General exposure about lithium ion batteries:

The progressing development of science and its application around the world are creating a high-end technological environment. There are different varieties of batteries developed by the scientists, but the one battery that’s booming the market is lithium-ion batteries. Right from a tiny Li-ion battery that charges your smartwatch to the massive Li-ion batteries that powers up an electric car, in this all one thing remains constant. These batteries are always formed of four different variety of components called as, anode, cathode, electrolyte, and separator. In the case of a Li-ion battery, the metal lithium forms the cathode and it is the chemical reactions of lithium upon contact with the electrolyte that make these batteries distinctive. A Li-ion battery makes use of a separator to detach the cathode from the anode because this will not only provide safety from current, but also safeguards the entire system that is comprised.

Applications of li-ion batteries:

Li-ion batteries are present in different shapes and sizes depending upon the product. And that solidifies them to be the perfect option for power needs regardless of the size of the system. Along with that, lithium-ion batteries advance the power solutions across the spectrum from energy storage solutions to movable energy solutions. Some of the most shared applications of lithium-ion batteries are:

  • Power backups/ Uninterruptible Power Supply (UPS)
  • Mobile, Laptops, and other most used consumer electronic goods
  • Electric mobility
  • Energy Storage Systems

Benefits of Lithium-Ion Batteries:

There are some general gains of employing a Li-ion battery over other traditional batteries:

  • Minimum Maintenance: Unlike the other heavy lead-acid batteries with water levels that need to be monitored, lithium-ion batteries do not need to be watered. This results in reducing the maintenance needed to keep the batteries working, which also eradicates training new team members on the procedure and supervising machines to ensure that water levels are accurate. Lithium-ion batteries also eliminate engine maintenance and minimizes the overall cost of maintenance.
  • Longevity: The average lithium-ion battery lifespan for a large-capacity battery pack can be as long as eight to 10 years. Such long-life service batteries help to provide a good return on your investment in lithium-ion battery technology.
  • Easy & Fast Charging: Employing fast-charging lithium-ion batteries means less downtime for a machine while it’s secured to a charging station. In a busy schedule, the less time a machine has to sit idle, the better will be the productivity. Also lowering the downtime for a machine, the lithium-ion battery can be opportunity charged. This means that cleaning procedures don’t have to be designed around the need to permit a battery to fully charge during its uses, and this also simplifies training for team members.
  • Safer Amenities: With the li-ion batteries it’s possible to improve indoor air quality and reduce the risk of accidents by eliminating exposure to flammable fuels and battery acid. Also enjoy quiet operation with low dBa sound levels.
  • Impact on Environment: Lithium-ion batteries provide noteworthy environmental benefits over other fossil fuel alternatives. With the sturdy increase in electric vehicles, we are seeing an instant impact in the reduction of carbon emissions. Minimizing your gas-powered cleaning machines not only benefits for having long term cost but helps the business be more supportable.

The future of lithium ion battery market:

  • Looking towards the environmental protection such as global warming, energy-saving, and carbon emission reduction. Automakers in the overall world have been continuously investing in the research and development of electric vehicles, which makes the application of lithium-ion batteries more demanded in energy storage systems for electric vehicles. Until now, the usage of lithium-ion batteries in electric vehicles has been accounted for 70% and the future is bullish.
  • The IT sector was not easy to out of step with the market. The 5G technology has been captivating off in 2020. The new generation of software communication technology brought new encounters to the performance of lithium-ion batteries.
  • As per the needs of end-users in the market, the lithium-ion battery manufacturers have always chased for "high capacitance" as their mainstream R&D goal. Not only most users hope that the portable devices they use have a longer battery life, but the electric vehicles and the 5G industry, which are said to be the rising stars of future development also require a power system with high stability and long-term power supply. Thus, the lithium-ion battery products in the next few years will continue to rely on "high capacitance" as the main demand.

Final Words:

Time reserving, simplified training, and long battery life are some of the biggest reasons that more facilities are making the investment in lithium-ion batteries. Making the switch to lithium-ion is easier and assists the businesses to evaluates on a regular basis. Apart from this, with the world pushing for maximum portability of most gadgets, there is a huge market for the lithium-ion technology.

Lithium-ion Battery Market: 16.7% CAGR

Projected Revenue: 106.3 billion from 2021 to 2027

For deeper dive check the full report here:

Published Date : March-2021