22 Years' Battery Customization
Mar 06, 2020 Pageview：1005
What will be Li ion battery market growth in 2020?
The demand for Lithium ion battery increases day by day. In 2020, the demand for clean and energy efficient storage system increases tremendously, thus the demand for Lithium ion batteries has reached new high levels. That is due to the wide installation of large scale solar and wind power plants all over the globe. In the stationary energy storage applications, the demand for Lithium ion batteries grows day by day, as the need for high load currents and endurance for the stationary energy storage applications increases. Their applications in industries asspecial, semiconductor manufacturing, and automobiles are set to contribute to the growth of the market tremendously.
In the last decade, the global market has encountered numerous ups and downs. That is why the need for cost-effective, high power capacity and configurable solutions is the main thing the market in 2020 is searching for, which are all offered by Lithium ion batteries. Moreover, Lithium ion batteries offer a wide range of voltages, power ratings, and energy increments. In 2020, Lithium ion based UPS system is set to completely replace the VRLA battery systems that are currently being used. That is why as of the beginning of 2020, manufacturers are focusing on offering Lithium ion based UPS systems. They offer this solution specifically for data centers, which is more likely to help in the growth of the market during the second period of 2020.
In addition, the applications of Lithium ion batteries in the telecom segment is greatly increasing. By the end of 2019, Lithium ion batteries provided almost 50% of all energy power backups globally. That is why it is forecasted that by the end of 2020, Lithium ion batteries will provide 100% of the installed capacities in the field.
What market holds the maximum market share of the Li ion battery?
The global market share of Lithium ion batteries has been segmented by a number of various industries. Those industries include electric vehicles, medical industries, military applications, and textile industries. The market that holds the maximum market share of Lithium ion batteries is the electronics market. Smartphones, tablets, PCs, UPS, vehicles, scooters, bikes, trains and aircraft. The need for Lithium ion batteries in these fields grows day by day. The electronic market share in 2018 was set to be $37.4 billion. It is forecasted that by the year 2024 that market share will jump to $92.2 billion. The decline in the cost of the manufacturing of Lithium ion batteries will properly open new opportunities for the growth of the market during the forecast period. Moreover, it is forecasted that the electronics market will garner the highest gains during the forecast period. The growing need for miniature and lightweight source of power in portable cordless devices, industrial equipment, and EVs, will increase the market share exponentially. Lithium ion batteries can deliver adequate power while still managing the manufacturing costs. This allows for new opportunities in the electronics industry and new devices, technologies to exist. That is why the best industry to invest in 2020 is the electronic industry.
How can you get a report sample of the Li ion battery market?
During the forecast period (2020-2025), Lithium ion batteries market is expected to register a CAGR of 22.58%. There are some factors that are driving the market in that way. The most important factor of these is the emerging of the new market of electric vehicles and energy storage systems (ESS). Moreover, the decline in the cost of manufacturing Lithium ion batteries, with the increased sale of consumer electronics are all factors that aided in the expansion of the Lithium ion batteries market.
As we have mentioned before the industrial electronic applications dominated the Lithium ion batteries market in 2019, it is expected to grow even more in the forecast period. That is due to the fact that Lithium ion batteries have a high energy density, fast recharge capability, and high discharge power. Which makes the Lithium ion batteries the only currently available technology that meets OEM requirements.
The reduction in the manufacturing costs of the Lithium ion batteries is because of the vast increase in recycling old Lithium ion batteries. As of 2019, the market has changed to lean towards recycling more. That is why the recycling of Lithium ion batteries is securing the supply for the raw materials needed for the manufacturing process. Which in return reduced the cost of manufacturing tremendously. Recycling Lithium ion batteries reduces the reliance on extracting and refining materials (Lithium and Cobalt) from mineral resources. That is better for the environment.
According to a study done by Mordor Intelligence, The electronics market of North America of Lithium ion batteries holds by far the greatest market share in the world. That being said, it is forecasted that in the next years, the North American market will fall to second place, as the Asia Pacific region will dominate the global market. With the deployment of electric vehicles in countries like India and China, the high demand for Lithium ion batteries will reach unprecedented amounts. As of the final quarter of 2019, China has become the largest market for electric vehicles in the world.
In addition, India is set to achieve 100% electric vehicle sales by the year 2030. That is despite the country's lack of prominent reserves or production of the raw materials that are used in the manufacturing of Lithium ion batteries (Lithium and Cobalt). That is why the Asia Pacific region is forecasted to lead the market in the next couple of years to a decade. The strong growth in China and India has driven project developers to provide more attention to the commercial and industrial sector of the Lithium ion batteries. This will, in turn, drive the demand for Lithium ion batteries to new horizons.
Despite that being said, there are not enough major players in the Lithium ion market. The market currently is being led by Panasonic, Tesla, Samsung, CATL, and LG. However, there are not enough major companies to compete with them or even satisfy all the needs of the market. That is why; a new small enterprise that works in the industry will be a driving force in the future.
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