LITHIUM ION BATTERY MARKET TO HIT $ 53BN BY 2024
The global lithium ion battery market for renewable and grid storage applications will surpass USD 12bn by 2024 while the Li-ion battery industry for consumer applications will surpass USD 14bn by 2024
The outlook for the lithium ion battery market is increasingly bullish due to its increasing usage by portable electronic devices given its longer shelf life, higher stability and heat resistance properties coupled with faster recharging efficiency when compared with other alternatives.
Lower risk of explosion or damage will further complement the industry outlook. The automotive sector is a notable application area, supported by the growing adoption of plug-in hybrid electric vehicles with favourable regulations stimulating rising market share.
Growth is further supported by ample supply of raw materials at affordable prices which has stimulated production and made lithium ion batteries the preferred technology across varied applications from inverters to consumer electronics and industrial batteries.
Another key driver to growth for the lithium ion battery market is the consumer electronics industry where it is expected that rising demand for cell phones, tablet devices and laptops will see manufacturers increasingly adopt the new technology as it delivers superior charging abilities coupled with longer shelf life.Renewable and grid storage applications will surpass USD 12bn by 2024 with Europe witnessing a significant increase in infrastructure required for renewable energy storage.
In 2015, Germany produced more than 30% of its annual electricity from renewable energy sources.
The lithium ion battery market for consumer applications is expected to surpass USD 14bn by 2024 as demand continues to surge for portable electronic devices amid continually growing adoption rates for such devices throughout the U.S and Europe.
Strong growth was also achieved in Asia-Pacific, where the region registered a 150% increase in production in 2016, and this market is expected to exceed US 2bn by 2024.