Lithium-ion Market to Grow at 14% CAGR through 2019
June 2, 2015 | Transparency Market ResearchEstimated reading time: 1 minute
The global lithium-ion battery market will reach a value of $33.11 billion by 2019 from $11.7 billion in 2012, registering a healthy CAGR of 14.4% from 2013 to 2019, according to a new report by Transparency Market Research (TMR). The TMR study states that the increasing need of alternate energy sources from automobiles, consumer electronics, and industrial sector is primarily driving the global lithium-ion battery market.
Escalating crude oil prices has significantly increased the demand for electric vehicles and hybrid electric vehicles (HEVs) powered by lithium-ion batteries in the automobiles sector, as per the study findings. Further in consumer electronics, lithium-ion batteries are highly demanded to offer high life cycle and ensure slow battery discharge in devices such as tablets, which will propel the market.
Mounting environmental concerns due to the increasing rate of carbon emissions and stringent regulations imposed by the government to control the same particularly in regions such as North America, Europe, and China are increasing the adoption of lithium-ion batteries, as per TMR findings. However, high price and inadequate awareness regarding the advantages of lithium-ion batteries will hinder growth of the market, adds the report. As such, lithium-ion batteries find lower adoption in electronics, automotive, and industrial sectors.
Moreover, lithium-ion batteries have chances of exploding when exposed to high heat and temperature conditions, which is a major factor inhibiting its market growth. To eliminate the risk, technological advancements are introduced which is expected support growth of the market, the TMR study states.
Among the application segments, consumer sector accounted for the largest market share in 2012, followed by the automotive sector. The consumer electronics segment will dominate the market during the forecast period owing to its high application in cellphones, tablet computers, smart phones, digital cameras, and other consumer electronics, as examined by the TMR study. Emerging applications in military, medical industry, and energy production will also open growth avenues for the lithium-ion battery market, as examined by the research report.
Geography wise, Asia Pacific led the lithium ion battery market in 2012 accounting for 49% market share. The robust demand for lithium-ion battery in China and Japan is driving the Asia Pacific market.
Suggested Items
IPC Bestows Posthumous Hall of Fame Award to Industry Icon Michael Ford
04/18/2024 | IPCIPC honored the late Michael Ford, Aegis Software, for his extraordinary contributions to the global electronics manufacturing industry with the IPC Raymond E. Pritchard Hall of Fame Award at IPC APEX EXPO 2024. IPC’s most prestigious honor, the Hall of Fame Award is given to individuals who have provided exceptional service and advancement to IPC and the electronics industry. Ford, an industry leader and valued IPC volunteer, died suddenly in January 2024.
SEMI Applauds U.S. Chips Act Award for Samsung Electronics Facilities to Strengthen Domestic Semiconductor Supply Chain
04/17/2024 | SEMISEMI, the industry association serving the global electronics design and manufacturing supply chain, applauded the United States Department of Commerce’s announcement of a Preliminary Memorandum of Terms for an award under the CHIPS and Science Act to support the expansion of Samsung Electronics’ presence in Texas and the company’s development and production of leading-edge chips.
Northrop Grumman honors Calumet Electronics with Supplier Excellence Award
04/17/2024 | Calumet ElectronicsNorthrop Grumman Corporation has recognized Calumet Electronics during the company’s 2024 Supplier Excellence Awards for “exceptional performance and unwavering commitment to delivering with excellence.” Calumet is one of 70 suppliers recognized from across the globe. In its award category of “Supplier Strategic Excellence,” Calumet was honored alongside global corporations such as Amazon Web Services, Dell Technologies, and Eaton Corporation.
Ark Electronics Expands Global Manufacturing Factory Network in North America and Europe
04/17/2024 | PRNewswireElectronic Manufacturing Company Ark Electronics recently announced the expansion of its Global Factory Network with the addition of Electronics Manufacturing Service (EMS) capabilities in Mexico and Europe.
Designing Electronics for High Thermal Loads
04/16/2024 | Akber Roy, Rush PCB Inc.Developing proactive thermal management strategies is important in the early stages of the PCB design cycle to minimize costly redesign iterations. Here, I delve into key aspects of electronic design that hold particular relevance for managing heat in electronic systems. Each of these considerations plays a pivotal role in enhancing the reliability and performance of the overall system.