2024). Major factors driving the market studied are the emergence of new and exciting markets, via electric vehicle and energy storage systems (ESS), for both commercial and residential applications, declining lithium-ion battery prices, and the increasing sale of consumer electronics.
New York, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lithium-ion Battery Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05790934/?utm_source=GNW
The increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.
- The automobile industry dominated the market in 2018, and is expected to grow during the forecast period, due to its high energy density, fast recharge capability, and high discharge power, owing to which, the lithium-ion batteries are the only available technology that are capable of meeting OEM requirements for vehicle driving range and charging time.
- Recycling of Li-ion batteries is expected to secure the supply of raw materials, such as lithium and cobalt, and reduce the reliance on extracting and refining materials from mineral resources. Recycling of lithium-ion battery that is currently being used in electric vehicles offers an excellent opportunity for companies to utilize the refined constituent materials, for manufacturing lithium-ion batteries that are to be used for Energy Storage Systems (ESS).
- Asia-Pacific dominated the market across the world, with the largest contribution coming from countries, such as China and India.
- Recent Trend in the Market - Li-NMC batteries are the most widely used li-ion battery type. Traditionallym equal parts of nickel, manganese, and cobalt is used in li-NMC batteries. The mixture is now moving toward 5:2:3 formula (5 parts of nickel, 3 parts of manganese, and 2 parts of cobalt). Many companies are focusing on R&D, to reduce the cobalt oxide content and increase the nickel content. The major push is toward the adoption of 8:1:1 blend.
Scope of the Report
The scope of the lithium-ion battery market report includes:
Key Market Trends
Increasing Energy Storage System Applications
- The penetration of lithium-ion batteries is growing in the industrial sector, globally, on account of expansion in industrial infrastructure, increasing economic viability of energy storage deployment, and growing need to reduce grid dependency for power supply.
- Although pumped hydro storage dominates the total installed storage power capacity, battery-based electricity storage systems are developing rapidly, with falling costs and improving performance.
- Encouraging incentives taken by the governments, such as net metering, have encouraged the installation of rooftop solar PV systems. Battery storage is an important part of rooftop solar PV power generation process, as solar energy is intermittent and unavailable during the night.
- The usage of lithium-ion battery-based solar home systems, and off-grid solar lighting and charging products, as well as in solar PV mini-grids, have increased in the Asia-Pacific and African regions.
- Massive investments, predominantly in lithium-ion batteries, are driving down costs, while project developers are continuously getting better at designing and building customized storage systems, which is expected to further supplement the usage of battery-based energy storage systems.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share, in 2018. With the increasing deployment of electric vehicles in countries, such as China and India, and high demand for electronics with urbanization and increasing power purchase parity, the usage of lithium-ion battery is expected to witness a significant growth in the region.
- China is one the largest markets for electric vehicles, and the increasing adoption of electric vehicles in the country has been in line with the clean energy policy. Moreover, the Government of China has been providing both financial and non-financial incentives to promote the adoption of electric vehicles.
- Despite lack of prominent reserves or production of raw material, such as lithium and cobalt, India, in line with its aspiration to achieve 100% electric vehicle (EV) sales by 2030, is expected to emerge as a regional hotspot for global lithium-ion battery players, during the forecast period.
- Favorable policies, such as the energy efficiency standards, and increasing peak demand charges and technological advances, have led to the commercial and industrial (C&I) sector receiving more attention from project developers, primarily driven by strong growth in China and India, which, in turn, is expected to drive the demand for lithium-ion-based energy storage systems in the region.
The lithium-ion battery market is fragmented, with several global and regional players contesting for attention in a fairly-contested market space. The major companies include Panasonic Corporation, Tesla Inc., Samsung SDI, LG Chem Ltd, and Contemporary Amperex Technology Co. Ltd (CATL).
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