Lithium-Ion Battery Market 2021 Applications, Growth Drivers, Business Insights & Regional Forecast by 2027

According to Allied Market Research, the lithium-ion battery market is expected to cite a significant CAGR from 2019 to 2027. In the last few years, there’s been a steep increase in the demand for smart phones and other micro electronics maneuvers, which has driven the market in more than one way. Also, surge in the usage of electric vehicles in the last decade has supplemented the growth yet more. On the other hand, the high price associated with these batteries and incorporation of strict government regulations to keep a tab on the growing pollution level are projected to curb the growth to some extent. However, higher requirements in terms of energy efficiency in hi-tech consumer tools & implements have almost mellowed down the impeding aspects and paved the way for an array of opportunities in the near future.

Here, it’s worth mentioning that the outbreak of covid-19 posed a mixed impact on the global lithium-ion battery market. The stay-at-home drift made most people spend more time on smart phones and other digital devices. This, in turn, increased the demand for lithium-ion batteries, a major component used in iPods, laptops, and cell phones. On the other hand, lack of skilled workforce, scarcity of raw materials, disrupted supply chain, and transportation ban across the world gave way to distorted manufacturing activities. However, the global situation is getting better at a slow and steady pace, and the market is anticipated to revive soon.

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A Li-ion or lithium-ion battery can be termed as a rechargeable battery that utilizes lithium ions as the vital or indispensable components of its electrochemistry. In the last decade, Li-ion batteries have become a great buzz in the electronics industry, as they have found their wide application in smart phones, laptops, and several personal digital assistant devices. Especially, as technology tends toprogressat a fast pace, emphasizing on mobility and speed, the significance of consistent portable power has turned out to behugeindeed. Rechargeable Li-Ion batteries have also become popular as a reliable power source for several household equipment such as cleaning tools too.

This post is going to confer on the advantages of lithium-ion batteries and why they are being highly referred over their nickel-based counterparts.

Easymaintenance- Unlike inundated lead-acid strings with water heights that call for constant monitoring, Li-ion batteries do not entail to be watered at all. This certainlyeases up the maintenance required to get the batteries functioning properly. In short, these batteries do away with the gruesome task of engine maintenance completely.

Durability and prolonged service: A number of studies and surveys have been conducted in this regard and the usual lifespan of a Li-ion battery can be as elongated as nearly ten years. This, in turn, aids in providing individuals with thebest return on investment. Considering this particular measure, lithium-ion battery technology can certainly be regarded as an economical choice.

Comparatively low downtime for a machine- Taking recourse to fast-charging lithium-ion stringsgives way to less downtime for a device while it’s fastened or trussed to a charging point. This way, it ascertains the fast that the cleaning processes do not really have to be premeditated around the requirement to let a set get charged completely in between usages. Thismakes things pretty much simplerfor the team members in several industry verticals.

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Safe features: Use of Li-ion batteries happens toenhance indoor air quality and diminishes the threats of mishaps by eradicating exposure to combustible battery acid and fuels.

An eco-friendly choice- Li-ion batteries also happen to dole out remarkableenvironmentalaids over other fossil fuel choices. There is no doubt that rise in number of electric vehicles has certainly made an instant impact in the reduction of carbon footprints.

Relatively low self-discharge ratio- Li-ion series also come up with a comparatively low self-discharge pace. Self-discharge is a regular, irrevocable phenomenon for battery strings, where compound reactions inside the setsshrink up their ability even when they are not in use. The self-discharge pace of Li-ion stringscrest at around five percent within the first twenty four hours after putting the set on charge, and then ends by one-two percent per month. On the contrary, their nickel-based counterparts tend todroparound fifteen percent of their efficiencypost charge and another fifteen percent per month.

High energy concentration- As a highly responsive element, lithium comes with the very ability to let out and stock up substantialvolumes of energy, letting Li-ion batteries to cram up a high energy capability in a small dimension. This definitely make sure that these batteries tend to lastfor longer periods between charges than that of other rechargeable series, along withkeeping up their high level of performance too. It’s a big punch indeed!

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