Global Lithium Ion Battery Market Key industry players including Panasonic, Tesla, Samsung, GS Yuasa, Hitachi Chemical, A123 Systems, Philips, LG Chem, Sanyo, Toshiba, EnerDel, Energus Power, Duracell and Johnson Controls

The lithium ion battery market has registered trends of exponential growth as the demand for lithium has soared with its increased application in battery operated electronics like smartphones, tablets and laptops as well as in electric vehicles which are being hailed as the revolutionary component for the electric automotive industry. According to estimates, by 2040 there will more electric vehicles than traditional fossil fuel ones. Lithium ion battery industry outlook is thus expected to ascend with almost every automaker striving to introduce its own line of electric vehicles. For the record, the global lithium ion battery market size is expected to surpass $60 billion by 2024.

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Aiding the growth of the lithium ion battery market will be a huge surge of research and development programs that are being encouraged by the significant demand for improving the capacity of lithium ion batteries. For instance, researchers at Department of Energy Technology of Norway have found a means to improve the capacity of conventional lithium ion batteries almost phenomenally. So much so that the new batteries can keep phones and laptops running for several days without charging and electric cars can travel as much as 1000 km with a single charge. The technology has exploited the proportion of silicon in graphite present in lithium batteries, an experiment that has been for long attempted by battery manufacturers as silicon can dramatically increase battery capacity. Nanotechnology has made it possible to introduce silicon in lithium batteries in such proportions that the battery capacity can now be improved 3 to 5 times.

Key industry players including
• Panasonic
• Tesla
• Samsung
• GS Yuasa
• Hitachi Chemical
• A123 Systems
• Philips
• LG Chem
• Sanyo,
• Toshiba
• EnerDel
• Valence
• ProLogium
• Saft
• Roofer
• Duracell
• Johnson Controls

Industrial lithium ion battery market is to surpass USD 9 billion by 2024. These products find wide ranging applications across defense and healthcare sector where capacity, energy density and safety are of paramount importance. Ability to provide higher current makes its adoption preferable across heavy industries including mining, oil & gas and construction.

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The U.S. in 2016, accounted for over 80% of North America lithium ion battery market share. Ongoing digitization of healthcare industry along with shifting trend toward IoTs has resulted increased demand for smart devices in the country. Government initiatives toward adoption of non-conventional fuel vehicles will further enhance the business outlook.

Ongoing investments toward distributed generation coupled with growing demand for off-grid generation technologies will stimulate the product penetration across the energy storage applications. Rapid expansion of micro-grid networks will further provide impetus to industry growth. Nickel manganese cobalt oxide, lithium iron phosphate, and nickel cobalt aluminum oxide are prominent secondary batteries deployed for these applications.

Key players in lithium ion battery market include Tesla, Panasonic, Samsung, Hitachi Chemical, GS Yuasa, Philips, A123 Systems, Sanyo, LG Chem, EnerDel, Toshiba, Prologium, Valence, Exide, Saft Batteries, Energies Power, Roofer, Padre Electronics, Ding Tai, Johnson Controls and Duracell.

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Lithium cobalt oxide (LCO) market is projected to witness gains over 6% on account of rising demand for portable electronic devices. These products are predominantly deployed across mobile phones, smart watches, activity tracker, digital cameras, and laptops owing to its ability to offer high specific energy. LCO consist of carbon graphite carbon anode and a lithium cobalt oxide cathode. However, low thermal stability, short life span and limited load capabilities of lithium cobalt oxide batteries may hamper the business growth.

Middle East and Africa lithium ion battery market in 2016, was valued over USD 1 billion and is projected to witness growth owing to ongoing investment towards renewable energy grid infrastructure development. Investment toward expansion of micro grid across remote areas will further stimulate the product demand.

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