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GLOBAL
MARKET FOR RECHARGEABLE LI-ION BATTERIES IS ESTIMATED TO REACH $70 BILLION BY
2022
Lithium-ion
(Li-ion) has become the dominant rechargeable battery chemistry for consumer
electronics devices and is poised to become commonplace for industrial,
transportation and power-storage applications.
According to
the new iRAP report titled 'Rechargeable Lithium-ion Batteries for
Stationary/Industrial, Automotive and Consumer Electronics - Types, Materials,
Applications, New Developments, Industry Structure and Global Markets’, the
overall market for rechargeable Li-ion batteries is estimated to have reached
$24 billion in 2017 and is estimated to reach $70 billion by 2022 with a
combined annual growth rate of 24%,
Demand for
lithium-ion (Li-ion) rechargeable batteries has been driven by the rapid growth
in the use of electronic portable equipment. It is estimated that in 2017, 66%
of the batteries used in consumer products such as mobile phones, digital
cameras, laptops, tablet PCs, and power tools were lithium rechargeable
batteries. Lithium is fast replacing nickel-metal hydride (Ni-Mh) and
nickel-cadmium (Ni-Cd) batteries for powering consumer electronics.
Growing
demand for efficient and eco-friendly vehicles is linked to the depletion of
fossil fuel and oil supplies combined with global warming, pollution and
greenhouse gas emissions. As a result, governments of many nations provide
various incentives for utilizing electric vehicles. These include reduced
electric taxi fares, tax benefits, and subsidies for electric vehicle
purchasers. Many parts of Europe have banned the use of vehicles operated by
conventional combustion engines within the public transportation sectors and
are focusing on switching to electrical or hybrid vehicles. Several commercial
projects are underway as well.
A key driver
of growth for the market in stationary mega-scale lithium battery energy
storage is the emergence of power trading through a frequency regulation market
as a mechanism for preventing instability in the power grid. Such instability results from the feed-in of
renewable energy sources, such as wind power and photovoltaic generation, which
are used with increasing frequency.
The largest
market is for Consumer Electronics in 2016 and 2017, which is a matured market
segment and its grow rate is the lowest. The automotive segment is the fastest
growing segment which will take over the Electronics Consumer market by 2020.
The stationary and industrial segment will have a high growth of 22.2 % from
2016 to 2022.
This study
focuses on rechargeable Li-ion batteries, providing market data about the size
and growth of the battery application segments and new developments, and it includes
a detailed patent analysis, company profiles and industry trends. The goal of
this report is to provide a detailed and comprehensive multi-client study of
the market in North America, Europe, Japan, China, India, Korea and the rest of
the world (ROW) for these batteries and potential business opportunities.
Published Date: May 2018 Pages: 174 Price (Hard Copy): $3,950
Data
and analysis extracted from this press release must be accompanied by a
statement identifying iRAP, Inc., P.O. Box 4269, Stamford, CT
06907, USA, Telephone: (203) 569-7909, Email: marketing@innoresearch.net as the source and publisher. Thank you.
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