The lithium ion market is expected to exceed $23 billion by 2026 thanks to the technology’s low cost, energy density, efficiency, and safety
A new Leaderboard Report from Navigant Research examines the strategy and execution of 10 lithium ion (Li-ion) battery manufacturers, with LG Chem and Samsung SDI ranked as the leading companies.
Rapid growth in markets that rely on Li-ion batteries has allowed suppliers to develop economies of scale through major investments in new manufacturing facilities, which are also driving down prices. With this, the global landscape of Li-ion manufacturers is becoming increasingly competitive as companies vie for market share, leveraging the technology’s benefits of low cost, energy density, efficiency, and safety. Click to tweet: According to a new Leaderboard report from @NavigantRSRCH, LG Chem and Samsung SDI are the leading manufacturers of Li-ion batteries.
“Leaders in this market have clearly differentiated themselves from the competition through exceptional product development and strong industry relationships with project developers, utilities, financiers/investors, and system component vendors,” says Ian McClenny, research analyst at Navigant Research. “We believe that these Leaders are poised to spearhead the charge for current and next-generation Li-ion batteries in the coming years.”
Navigant Research expects the Li-ion industry to reach $23.1 billion by 2026. Market growth is likely to be spread primarily among the regions of North America, Europe, and Asia Pacific, driven by regulatory changes and incentives before prices come down enough to compete with retail electricity rates, according to the report.
The report, Navigant Research Leaderboard: Lithium Ion Batteries for Grid Storage, examines the strategy and execution of 10 leading Li-ion battery manufacturers that are active in the global market for Li-ion batteries for grid storage. These players are rated on 12 criteria: vision; go-to market strategy; partners; production strategy; technology; geographic reach; sales, marketing, and distribution; product performance; product quality and reliability; product portfolio; pricing; and staying power. Using Navigant Research’s proprietary Leaderboard methodology, vendors are profiled, rated, and ranked with the goal of providing industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the global Li-ion batteries for grid storage market. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Navigant Research Leaderboard: Lithium Ion Batteries for Grid Storage, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.