7 September 2018: A lithium-ion battery or Li-ion battery is a rechargeable battery in which lithium 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. They are also used across other industries including consumer electronics, automotive, energy storage systems, and industrial.
Energy Storage Systems: A Promising Application Segment for Li-ion Batteries
Among all the application areas, energy storage systems segment will exhibit the highest CAGR over the forecast period (from 2018 to 2025). Rising number of off-grid installations owing to government support can propel the segment growth. Increasing deployments of solar photovoltaics due to growing concerns regarding environment degradation are also contributing towards segment development.
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 segment growth.
For instance, in December 2017, researchers from Sandia National Laboratories discovered a way of augmenting the efficiency of solid-state batteries and improving the flow of lithium ions across battery interfaces such that the battery performance can be enhanced in small electronic devices.
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. Growing demand for Electric Vehicles (EVs) is 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.
The market in Asia Pacific will post a phenomenal CAGR during the forecast period. Proliferation of consumer electronics, such as smartphones and tablets, in emerging economies is supplementing the regional growth . Some of the key companies in the market are Samsung Group, Panasonic Corp., GS Yuasa Corporation, LG Chem Ltd., and Hitachi Ltd.
Read more @
No comments:
Post a Comment