“Lithium-Ion Battery market set to reach $43.8bn in 2020 as their deployment grows in automotive and grid energy storage submarkets” says new Visiongain report.
30 March 2020
Visiongain has launched a new energy report Lithium-Ion Battery Market Report 2020-2030: Forecasts ($bn) by Type of Application (Industrial, Automotive, Consumer, Renewable & Grid Energy Storage), by Component (Cathode, Anode, Electrolytic), by Cathode (LCO, LFP, NMC, LMO, NCA, Lithium Titanate), by Anode (Natural Graphite, Synthetic Graphite, Other), by Regions (North America, Europe, Asia-Pacific, Middle East, South America) Plus 22 Countries. Including Analysis of 16 Leading Companies.
The lithium-ion battery or Li-ion battery is a type of a rechargeable battery used to store and release energy based on the specific application. The battery system uses cathode as a positive electrode and anode as a negative electrode and electrolyte as a conducting medium. Metal oxide is placed at the cathode while the anode comprises of porous carbon. The lithium-ion battery uses liquid electrolytes involving lithium salts – LiPF6, LiCIO4 and LiBF4 combined with organic solvent of ethylene carbonate, diethyl carbonate and dimethyl carbonate.
Over the past few years, growing exploration activities has increased lithium reserves. Numerous exploration companies have turned their attention to the so called 'Lithium Triangle' in Argentina, Bolivia, and Chile. The lithium triangle holds about 54 % of the world’s lithium reserves. Argentina and Bolivia have identified 9 million tons each in lithium resources. China has 7 million tons of resources and Australia has 5 million tonnes. With the lithium producers boosting the production, the supply of lithium has increased and as a result the price of lithium has gradually fallen.
The Visiongain report analyst commented "Energy storage technologies are an essential part of the energy market as they increase the efficiency and the reliability of renewable energy sources, offering a solution to their intermittency. Lithium ion batteries appear to be the most viable energy storage solution, as they are rechargeable with a longer lifecycle, enhanced storage and efficiency compared to conventional batteries. Moreover, their cost has been decreased by 87% from the 2010 levels, and it is estimated to fall lower than $100/kWh within the forecasting period, contributing to the increased popularity of the lithium ion technology. Another parameter that it is expected to influence the Lithium-Ion Battery Market positively is the large-scale development of electric vehicles industry and the deployment of lithium-ion batteries in the manufacturing of these vehicles."
Leading companies featured in the report who are offering lithium-ion battery market include Panasonic Corporation, Toshiba Corporation, Johnson Controls, Samsung SDI Co. Ltd., LG Chem Ltd., BYD Co. Ltd., GS Yuasa Corporation, Hitachi Ltd, Sony Energy Devices Corporation, Automotive Energy Supply Corporation (AESC), Phillips, Tesla, Renault Group, Umicore S.A., Asahi Kasei Corporation, Sumitomo Corporation, Toray Industries, Inc., Showa Denko K.K.
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