In an age where clean energy is constantly being promoted, the lithium ion battery industry is gaining exceptional prominence due to the fact that the product is widely used in phones, computers, cordless power tools, battery powered vehicles and much more. The popularity of this business space is confirmed by a recent example, when the smart battery system firm Forsyth Power introduced its next-generation extra-thin lithium-ion battery in January 2021. Slim dubbed, the new batteries represent the thinnest modular range worldwide, and are equipped with a liquid cooling system.
Forsee Power’s engineering team has developed these advanced slim lithium-ion batteries, equipped with unparalleled technological features and unmatched integration capabilities, to adapt to changes in various target markets such as off-road vehicles, boats, trains and buses. Slim range electrical mobility will meet all the needs of operators and manufacturers in terms of cost, performance and passenger capacity.
Considering the power advantages of lithium ion batteries, many regional governments and end-user organizations have shifted their focus to the development and implementation of this product for a variety of applications. Also, the famous giants of lithium ion battery industry are waiting for product innovation in compliance with regulatory rules, which will also have a strong impact on the overall business expansion.
One of its main driving forces Lithium ion battery market Raising awareness among the people about the depletion of fossil fuel resources and subsequent dangerous effects of pollutants emitted from the combustion of fossil fuels. As a result, most well-known automakers have shifted their focus from conventional vehicle development to battery-based vehicles.
Indeed, to rebuild the future of mobility, many more electrical startup companies, such as Remac Automobile, Electra, Unity, Lucid, Faraday Future, Fischer, Tesla, Revian, NIO Limited, and Weltmeister, are investing in energy-saving technologies. There have been several hints in the lithium ion battery industry lately, some of which are listed below:
- In April 2021, Chicago-based startup Volexion raised $ 1.1 million from Chicago Energy Foundry and Boston-based Clean Energy Ventures. This fund aims to advance efforts to improve the performance of lithium ion batteries. The firm is working to create a graphene coating for Li-ion batteries, which it claims can increase power density by 40% and help batteries run twice as fast as their conventional counterparts.
Volexion’s technology demonstrates strong potential across a variety of applications, including electric vehicles, grid storage, etc., as evidenced by the strings of contracts signed with automotive equipment manufacturers and battery manufacturers.
- In September 2020, PSA Group and SAFT formed a joint venture called ACC (Automotive Cell Company) to manufacture Li-ion batteries in Europe. In a similar development, SAFT’s parent company Total has signed a JV agreement with China-based TET (Tianneng Energy Technology) to expand production of lithium ion cells in China.
- In India, Greenco Energy Holdings is committed to investing nearly $ 1 billion in a fancy battery storage business. These include plans to make lithium ion batteries in India, designed for electric vehicles and power grid-scale applications. With such developments, as well as with the contribution of regional governments, the outlook for the lithium ion battery industry could witness a transformation in the years ahead.
Famous behemoths across a number of countries now prefer battery-powered EVs over combustion engines, with the latter having long-range benefits related to clean energy consumption, zero noise and air pollution. To increase the use of fossil fuels and prevent pollution levels, various regulatory bodies are enforcing strict regulations. This will ultimately help increase the adoption of electric vehicles. As a result, it is expected to have a profitable effect on the revenue graph of the lithium ion battery industry.
How is Asia Pacific becoming a significant growth path in Li-ion battery industry?
The APAC region has emerged as one of the most dynamic regions in the world over the past few decades and has rapidly become an integral driving force of the global economy. The lithium-ion battery industry has also seen tremendous growth in the region, especially in countries like Japan, India, China and Korea.
These countries are focusing their investments primarily on areas such as 3C consumer electronics, solar power and electric vehicles, which have been the driving force behind the development of the regional lithium ion battery market in recent years. Most notable is the shift to integrated solar-plus-storage projects, which are emerging as a key factor in the growth of the global utility-scale energy storage domain.
Citing an example, Chinese PV producer Jetin Solar recently announced that it claims to be the world’s tallest, largest-sized solar-plus-storage project. Located in Tibet, this facility with a capacity of 40 MW / 193 MW sits 4,700 meters above sea level and receives about 3,200 hours of sunlight per year.
Furthermore, as population levels continue to rise in emerging APAC countries, with the increasing acceptance of solar energy, the adoption of Li-ion batteries for energy storage will witness substantial growth in the near future.
To that end, in October 2020, Wärtsilä installed the first utility-scale lithium-ion battery storage project in Singapore, with a 2.4MW / 2.4MWh ESS (energy storage system). The project is supported by EMA (Energy Market Authority) of Singapore and Energy Utility Firm SP Group, with orders for additional 90MW / 90MWh battery storage from a Southeast Asian customer.
Considering the proliferation of electric vehicles, major tech giants in the Li-ion battery market have shifted their focus to the development of advanced battery packs. Toshiba, a Tokyo-based electronics maker, for example, has developed the next-generation SCiB battery, which was integrated with the newly developed titanium niobium oxide anode material. Typically, Li-ion uses graphite-based anodes, but the newly replaced anode is expected to double battery power. In addition to introducing innovative technologies to encourage people to adopt Li-ion battery-based products, key manufacturers of Li-ion batteries have been working tirelessly to reduce overall capital costs.
Considering the changing trend towards the implementation of renewable energy technologies, it is predicted that the deployment of Li-ion batteries will increase not only for automotive applications, but also for the household sector, consumer electronics and energy saving systems. Production plants. Global Market Insights, Inc. According to him, the size of the lithium ion battery industry, driven by a strict regulatory frame that binds rules to take advantage of clean energy, could exceed USD 76 billion in revenue by the end of 2026.