The global battery market size is expected to grow around 7% between 2019-2024, by 2017 it has reached a market value of $25b and is expected to grow and reach up to $47b in coming few years. Over the years there is a continuous growth with the advancement of the technology in lithium-ion batteries. By 2022 70% of the world population will use smartphones, the need for rechargeable batteries has grown over the years.
With an unchecked increase in carbon emissions, companies in the automobile industry are focusing on vehicles that deploy Lithium-Ion batteries. This has led to an increased level of interest in Li-On technology. Energy storage batteries are in demand because of the renewable energy that they offer.
The same trend is seen in the domestic power sector. It is expected that anything between 28% to 42% of American and European households will have solar energy at home to power electric cars. Dubai is one of the forerunners in the global solar energy adoption. In September 2017, the country implemented initiatives to make electric vehicles more appealing to the masses. Citizens have access to free public parking, discounts on electric car purchases and registration.
- According to the Swiss Bank, we can expect 14% of all global car sales to be from the electric cars category by 2025.
- Tech giants like LG Chem are adopting Lithium-Ion as well. The company announced its plans of developing Li-On batteries in a new plant in Wroclaw, Poland.
- Samsung SDI partnered with Posco to invest in a new factory for Li-On battery production in Chile in 2018.
Other major companies are also adopting technology rapidly, and we can see Lithium-Ion slowly replace traditional fossil fuel in a large number of industrial and domestic applications.