According to the market intelligence and advisory services provider firm, the major factors driving the market includes – the emergence of new & exciting markets; via electric vehicle (EV) and energy storage systems (ESS), for both commercial and residential applications, declining lithium-ion battery prices, and the rising sale of consumer electronics
December 28, 2019. By News Bureau
The lithium-ion (Li-Ion) battery market is estimated to grow at a CAGR of about 22.58 percent, during the projection period between 2018-2025, said Mordor Intelligence in its report.
According to the market intelligence and advisory services provider firm, the major factors driving the market includes – emergence of new and exciting markets; via electric vehicle (EV) and energy storage systems (ESS), for both commercial and residential applications, declining lithium-ion battery prices, and the rising sale of consumer electronics.
However, Mordor Intelligence further stated that, the increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.
As per the report highpoints, automobile industry which dominated in 2018, is also likely to grow during the forecast period, on the back of its high energy density, fast recharge capability, and high discharge power, owing to which, the Li-Ion batteries are the only available technology that are capable of meeting OEM requirements for vehicle driving range and charging time
It further added that, the 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 Li-Ion battery that is currently being used in electric vehicles (EVs) offers an excellent opportunity for companies to utilize the refined constituent materials, for manufacturing Li-Ion batteries that are to be used for Energy Storage Systems (ESS).
The other highlights of the market report include – 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.
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