Future expected growth of lithium-ion batteries is rising at a CAGR of 18.16% till 2023

  • Categories:Blog
  • Author:Melasta Battery
  • Origin:researchandmarket.com
  • Time of issue:2020-05-07 09:41
  • Views:

(Summary description)Lithium Ion battery market growth is expected to grow at a compound annual growth rate (CAGR) of 18.16% and reach $61.14 billion by 2023.

Future expected growth of lithium-ion batteries is rising at a CAGR of 18.16% till 2023

(Summary description)Lithium Ion battery market growth is expected to grow at a compound annual growth rate (CAGR) of 18.16% and
reach $61.14 billion by 2023.

  • Categories:Blog
  • Author:Melasta Battery
  • Origin:researchandmarket.com
  • Time of issue:2020-05-07 09:41
  • Views:
Information

 

According to researchandmarket.com, In 2019, the lithium-ion battery market has $31.36 billion worth, and now it's expected to grow at a compound annual growth rate (CAGR) of 18.16% and reach $61.14 billion by 2023. In the past major challenge faced by the lithium-ion battery market is the safety of the battery pack. Lithium-ion batteries store a tremendous amount of energy, which increases the risk of explosion or accident. The higher operating temperature of the battery is the primary factor for thermal runaway. There were 206 airport explosion cases reported by the United States Federal Aviation Administration (FAA) from 1991 to January 2018 due to low-quality Li-ion battery packs. This factor was a significant hindrance to the growth of the Lithium ion battery market.

Future Technologies

The use of multiple new technologies lithium-ion manufacturing companies has developed a safe battery which can pass all kind of tests and compliance with international safety standards. Melasta is one of the major manufacturing players in the market. It is mainly focused on the Research and development of Lithium-ion batteries. The growth of the lithium-ion batteries market is due to its energy density. The battery can store a very high amount of energy and can last for a long time. The range of energy density of the lithium-ion battery is from 100Wh/kg to 265Wh/Kg. This is the highest density as compared to all other battery technologies. This high energy density enables lithium-ion batteries to be used for multiple applications such as laptops, mobile phones, cameras, and electric vehicles.

Future Demand and Pricing

Lithium-Ion battery price in the market is becoming low, which boosts the sale of this technology. The use of multiple technologies, different materials, and investment in this industry helps to reduce the price of lithium battery packs. According to the Navigant Consulting Research report, the price has dropped 73% from 2013 to 2018. Melasta provides the best price with high-quality lithium-ion batteries. It gets the benefits from its manufacturing plants to provide the most favorable price to the market. Melasta is very famous in the international market due to its research projects and a wide variety of products.

Acquisition Trends

Petroleum companies are also investing in the lithium battery industry because it's going to be the future e-mobility energy solution. In the first quarter of 2019, Royal Dutch Shell, a British-Dutch oil gas company has acquired Sonnen, a lithium-ion based energy storage startup for an undisclosed amount. This acquisition will enable Sonnen to compete with Tesla, Samsung, And LG in the European, US, and Australian Market.  There is a huge demand for Solar rooftop installation, which can only be fulfilled with the use of high-density lithium-ion battery packs. Melasta provides energy storage solutions (ESS) for solar panels, marine boats, and other heavy electrical vehicles. It uses Lithium Iron Phosphate LiFePO4 chemistry for ESS solutions, which is the safest chemistry among all lithium-ion battery solutions. It also provides a customized solution for households and industries.

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