Lithium-ion Battery Market with Trend Shows a Rapid Growth, Competitive Analysis

-

 According to latest report published by Fortune Business Insights, the global Lithium-Ion Battery market was valued USD 36.90 billion in 2020, and the market is forecast to grow worth USD 193.13 billion by 2028, at CAGR of 23.3% during forecast period. The increasing demand for EVs, driven by the need to reduce carbon emissions, is expected to drive the growth of the lithium-ion battery market during forecast period. Also the development of new and more advanced lithium-ion battery technologies, such as solid-state batteries, is expected to increase the efficiency and performance of lithium-ion batteries driving the growth of the market.

According to our analysts, the incessant demand for power supply for numerous applications, augmented demand for electric vehicles, surging necessity of battery-operated equipment and machinery in automotive industries, and the usage of lithium-ion batteries in renewable energy applications are sustaining the lithium-ion battery market growth.

Industry Developments:

September 2021: Toshiba Corporation, CBMM, and Sojitz Corporation initiated a joint development deal to commercially launch the next-generation lithium-ion battery by utilizing niobium titanium oxide for anode material. 

Drivers and Restraints:

Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market

Imposing stringent government guidelines to monitor surging pollution phases compel the industries to utilize lithium-ion batteries. The power industry is striving to manufacture renewable energy and stock for future purpose. Moreover, low cost, low-self discharge rate, and negligible installation space are a few of the crucial factors driving the implementation of lithium-ion batteries in smart grid and energy storage systems. Since the product is more resilient to high temperatures, it is perfect for usage in distant areas and thermal control applications.

The availability and cost of raw materials, such as lithium and cobalt, are major challenges facing the lithium-ion battery market. These materials are subject to price fluctuations, which can impact the cost of production and negatively affect the growth of the market.

The potential safety and environmental risks associated with lithium-ion batteries, such as the risk of fire and the impact on the environment, are major concerns for the market. The need for regulations and safety standards to ensure the safe use of lithium-ion batteries is also a challenge for the market.

COVID-19 Impacts:

COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth

The outbreak of COVID-19 has hindered the growth of the lithium-ion battery market. The novel coronavirus has restrained the distribution of batteries. The vital battery component is mostly obtainable in Asia Pacific, but the pandemic has over-exposed the reliability of raw materials on the region. 

Report Coverage:

We analysis is based on a wide-ranging review method that primarily focuses on presenting accurate material. Our scholars have applied a data navigation technique, which further aids us to present dependable approximations and tests the overall market dynamics precisely. Furthermore, our researchers have gained admittance to various international as well as domestically funded records for offering up-to-date material for the stakeholders and business experts to invest only in the fundamental areas.

Segments:

Type, Application, and Region are studied for the Market

On the basis of type, the market is classified into lithium cobalt oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium nickel manganese cobalt, and lithium titanate oxide. Lithium cobalt oxide held a major share in 2020, owing to its extensive implementation in modern electronic gadgets.

Based on application, the market is categorized into automotive, consumer electronics, energy storage systems, industrial, and others.

Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Market Segmentation

By Type

  • Lithium Cobalt Oxide
  • Lithium Iron Phosphate
  • Lithium Nickel Cobalt Aluminum Oxide
  • Lithium Manganese Oxide
  • Lithium Nickel Manganese Cobalt
  • Lithium Titanate Oxide

By Application

  • Automotive
  • Consumer Electronics
  • Energy Storage System
  • Industrial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Comments

Post a Comment

Popular posts from this blog

Solar Photovoltaic Market Trends, Active Key Players, and Growth Projection Up to 2028

-
Image
Solar Photovoltaic Market Report: Unveiling Growth Opportunities and Key Players Uncover valuable insights into the Solar Photovoltaic Market Size with this comprehensive report by Fortune Business Insights. This in-depth analysis, exceeding 150+ pages, equips you with the knowledge to navigate the current market landscape. It explores: Request a sample Research PDF Market Trends and Developments: Gain a clear understanding of market drivers, opportunities, and challenges. Competitive Landscape: Identify key players and their strategies through revenue and sales volume rankings. Target Market Assessment: Ensure your product or service aligns with a strong target market for a successful launch. Global Market Impact of COVID-19: Uncover the pandemic's effects and crucial updates. Strategic Advantages for Your Business: Informed Market Expansion: Develop data-driven business strategies for revenue growth. Market Segmentation Analysis: Identify key factors influencing different ...
Read more

Solar Power Market Growth and Regional Forecast, 2024-2029

-
Image
The global   solar power market   is on a fast track, reaching a value of USD 167.83 billion in 2021 and projected to hit USD 373.84 billion by 2029. This significant growth is driven by a surge in demand for renewable energy sources and a global push towards reducing carbon emissions. Get More Info:  https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764 Key Drivers Climate Change Concerns: Rising global temperatures are prompting a shift towards renewable energy sources like solar power to replace fossil fuels and minimize carbon footprint. Government Initiatives: Many countries are setting ambitious renewable energy targets and offering subsidies to promote solar power adoption. Technological Advancements: Developments in solar technology, like better efficiency and lower costs, are making solar power a more attractive option. Market Segments Solar Photovoltaic (PV): This dominant segment utilizes solar panels to convert sunlight directly in...
Read more

Lithium-Ion Battery Recycling Market Size Research Reports

-
Image
  Lithium-Ion Battery Recycling Market Size  -  Share, Price, Trend, Growth and Forecast  is a professional and in-depth study of the current state of the Lithium-Ion Battery Recycling industry. Lithium-Ion Battery Recycling Market size is expected to reach USD 6.55 by 2028 from USD 2.00 billion in 2021, growing at a CAGR of 18.5% during the forecast year. Get access to the top Lithium-Ion Battery Recycling companies' analysis reports. The study’s focus is on Lithium-Ion Battery Recycling market analysis on a global scale, and market sizing includes the income generated by these solutions provided by different market players. The research also observes key market factors, underlying growth influencers, and major vendors active in the sector to support the market projections and growth rates over the anticipated period of 2024–2028. List of Key Players Covered in the Lithium-Ion Battery Recycling Market Size :  Glencore PLC.  Green Techno...
Read more