Lithium Ion Batteries were introduced in 1970, are voltage-limiting devices, tighter voltage tolerances and are generally lighter than other types of rechargeable batteries of the same size. A lot of energy can be stored in lithium ion batteries as lithium is a highly reactive element. They have a very high energy density with low maintenance and a lithium-ion battery has the capacity of storing 150 watt-hours of electricity in 1 kilogram of battery. Some of the lithium ion battery provide high current density and are the choice for the consumers of mobile electronic equipment, while others provide high current levels and are therefore suitable for power tools and electric vehicles. Lithium-ion batteries are used in smartphones, e-cigarettes, hoverboards and electric vehicles. These are also used for remote monitoring systems, due to the characteristics such as fast charging, small size, relatively long stand-by time, and best choice for mobility equipment, as they offer relatively long life span.
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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.”
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., Samsung SDI Co., Ltd., BAK Group, GS Yuasa Corporation, Johnson Controls Inc., Hitachi, Ltd., Toshiba Corporation, and A123 Systems, LLC.
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