San Francisco, 2 November
2018: According to a report by Grand View Research, Inc.; the global
lithium-ionbattery market is anticipated to attain USD 93.1 billion by 2025.
Growing requirement for cost-effective and light-weight energy storage
solutions is anticipated to propel market growth over the forecast period (2018
to 2025). This battery can offer high safety level and energy density as
compared to conventional batteries. This factor is anticipated to fuel demand
in near future.
Increasing number of photovoltaic
(PV) installations and nuclear power plants attributed to commencement of new
wind energy projects can positively influence market growth. Rising adoption of
lithium-ion batteries in medical equipment can stimulate market over the next
few years. Rising use in portable electronics, electric vehicles, and grid
storage systems attributed to high safety level and energy density can spur
market growth during the forecast period.
The worldwide lithium-ion
battery market can be segregated on the basis of product, application, and
region. Based on product, the market can be categorized into Lithium Cobalt Oxide
(LCO), Lithium Iron Phosphate (LFP), lithium Nickel Cobalt Aluminum oxide
(NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), and Lithium Nickel
Manganese Cobalt (NMC). In 2016, NMC dominated the market and accounted for around
26% of market share. Growing adoption in e-bikes, powder tools, and other
electronic powertrains on account of its higher energy density, longer lifecycle,
and lower cost can fuel demand over the forecast period. In addition, NMC can
offer high capacity, high power, high performance, and excels on specific
energy.
Access
Research Report of Lithium-Ion Battery Market@ www.grandviewresearch.com/industry-analysis/lithium-ion-battery-market
Similarly, the LFP segment is
likely to expand at a CAGR of 17.5% from 2017 to 2025. LFP batteries can offer
advanced safety and long life span to product. There is a high demand from
stationary and portable applications due to requirement for high load currents
and endurance. This, in turn, can positively influence market growth over the
forecast period. In addition, continual R&D activities by manufacturing
companies for development of high-quality and effective products can augment market
expansion. Moreover, favorable government regulations coupled with provision of
subsidiaries for Electric Vehicles (EVs) can fuel product sales.
Based on application, the
market can be classified into automotive, energy storage systems, consumer
electronics, and industrial. In 2016 consumer electronics dominated the market
and accounted for largest market share equivalent to USD 11.92 billion.
Reliability and high durability of these batteries in consumer appliances such
as smartphones and laptops can influence market growth over next few years. In
addition, expanding electronics sector in countries like Japan, Taiwan, China,
and South Korea can fuel demand for lithium-ion batteries during the forecast
period.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/power-generation-and-storage
Similarly, energy storage
systems segment is expected to expand at CAGR of 21% from 2017 to 2025
attributed to increasing off-grid installations. Favorable government
initiatives coupled with growing number of solar PV installations in China,
United States, and Germany can augment market growth. Moreover, rising concern
for air pollution, carbon emissions, and greenhouse gases can fuel adoption of
solar power during the forecast period.
Regional segmentation includes
Europe, North America, Asia Pacific, Central and South America, and Middle East
and Africa. Asia Pacific is expected to expand at CAGR of 17.7% from 2017 to
2025. Growing demand for tablets and mobiles in China, Japan, India, and
Thailand among other countries can propel regional market. Rising lithium-ion
battery production capacity in China by numerous market players including Panasonic,
LG, and Contemporary Amperex Technology Ltd. (CATL) can further fuel expansion.
Moreover, rising government subsidies for electric vehicles is likely to create
immense market potential over the forecast period. Wind capacity output can
cross 200GW by 2020 and can drive demand for energy storage systems in the
country. This, in turn, can influence market growth over next few years.
In North America, the market
is anticipated to witness substantial growth during the forecast period. This
expansion can be attributed to increasing sale of consumer electronics and
electric vehicles sales in countries including Mexico and United States. Rising
demand for lithium-ion batteries in smartphones owing to their ability ty offer
extended shelf life and enhanced efficiency can augment demand in the
forthcoming years.
Some of the leading companies operating
in the global lithium-ion battery market are BYD Co., Ltd, LG Chem, Panasonic,
Samsung, and GS Yuasa Corporation.
Access
Press Release of Lithium-Ion Battery Market@ www.grandviewresearch.com/press-release/global-lithium-ion-battery-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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