Growing concerns toward environmental emissions coupled with increasing demand for EV’s will stimulate lithium ion battery market. In addition, shifting trends toward the application of renewable energy sources for power generation integrated with ESS will further enhance industry landscape. For instance, in June 2019, U.S. based Duke Energy, announced 22 MW Li-ion storage projects to balance the demand/supply gap, improve energy security and manage costs associated with T & D infrastructure. The project will aid company in meeting its target of installing 50 MW of battery energy storage systems by 2022.
Lithium Cobalt Oxide battery market will expand over 2% by 2025. High specific energy and long run time are some significant features that will favor the deployment of these batteries across consumer electronics including tablets, mobile phones, laptops and camera. The growing demand of high-performance consumer electronic batteries offering longevity and rapid charging will further enhance the industry growth.
11% yearly growth in Europe for lithium ion batteries by 2025
Europe lithium ion battery market size is anticipated to witness growth over 11% by 2025. Supportive government policies coupled with growing automotive industry will stimulate the demand for these units. For instance, as per the International Energy Agency, in 2018, the total number of EV’s on road across Europe were over 1 million units.
High adoption rate of activity trackers and smart watches owing to rising concerns toward health and fitness will drive the lithium ion battery market growth. Stringent waste disposal norms along with increasing demand for electronic devices will boost product penetration. In addition, low rate of self-discharge along with high charge density are some of the prominent features favoring the installation of these batteries across consumer electronics segment.
Strong growth in China and the U.S.
China lithium ion battery market will witness growth on account of rising concerns toward. high emissions levels associated with the transportation sector coupled with rising demand for consumer electronics. In addition, increasing integration of ESS with renewable energy sources will further augment the business growth.
The U.S. lithium ion battery market in 2018, was valued over USD 8 billion and is set to witness strong growth over the forecast timeframe. Increasing investments toward the development of EV charging infrastructure along with declining costs of electric vehicles will enhance the industry outlook. Growing focus toward environmental emissions coupled with tax incentives associated with adoption of renewable energy technologies will further boost the product penetration.
Significant industry participants operating across the lithium ion battery market include Hitachi Chemical, GS Yuasa, Samsung, LG Chem, Philips, A123 Systems, Sanyo, Toshiba, EnerDel, ProLogium, Saft, Roofer, Valence, Duracell, Energus Power, Tesla and Johnson Controls amongst others according to the Global Market Insights report. (HCN)
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