A report published by The Insight Partner estimates Lithium-Ion Battery market to grow at a CAGR of 14.9% during 2018-2025. The report expects Lithium-Ion Battery size to grow to $71,035.0 Million by 2025.
Li-ion batteries market can be segmented into:
- Lithium Cobalt Oxide batteries
- Lithium Iron Phosphate batteries
- Lithium Nickel Manganese Cobalt Oxide batteries
- Lithium Manganese batteries
- Lithium Titanate Oxide batteries and others.
The other segment include Lithium Nickel Cobalt batteries and Lithium Nickel Cobalt Aluminum Oxide batteries. These batteries have several application areas including electric vehicle powertrain, industrial powertrain, energy storage systems, medical devices, and consumer electronics among others. The continuous research and development in the field of lithium cobalt oxide battery with an objective to improve the cathode and electrolyte solutions is helping the market to propel in the current times. Increasing the lifespan of lithium cobalt oxide (LCO) is anticipated to facilitate the market to propel in the years to come. On the other hand, the increasing investment in development of technologically robust medical devices, and the increase in procurement of technologically advanced medical devices is helping the market for Lithium Manganese Oxide (LiMnO2) batteries to surge in the current scenario.
The lithium ion battery market is concentrated with substantial numbers of established players as well as emerging players across the globe. The major companies operating in the market include Automotive Energy Supply Corporation, Samsung SDI Co. Ltd, Tesla Inc., A123 Systems LLC, GS Yuasa International Inc., Hitachi Chemicals Co. Ltd., LG Chem Ltd., Panasonic Corporation, and Johnson Controls International Plc. among others.
Based on type segment, Li-Cobalt Oxide segment dominated the market globally with a significant market share in 2017, and the demand for the same is expected to remain same throughout the forecast period from 2018- 2025. Regionally, the lithium-ion battery market was heavily dominated by the Asia Pacific countries, while, the demand for the same is expected to bolster in the Middle East and Africa during the forecast period.
The automotive segment is a prominent application segment in the lithium ion battery market, attributing to the enormous demand for lithium ion batteries. Pertaining to the advantages of Li-ion batteries, the automotive industry is being able to reduce various environmental impacts, thereby, the demand for the same is constantly increasing. Additionally, the consumer electronics industry is rising at an exponential rate across geographies over the years, and the industry has shifted from Ni-Cd batteries and NiMH batteries to Li-ion batteries owing to the advantage of lightweight, energy saving capacity and higher performance.
The market for lithium ion batteries is anticipated to witness growth in aerospace & defense sector, due to the increasing defense budgets and aircraft orders. Similarly, the medical industry is also procuring large numbers of Li-ion batteries in the current scenario, with an objective to enhance their products and solutions with advanced technologies. The energy storage systems segment is also adopting Li-ion batteries attributing to the compact size and high energy density of the batteries.
With a view to suffice the huge demands for the lithium-ion battery, new manufacturing plants of these batteries are being set up globally. To achieve economies of scale, huge manufacturing setups termed as ‘gigafactories’ are being established in North America, Europe, and Asia Pacific. The Tesla/Panasonic lithium-ion battery ‘gigafactory’ under construction in Nevada USA will be the world’s largest and most advanced battery factory. Additional factories are being built in Asia whilst a number of companies are proceeding with battery production projects in Europe. Lithium battery projects with cell production requiring lithium supply have been announced by LG Chem (Poland), SK Innovation (Hungary), Terra E Holding (Germany), and Northvolt (Sweden). Some of the world’s famous car automakers have ventured into providing vehicles with lithium-ion batteries.
Source: Digital Journal
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