhousie University reported testing of a new lithium-ion cell battery with a probable lifespan of 20 years, or one million miles. The research was funded by Tesla, Inc.
Major automobile companies are focused on launching Li-ion battery-powered cars. For instance, on September 04, 2019, Porsche presented its first fully-electric sports car, Taycan to the public with a world premiere held simultaneously in simultaneous events in Germany, China, and Niagara Falls. The car is powered by 93-kilowatt-hour lithium-ion battery pack dual motors.
Increasing government initiatives to support development and research of Li-ion batteries is also expected to boost the market growth. For instance, in August 2019, the U.S. Department of Energy awarded US$ 2 million to General Motors for solid-state battery research.
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