Lithium Ion Battery Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.
Lithium Ion Battery Market is anticipated to exceed USD 73 billion by 2025. Increasing emission levels associated with transportation sector coupled with implementation of supportive policies toward the adoption of electric vehicles will stimulate product adoption. For instance, in March 2019, Ministry of Heavy Industries and Public Enterprises, India launched Faster Adoption and Manufacturing of Electric Vehicles (FAME II) Scheme with a total budget of USD 1.4 billion aimed toward the promotion of hybrid and electric vehicles across the nation.
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Increasing penetration of renewable energy sources across power generation sector coupled with rising demand for energy storage technologies will drive the lithium ion battery market. Energy storage systems alleviates energy security concerns and provides a sustainable and economical solution to accommodate the rising electricity demand. In addition, rising investments toward the establishment of large-scale ESS will further enhance the product adoption.
Lithium ion battery market from cathode is set to witness growth over 10% by 2025. Low maintenance, short discharge time and long service life are some of the prominent features that will fuel the demand for new battery chemistries including LMO, NMC and LTO when compared to available alternatives.
Asia Pacific lithium ion battery market will witness robust growth on account of rising demand for consumer electronics coupled with increasing investments toward the development of automobile manufacturing facilities. Growing demand for clean energy technologies integrated with ESS will further augment the business growth.
Nickel manganese cobalt battery market was valued over USD 13 billion in 2018. The Nickel (Ni), Manganese (Mg) and Cobalt (Co) combination offers a distinctive blend that result in lower material costs on account of low content of cobalt in the battery. These batteries offer extensive applications across medical devices, Evs and e-bikes along with a competitive price index when compared to other lithium ion battery chemistries.
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Lithium ion battery market from consumer electronics segment will witness growth on account of growing demand for long battery life and high performing devices. High charge density and low self-discharge are some of the significant features favoring production adoption over other battery chemistries. In addition, implementation of stringent regulations pertaining to waste disposal will boost the installation of these units.
Increasing demand for zero emission vehicles coupled with growing tax incentives & subsidy schemes toward the adoption of Evs will drive the lithium ion battery market growth from automotive applications. Technological innovations toward optimizing battery performance and enhance product life along with ongoing investments toward expansion of EV charging infrastructure will boost the installation of these units. In addition, Shifting trend toward personal mobility will further enhance the industry outlook over the forecast timeline.
Key industry players operating across the lithium ion battery market include market include Johnson Controls, Roofer, Energus Power, Duracell, ProLogium, EnerDel, Saft, Toshiba, Valence, Sanyo, A123 Systems, GS Yuasa, Phillips, Tesla, Panasonic, LG Cham and Hitachi Chemical amongst others.