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(IT-NEWSWIRE.COM, August 17, 2018 ) The lithium ion battery market is expected to be valued at USD 68.97 billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. The growth of this market is propelled by the increase in demand for electric vehicle, strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward enhancement of lithium ion batteries.
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Lithium cobalt oxide (LCO) battery type is expected to hold the largest share of the overall lithium ion battery market in 2016. The energy density of any LCO battery is very high, and the cost of manufacturing these batteries is fairly reasonable owing to the use of graphite carbon and cobalt. The market for lithium nickel manganese cobalt battery type is expected to grow at the highest rate between 2016 and 2022. The combination of nickel and manganese gives the required accuracy and effectiveness. Separately, both of them are not very effective as nickel has high energy density but poor stability and manganese forms a spinel structure achieving low internal resistance but has a low energy density.
The 0 to 3000mAh power capacity batteries accounted for the largest share of the lithium ion battery market segmented on the basis of power capacity. There is huge range of applications that are powered by batteries within the capacity of 3,000mAh. These include DVD players, portable CD players, digital cameras, smartphones, camcorders, wearable devices, power tools, power banks, toys, bluetooth, GPS, blackbox, tablet, and various other consumer electronics. These batteries can also be assembled together in a module format for applications requiring higher capacity. The market for 10000mAh to 60000mAh power capacity batteries is expected to grow at the highest rate during the forecast period. The lithium ion batteries having capacity between 10000mAh to 60000mAh are used in industries where high power capacity is required. These applications include electric vehicles, material handling equipment, marine industry applications, robots, industrial applications, telecommunication systems, energy storage system (ESS) platforms, military applications, and GEO, LEO, and MEO satellites.
The consumer electronics industry is expected to dominate the market during the forecast period. For better performance and higher reliability, the consumer electronics products are highly dependent on portable power source. Lithium ion batteries are a preferred choice for consumer electronics products as a portable power source because of the features of high energy density and less recharge time.
APAC held the largest share of the overall lithium ion battery market and the market for the same is expected to grow at the highest rate during the forecast period. Continuous development in consumer and automotive sector has led to increased application of lithium ion batteries in APAC. The products of these industries require high power capacity with safety and low rate of pollution. Lithium ion batteries are capable to fulfill these requirements of consumer and automotive industries. This makes them one of the highly adopted batteries in recent products.
One of the key restraining factors for the lithium ion battery market are overheating of lithium ion batteries which poses security concerns and inadequate charging infrastructure. The key market players such as LG Chem Ltd. (South Korea) and Panasonic Corporation (Japan) are focusing on the strategies such as contracts, agreements, and partnerships to enhance their geographical presence and expand their business.
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Leading lithium ion battery manufacturers are developing sustainable and innovative solutions for existing and new applications of batteries to drive the industry forward
Automotive
The market for the automotive industry is expected to grow at the highest rate. The implementation of lithium ion batteries in automotive sector for plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV) helps to improve the efficiency and reduce the maintenance cost of the vehicle. There is increasing competition among the battery models installed in electric vehicles owing to the need for operational excellence.
Aerospace and Defense
There is an increase in demand for military applications such as handheld radios, thermal imagers, and military tactical vehicles. As Li-Ion batteries allow manufacturers to reduce the product size and increase its resistance in adverse environmental condition, it has created the need for Li-Ion battery-based A&D equipment. The need for low cost, high power, and safe devices has led to the increasing demand for Li-Ion batteries in the A&D vertical.
Marine
Ships used for logistics and transportation of goods, oil, or any other materials are classified as commercial ships. One of the driving factors for the shift of the marine vertical to battery technology instead of the oil and gas system is to avoid carbon emissions. Oil spills and industrial waste have caused enough pollution in the ocean bodies. The use of Li-Ion batteries as an environmentally friendly option curbs the pollution spread by this mode of transport. Commercial ships are using lithium ion batteries in power modules to deliver power supply for a longer period. This use of Li-Ion batteries in commercial ships is expected to provide a positive impetus to the Li-Ion battery market.
Medical
Latest medical technology devices such as implantable hearing assists manufactured by leading medical companies are in demand. Medical patches, and blood pressure monitors are being manufactured with a mobility feature for use in remote locations. Major manufacturers of medical devices are investing huge amounts in R&D to make the medical device more accurate, compact, and lightweight. Since the medical vertical is one of the fastest-growing industries in most of the developed and developing countries, the growth of its related Li-Ion battery applications and the market is inevitable.
Industrial
Industries are adopting the lithium ion battery technology for material handling equipment, cutting machines, drillers and crane pulley systems. High energy density and longer battery backup over congenital batteries make lithium ion batteries more popular in this segment. Advancements in the Li-Ion battery technology can improve the performance and efficiency of construction equipment, which encourages investment in R&D and certainly creates more opportunities for lithium ion batteries in the construction equipment industry.
Critical questions would be;
Will the suppliers continue to explore new avenues for lithium ion batteries?
What are the adjacent market which companies can leverage or explore?
Is there a threat from substitute products?
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