Market Research Lithium Ion Battery Market | Page 2

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Lithium-ion batteries offer easy handling and relatively reduced weight as compared to
conventional lead acid batteries and are therefore used in marine motors. Rechargeable lithium-
ion batteries are an excellent choice for solar panels due to fast recharging ability
Lithium Ion Battery Market Outlook – Increasing Demand for Automotive Applications
to be the Major Market Driver
According to a report by Battery Power, “Global trends of energy storage systems that require
lithium ion batteries are expected to triple from less than $2 billion in 2015 to roughly $6 billion
by 2020.” Asia Pacific is expected to be the most potential market for lithium ion battery
manufacturers. Rapidly increase in the automotive industry marks the increasing demand of
lithium ion batteries for consumer and the commercial goods in countries such as India and
China. According to Li3Energy, “The government of the Republic of South Korea, one of the
world's leading lithium battery producing nations has mandated to invest US$12.5 billion over
the next ten years in lithium resource projects and considered lithium a "strategic commodity".
Industry estimates recommend that annual requirement for lithium has increased from 100 tons
in the beginning of the 20th century to approximately 23,000 tons of lithium carbonate
equivalent (LCE) today.”
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The key factors that drives the demand of lithium ion batteries is its fast charging and lower
self-discharge rate than other types of rechargeable batteries chiefly in Asia Pacific and Middle
East Regions. Next area of innovation for lithium ion batteries is grid-scale battery installations
needed for energy storage. They have a high energy density than other rechargeable batteries,
this means that for their weight or size they can store extra energy than other rechargeable
batteries. The main problem with the existing lithium ion batteries is that they are inflammable
and the battery gets ruined when discharged completely. The researchers at the Dallas
University are working on innovatory lithium-air battery technology, in which oxygen is used
as an oxidizer, making battery five times cheaper as well as long-lasting.
Some of the major companies operating in the global lithium-ion batteries market are LG Chem
Ltd., Valence Technology Inc., Saft Groupe S.A., Panasonic Corporation, BYD Co. Ltd.,