Diminishing lithium-ion battery cost is expected to amplify the Lithium-Ion Battery Market

Publish Date : 2018-05-23

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Market Overview:

A lithium-ion battery also known as Li-ion battery is a kind of rechargeable battery in which lithium ions switch from the negative anode to the positive cathode amid discharge and back while charging. Li-ion batteries make use of an intercalated lithium compound as one electrode material, in comparison with the metallic lithium utilized as a part of a non-rechargeable lithium battery. The electrolyte, which enables ionic movement, and the two electrodes are the constituent segments of a lithium-ion battery cell. Lithium-ion batteries are commonly used in household electronics. The Lithium-Ion Battery Market was worth USD 22.02 billion in 2014 and is expected to reach approximately USD 88.47 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 16.71% during the forecast period. They are a standout amongst the most well-known sorts of rechargeable batteries for portable electronics, with a high energy density, minor memory effect and low self-discharge. LIBs are gaining traction for military, battery electric vehicle and aviation applications. Lithium-ion batteries can be harmful since they contain a combustible electrolyte and might be kept pressurized. A battery cell charged too rapidly could cause a short circuit, prompting explosions and outbreak of fire. Because of these risks, testing norms are more stringent than those for acid-electrolyte batteries, requiring both a more extensive scope of test conditions and extra battery-specific tests.

Prominent Players:

The leading players in the market are Johnson Controls, NEC, Saft Groupe S.A, LG Chem, Panasonic, Hitachi, BYD Company, A123 Systems and Toshiba. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

Growth Boosters of the Market:

Growing enrolment of electric vehicles (EVs) combined by reducing lithium-particle battery cost is anticipated to amplify industry growth over the estimate time frame. Another major driving factor of this market is the increasing requirement of these batteries in a number of applications including military, aviation and daily household applications. This has brought about increasing usage of these batteries, thereby boosting the growth of the market significantly. The growing number of PV installations and nuclear power plants close by the start of New Wind Energy Projects are foreseen to increase the market growth over the forecast period. The trend of renewable energy generation was driven by extending issues over environmental change, supportive government incentives, lessening expense of solar photovoltaic cells, and reducing cost of batteries. Developing adoption of hybrid and electric vehicles combined with promising government strategies toward maintainable advancements will drive the market development. In recent years, China, U.S., UK and Germany have encountered a critical upsurge in electric vehicles (EV) request because of emission standards and cost competitiveness.

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Restraining factors of the Market:

Lithium-ion batteries are majorly used in household electronics and other applications. However, certain factors such as increasing demand for other batteries such as lithium-air, lead acid battery, flow battery, and sodium nickel chloride batteries in energy storage, electric vehicles and consumer electronics is hampering the development of the market to a certain extent. Moreover, risks associated with the usage of lithium-ion batteries can also hinder the development as these batteries consist of harmful combustible electrolyte and might be kept pressurized. Furthermore, stringent emission norms in developing countries may also restrain the growth of the market.

 The Lithium-ion batteries Market is segmented on the basis of product and application. Based on product the market is segmented into lithium nickel cobalt aluminum oxide (nca), lithium nickel manganese cobalt (nmc), lithium iron phosphate (lfp), lithium cobalt oxide (lco), lithium titanate (lto) and lithium manganese oxide (lmo) out of which lithium nickel manganese cobalt battery was the leading fragment and represented 26% of the worldwide share in 2016. Based on application the market is segmented into energy storage systems, industrial, automotive and consumer electronics out of which consumer electronics application was esteemed at USD 11.92 billion out of 2016 due to high strength and dependability of these batteries in smartphones and laptops. Geographically, the market is segmented into Asia Pacific, North America, Europe, South America and Rest of the world. North America is foreseen to encounter a huge development over the gauge time frame inferable from the growing electric vehicle and consumer electronics sales in nations including U.S. and Mexico. The market for Lithium-ion batteries is highly competitive with major players such as Johnson Controls, NEC, LG Chem, Saft Groupe S.A, Hitachi, BYD Company, A123 Systems, Panasonic and Toshiba.

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