HYDERABAD, India, Dec. 26, 2019 /PRNewswire/ -- The market for lithium-ion battery is expected to register a CAGR of approximately 22.58%, during the forecast period. 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. The increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.
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Highlights of the Market:
- 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).
- 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.
- 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.
- 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.
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Asia-Pacific Expected 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.
- Favourable 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.
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Mordor Intelligence has segmented the Lithium-Ion Market on the basis of Application and Geography:
- Electronic Devices
- Other Applications
- North America
- United States
- Rest of North America
- Netherlands Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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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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SOURCE Mordor Intelligence