Lithium Ion Battery Market to Soar at a CAGR of 5.6%to 2024

Lithium Ion Battery Market Size By Product (Heavy Duty, Aeroderivative), By Capacity (- 70 MW, 70-300 MW, -300 MW), By Technology (Open Cycle, Combined Cycle), By Application (Power Generation, Oil & Gas, Other Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Russia, Italy, Germany, France, China, India, Japan, South Korea, Saudi Arabia, UAE, Egypt, Algeria, Brazil, Argentina), Price Trends, Competitive Market Share & Forecast, 2017 - 2024

Lithium ion battery market size is projected to surpass USD 53 billion by 2024, owing to high popularity of movable electronic equipment such as mobiles, smartphones, tablets, and personal digital assistants. Favorable ionized lithium characteristics such as heat resistance, high stability, and effective recharging ability over other substitutes will drive the industry trends over the period of 2016-2024. Furthermore, low risk of equipment damage will further influence lithium ion battery market growth over the next few years. Enhanced shelf life is yet another distinguished feature of the lithium ion battery, which is predicted to push the industry size over the next few years.

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Escalating demand for plug-in hybrid electric vehicles owing to supportive government policies will promote lithium ion battery industry expansion in the future. Large-scale use of secondary batteries in electronics items and inverters is also anticipated to soar the business growth over the years to come. Strict legislations to curb greenhouse emissions will contribute
markedly towards the business expansion over the forthcoming years.

Lithium Ion Battery finds wide applications across Renewable & Grid Energy Storage, Automotive, Consumer, and Industrial sectors.

Lithium ion battery industry revenue in consumer applications is expected to hit USD 14 billion by 2024, driven by the rampant use of personal mobiles along with high demand for portable electronic instruments. Furthermore, popular use of portable medical instruments in the developed economies such as the U.S. is predicted to favorably impact lithium ion battery industry size.
Renewable & Grid Energy applications will hit USD 12 billion by 2024, driven by high focus on efficient storage facilities as well as ample utilization of renewable energy sources in developed nations. For instance, Germany generated over 30% of electricity from sources of renewable energy in 2015.
Furthermore, in the same year, Europe observed a high renewable energy storage infrastructure expansion, thereby contributing substantially to the industry development.

Lithium ion battery industry size in automotive applications, worth USD 7 billion in 2015, is projected to witness a high surge over the forecast timeframe. Stringent rules to combat fuel emissions from automobiles coupled with rising demand for electric vehicles will favorably influence the industry over the coming seven years.

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The global landscape comprises countries such as U.S., Germany, Canada, France, UK, Italy, Spain, Japan, India, Argentina, UAE, China, Brazil, Mexico, Singapore, Saudi Arabia, South Korea, Australia, and South Africa.
U.S. lithium ion battery industry value, estimated at USD 5 billion in 2015, is anticipated experience a remarkable surge over the coming timeframe. Stringent rules to eliminate fuel emissions from automobiles along with high demand for electric vehicles will boost the regional landscape.

Germany lithium ion battery market is expected to register a CAGR of 10% over the period of 2016-2024. Growing customer awareness regarding green technologies coupled with cooperative & beneficial government guidelines such as tax rebates, subsidies, incentives, and low interest loans will promote the regional growth.

Japan lithium ion battery industry revenue, worth USD 1 billion in 2015, is projected to surpass USD 2 billion by 2024. Rising efforts by the government to maintain clean, hygienic, and healthy environment is expected to propel the regional revenue. The region observed an increase of more than 150% in the lithium ion battery production in 2016 as compared to 2015.

GS Yuasa Corporation, Toshiba Corporation, Panasonic Corporation, Samsung Group, LG Chemical Power Incorporation, Tesla Incorporation, and Hitachi Chemical Company Limited are key industry players of lithium ion battery market.

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This release was published on openPR.