Growth in the number of renewable energy projects primarily driven by an increase in PV installations, the launch of various wind energy projects coupled with increasing demand from electric vehicles are driving the lithium-ion battery market growth
Dublin, Ireland – July 10, 2020 /MarketersMedia/ —
The key drivers contributing to the growth of the lithium-ion battery market during the forecast period including the accelerating adoption of consumer electronics, rising number of R&D activities by numerous organizations and battery manufacturers, and the remarkable advantages offered by li-ion batteries. Additionally, the strong demand for plug-in vehicles followed by the increasing requirement to bring automation and battery-operated material-handling equipment in industries is further paving the way for the growth of the market in the coming years. With the increasing globalization and digitalization, the consumers are now actively looking for smart devices to bring automation in their lives. This factor, along with the surging demand for industrial goods, is creating innumerable growth opportunities in the market.
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The accelerating number of PV installations and nuclear power plants, followed by the launch of various wind energy projects such as the New Wind Energy Project, are few other factors that are responsible for the growth of the lithium-ion battery market size in the coming years. Moreover, the increasing off-grid installations, especially in China, the U.S., Germany, and India, are contributing to the growth of the lithium-ion battery market share in terms of revenue. Li-ion batteries are widely used in electronic devices such as smartphones, digital cameras, and power tools. These batteries are highly reliable for power backup and storage, which is why these batteries are experiencing a strong demand among the manufacturing, solar power, and railway industries.
On the basis of type, the Lithium Nickel Manganese Cobalt segment is anticipated to witness considerable growth over the forecast period. This is attributed to the increasing application of these batteries in various industries driven by its exceptional features such as a high level of strength, excellent stability, has a good charge, and discharge cycle. Moreover, the accelerating adoption of nickel manganese cobalt in batteries of smartphones, laptops, tablets, automotive, power tools, and electrical storage systems will further surge the demand of the market in the coming years.
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Based on the Industry, the automotive segment is predicted to emerge as the maximum revenue generating segment over the next six years due to the accelerating adoption and awareness of electric vehicles, rising number of government initiatives and regulations to support the adoption of EVs. In addition to this, the market for these vehicles is projected to grow at a significant rate with the growing adoption of numerous environmental norms and emission regulations.
On the basis of voltage, the high (above 36V) segment expected to emerge as the maximum revenue generating segment over the forecast period. This is due to the longer lifespan of these batteries and their ability to support high-current applications. These batteries are often used in electric vehicles, military, telecom, power, and marine sector. These batteries offer better safety as compared to lead-acid batteries and have a higher power, which in turn, is another factor that is encouraging the end-users to opt for these batteries.
On the basis of the region, the North America region is anticipated to lead the market during the forecast period. China is the global hub for automotive manufacturing and is experiencing strong demand for lithium-ion batteries. Furthermore, the acceleration in the production of electric vehicles and lithium-ion batteries in vehicles is further boosting the growth of the lithium-ion battery market size over the next six years.
Key Takeaways:
• In 2020, BYD Company Ltd., launched its new Blade Battery for improving fire safety in electric vehicles. The surface temperature of the battery remains at 30-60 degree Celsius and is more efficient as compared to the other conventional batteries.
The key players of the global Lithium-Ion Battery market are BAK Group, BYD Company Ltd., LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., GS Yuasa Corporation, Hitachi Ltd., Johnson Controls, Toshiba Corporation, Valence Technology, Inc.
The global Lithium-Ion Battery market segmented into type, products, power capacity, voltage, industry, and region. Based on the type, the market has been segmented into Lithium Nickel Manganese Cobalt Oxide (Li-Nmc), Lithium Iron Phosphate (Lfp), Lithium Cobalt Oxide (Lco), Lithium Titanate Oxide (Lto), Lithium Manganese Oxide (Lmo), and Lithium Nickel Cobalt Aluminum Oxide (Nca). Based on the products, the market has been segmented into cell and battery pack. Based on the power capacity, the market has been segmented into 0 TO 3,000 MAH, 3,000 TO 10,000 MAH, 10,000 TO 60,000 MAH, and above 60,000 MAH. Based on the voltage, the market has been segmented into low, medium, and high. Based on the industry, the market has been segmented into consumer electronics, automotive, aerospace & defense, marine, medical, industrial, power, and telecommunication.
The research report on the Lithium-Ion Battery market provides an in-depth analysis of the global Lithium-Ion Battery market revenue based on components and services, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the Lithium-Ion Battery market. The report also analyses the competitive landscape, major players, and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Browse Related Report:
India Lithium-Ion Battery Market By Battery (Lithium Nickel Manganese Cobalt, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, Lithium Manganese Oxide, and Lithium Nickel Cobalt Aluminum Oxide), By Power Capacity (Less Than 3,000 mAH, 3,000 TO 10,000 mAH, 10,000 TO 60,000 mAH, and More Than 60,000 mAH), By Voltage (Low, Medium, and High), By Industry (Consumer Electronics, Automotive, Aerospace & Defense, Marine, Medical, Industrial, Power, and Telecommunication) – Opportunities and Forecast, 2020-2027 https://www.gmiresearch.com/report/india-lithium-ion-battery-market/
India Electric Vehicle Battery Market Overview by Battery Type (Lithium-ion and Lead Acid), By Vehicle Type (Electric Two-Wheeler, Electric Four-Wheeler, Others), By Application (Battery Electric Vehicle (BEV), Plug-in Electric Vehicle and Hybrid Electric Vehicle (HEV)), By Battery Capacity (less than 5 kWh, between 5-15 kWh and greater than 15 kWh) – Opportunities & Forecast, 2019-2026 https://www.gmiresearch.com/report/india-electric-vehicle-battery-market/
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