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Opportunities in Lithium-Ion Battery
By 2019 the global lithium-ion battery market touches a value of $36.7 billion. Furthermore, Lithium-Ion’s world market shall grow at a CAGR of 18% between 2020 to 2027 and achieve a valuation of $129.3 billion. Lithium ions are essential for lithium-ion (Li-ion) rechargeable battery electrochemistry.
Some of the End-use industries for Lithium-Ion are:
- Electrical and Electronics: Smartphones, Tablets, PC’s UPS and others
- Automotive: Cars, Buses, Trucks, Scooters, Bike, Trains and Aircraft’s
- Industrial: Cranes, Forklift, Mining Equipment, Smart Grid, and Renewable Energy Storage
Top uses of Lithium-Ion Batteries
- Uninterrupted power supply or Emergency power backup: A UPS is attached to equipment used in many industries to save power rundown problems.
- and Recreational vehicle power generation: Lithium batteries are lightweight and offer efficiency and life span of 10+ years, so most preferred for EV’s
- marine travel performance
- Solar power storage
- Surveillance and alarm systems
- Mobility equipment
- Portable power backups
The type of Batteries used are:
- Lithium cobalt oxide batteries are used in cell phones, laptops, and electronic cameras because of their high specific energy
- Lithium manganese oxide batteries are used in medical equipment and devices, but they are used in electric motorcycles, power tools, and other applications
- Lithium Nickel Manganese Cobalt Oxide battery type is often used in electric vehicles.
- Lithium Nickel Cobalt Aluminum Oxide batteries have great potential in the automobile industry because of their life span
- Lithium Titanate is used for military and aerospace applications, as well as storing solar energy wind and constructing smart grids
- Lithium Nickel Manganese Cobalt Oxide batteries are used for power tools, e-bikes, and other electric powertrains
- Lithium Iron Phosphate is starter battery is frequently used to replace the lead-acid starter battery
Battery manufacturers can customize the batteries based on sizes, dimensions, voltage, specific energy, charge rate, discharge rate, cycle life, thermal runway, and application. In addition, some of the manufacturers are using Battery Management systems to monitor performance online.
GlobalBusiness.Group works closely with manufacturers and buyers to identify needs and manage the complete supply chain for batteries.
This article was written by Sachin Gupta and first appeared on Linkedin.
