Li-Ion Battery Market Projection, Technological Innovation And Emerging Trends 2030

By Brett Lee

31 Articles

The lithium-ion battery technology primarily involves the usage of lithium ions as a major component of electrochemistry. During the discharge cycle, the lithium atoms in the anode are ionized and separated from electrons. After that, they move from the anode, pass through the electrolyte and reach the cathode to recombine with the electron and neutralize the charge. The lithium ions are extensively small to pass through a micro-permeable separator between cathode and anode. Lithium-ion batteries are capable of storing high voltage charge at per unit volume and mass.

The sales of lithium-ion batteries contributed approx. $46,142.1 million revenue in 2021, and it is projected to rise to $165,847.8 million worth, advancing at a rate of 15.3% from 2022 to 2030. In addition, Li-ion batteries can utilize a variety of materials as electrodes; the most common cathode and anode combination is lithium cobalt oxide and graphite, which are usually found in portable electronic devices such as laptops and cell phones. The other materials for cathode include lithium manganese oxide which is usually found in HEVs, and EVs, and lithium iron phosphate. In addition, ether is commonly used as an electrolyte in Li-ion batteries.

When it comes to clean energy, Li-ion technology shows great potential, ascribed to its application in HEVs, and EVs. Presently, the bestselling electric cars are Nissan Leaf and Tesla Model S, and they both utilize Li-ion batteries as the major source of fuel. In addition, the rising traction of the EVs on road, led by the favorable government regulations to curb GHG emissions caused by transportation leads to an increase in consumption of Li-ion batteries.

Therefore, the high energy density of the Li-ion batteries, and the potential to deliver high voltage charge for high-power applications fuels their sales.