Implementing Stringent Environment Regulations Increasing the Demand of Lithium Ion Battery Market

2024-10-29 08:51:22 News & Society

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Lithium ion batteries are rechargeable batteries in which lithium ions move from anode to cathode during discharge and traverse back to anode while charging. They are available in different form factors such as small cylindrical, large cylindrical, pouch and prismatic. Lithium-ion battery demand is expected to see a robust growth. This is due to its increasing demand across various application sectors such as automotive, wind, electronics, industrial and military. Lithium-ion batteries can be differentiated primarily based on their functionality. The application of lithium-ion battery alongside other batteries is expected to increase, and lithium-ion batteries are expected to emerge as a replacement for lead acid batteries in the coming years.

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In the last few years, the demand for electric and hybrid electric vehicles (HEVs) has increased significantly owing to the rising crude oil prices. Since these vehicles are powered by lithium ion batteries, growth of the market for HEVs will subsequently boost the market for lithium ion batteries. Apart from the automotive industry, the report also cites lucrative prospects for lithium ion batteries in the consumer electronics sector. Lithium ion batteries are nowadays increasingly being used in devices such as tablets and smartphones, since they ensure slow battery discharge and high lifespan. This is expected to significantly propel the global market for lithium ion batteries.

Governments of several nations are implementing stringent regulations to curb the carbon footprint. Stringent regulations imposed in countries such as China and in countries across Europe and North America aid the increasing adoption of lithium ion batteries.

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Li-ion batteries pack more benefits in their tiny packages. They are not only lightweight and high power but user friendly as well. For recharging nickel-cadmium batteries, they are required to be completely drained-off of their charge. This is not required for li-ion batteries. This issue of nickel-cadmium batteries is called the memory problem. Along with the requirement of complete discharge before recharging them again, these batteries also remembered the point to which they were earlier recharged, allowing recharge again to that point only.

Though memory effect is not an issue that li-ion batteries suffer from, there is something that the user needs to be wary of ? not running the battery all the way down before having it charged; these batteries respond much better when recharged at constant intervals.

The li-ion batteries market has huge growth opportunities due to the staggering improvement in efficiency and rising applications for li-ion batteries in various industries. Additionally, the relatively less carbon dissipation of li-ion batteries in the environment and the and rising concerns about ill effects of carbon on the environment are supportive to this industry.

Some of the major companies competing in the global lithium-ion battery market are Automotive Energy Supply Corporation (AESC), Toshiba Corporation, Panasonic Corporation, Hitachi Chemical Co. Ltd., China BAK Battery, Inc., GA Yuasa Corporation, LG Chem Power, Inc., Samsung SDI Co. Ltd., Johnson Controls, Inc., and A123 Systems LLC. These players are reviewed in the report on the basis of aspects such as company overview, product portfolio, business strategies, and recent developments.

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