(EMAILWIRE.COM, December 12, 2018 ) The increasing demand of energy-efficient, safe, and low-cost batteries is the key factor driving the growth of the lithium ion battery market. The market was valued at USD 23.51 billion in 2015 and is expected to grow at a CAGR of 16.6% between 2016 and 2022.

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The energy density of lithium ion batteries is higher than that of nickel-metal hydride and lead–acid batteries. This means that a lithium ion battery of the same sized cell can store more electricity than its counterparts, with a comparatively longer life cycle and with no effects on memory. However, initially, the power stored in a lithium ion battery was insufficient for larger applications.

The first cobalt-based lithium ion battery was launched in 1991, which was able to deliver a capacity of 1,100 mAh. The LFP battery introduced in 1996 could deliver a capacity of 1,900 mAh by 2001. Currently, the capacity that a lithium ion battery delivers has increased to more than 4,000 mAh. Continuous R&D at Tesla Motors Inc. (US) has developed EVs which have enough power compared to its other cars.

According to the report US Energy Storage Monitor, lithium ion batteries are the most preferred storage technology. These are used for storing the energy of renewable sources such as solar and wind energy owing to competencies in the factors of weight, space, and low-temperature capacity. These factors make lithium ion batteries preferable to lead-acid batteries. There is a huge increase in the adoption of renewable energy generation and storage across the world due to depleting fossil fuels and their increasing costs.

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.

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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.

“Europe expected to hold the second-largest share of the lithium ion battery market during the forecast period”

The automobile industry in Europe is strategic industry with the leanest production processes and optimized use of energy for manufacturing. Increasing market share of EV in Europe is prominently supporting the adoption of lithium ion batteries. Increasing funding from the government is supporting the adoption of lithium ion batteries in electric cars. GREENLION is a project funded by EU for manufacturing cheaper and dependable lithium ion batteries for electric cars. These are some of the factors contributing to the growth of the lithium ion battery market in Europe.

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The major players involved in the lithium ion battery market are LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea), BYD Co. Ltd. (China), BAK Group (China), A123 Systems, LLC. (U.S.), GS Yuasa Corporation (Japan), Hitachi, Ltd. (Japan), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Toshiba Corporation (Japan), and Valence Technology Inc. (U.S.).

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