A lithium-ion battery or Li-ion battery is a rechargeable battery in which Li ions travel from negative electrode to the positive electrode during discharging and reverse when charging. The constituent components of the battery are two electrodes and electrolyte, which allows the ionic movement. They are mainly used in portable equipment.
Energy Storage Systems to Emerge Promising Application Segment
Lithium-ion batteries are extensively used across industries, including consumer electronics, automotive, energy storage systems, and industrial. Among these, consumer electronics commanded the largest share in 2016. These batteries are acknowledged for their high reliability and durability in consumer electronics such as smartphones and laptops. Booming electronics industry in countries such as Japan, China, South Korea, and Taiwan is likely to stir up the demand for Li-ion batteries. Constant improvements in the battery technology will further drive the growth of the segment. For instance, in December 2017, researchers from Sandia National Laboratories discovered a way of augmenting efficiency of solid-state batteries and improving the flow of lithium ions across battery interfaces such that battery performance can be enhanced in small electronics.
The energy storage systems segment will exhibit a CAGR higher than any other segment between 2017 and 2025. Rising off-grid installations owing to government support can propel the growth of the segment. The growth of the segment can also be attributed to increasing deployments of solar photovoltaics due to growing concerns regarding environment degradation.
Market Insights
According to a report by Grand View Research Inc., the global lithium-ion battery market is anticipated to reach a valuation of USD 93.1 billion by the end of 2025. Spiraling sales of electric vehicles are expected to provide an upthrust to the market. Governments are playing a critical role in encouraging a shift from fuel to electric batteries in order to curb emissions and safeguard the environment. On the other hand, strong presence of other batteries such as flow battery, lead-acid battery, and sodium nickel chloride batteries can hinder the growth of the market.
The market in Asia Pacific will post a phenomenal CAGR during the forecast period (2017–2025). Proliferation of consumer electronics such as smartphones and tablets in emerging economies is supplementing the growth of the segment. Some of the key players in the market are Samsung, Panasonic, GS Yuasa Corporation, LG Chem, and Hitachi.
In-Depth Research Report On Lithium-Ion Battery Market:
https://www.grandviewresearch.com/industry-analysis/lithium-ion-battery-market
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