Demand for lithium batteries rocket the lithium ion battery market

Posted on: Feb-2017 | Energy and Environment

Battery powers the devices it is used in. It is required in most of the gadgets we use in our day to day life, especially the mobile phones. The batteries are required in the electric vehicles, phones, electronic wearables, and electronics in offices, houses, and communities. The lithium ion battery market is at its best we have ever seen.

The lithium ion battery use is increasing on a commercial scale due to a number of factors listed below.

Disadvantage of conventional battery:

The disadvantages of the conventional batteries have fueled the lithium ion technology. The conventional batteries have low power backup in comparison to lithium ion batteries. The lithium ion batteries have intercalated lithium compound present making the battery higher in terms of power density. The lithium can charge at a faster pace and also stays up for longer hours

Increasing need of lithium ion batteries in the electric vehicles

As the power back of the lithium ion batteries is high, its use in the vehicles running on batteries such as electric vehicles or EVs is also attributing to the growth of the lithium ion battery market. The lithium batteries have a power capacity of about 0 to 60000mAh influencing its utility in the vehicles and industries on a large scale.

Lithium ion battery size and weight drives the market

The lithium batteries are smaller in size, charge at a faster rate, and drain out slowly. These batteries can work in full capacity even when partially charged. The easy charging of these batteries increases its use in the smartphones, tablets, and automobiles. They have no memory effect.

Stringent government regulations and high cost restrain the market

The stringent regulations made mandatory by the government due to the safety issues related to its use and the high cost has hampered the lithium ion battery market. The high temperature can let the lithium ion batteries go boom or cause fire; hence its use possess a great risk.

Thus, the consumer share in the lithium ion battery market is increasing to the high demand in digital cameras, smartphones, and portable devices.