A lithium ion battery or Li-ion battery is a rechargeable battery, primarily used in electric vehicles and portable electronic devices. These batteries are garnering attention for their application in the military and aerospace industries, with advantageous features, including high energy density, lower self-discharge rate, voltage capacity, and higher efficiency of battery power. The three major components of lithium ion batteries are a positive electrode, a negative electrode, and an electrolyte. Typically, the positive electrode is a metal oxide, the negative electrode is made of carbon, and lithium salt in organic solvents makes up the electrolyte component.
Lithium ion batteries
are extensively being used to power hybrid and full battery electric vehicles.
The rapid expansion and adoption of electric vehicles generate increased demand
for lithium-ion batteries on a global scale. Moreover, the increasing adoption
of smart devices and automation of the machinery is driving the demand for the
lithium-ion battery market. Surging sales of electric vehicles in China and the
existence of prominent electric vehicle automakers such as Nissan, Tesla, BMW,
Ford, Toyota, and Chevrolet, in major regions such as the U.S., U.K., China,
and Germany are anticipated to drive the market growth. Batteries with high
energy density often confer low temperature, cycle, and load features, making
them a vital power source in laptops, mobiles, video and audio devices, and
other portable electronics. In 2014, Panasonic developed the smallest
lithium-ion battery having a pin shape, which offers the batteries high energy
density.
Lithium iron phosphate, lithium manganese oxide, and lithium cobalt oxide are prominent lithium-ion battery compositions that have witnessed a massive adoption rate across several industry verticals. However, these batteries pose a possible safety hazard as the electrolytes inside the batteries are flammable, and their incorrect charge or damage can cause explosions or fires. A team of researchers at Stanford University have developed a new design using polymers, which cover the copper collectors, making the current collector 80% light in weight to increase the efficiency of the Li-ion batteries and reduce the risks of explosions or fires associated with the batteries.
Research by major
companies is underway to improve the safety of these batteries by using
non-flammable electrolytes to mitigate the risk of flammability of organic
solvents used. Some of the key players of the market are Sony, Panasonic,
Samsung, Sanyo, Exide Technologies, East Penn Manufacturing Co., LG Chem, BYD,
Johnson Controls, and ATLASBX Co. Ltd.
In August 2020,
India-based lithium-ion battery tech startup Inverted Energy unveiled its new range
of Li-ion batteries for EVs, solar plants, and homes. The batteries reportedly
work on a microprocessor that uses algorithms to offer optimal performance and
has a battery capacity five times more than other batteries. EV automaker giant
Tesla Inc., in September 2020, announced the expansion of the South Australian
lithium ion battery facility, which is the largest Li-ion battery facility in
the world, by 50% and increased the output by 50MW.
Read full press release at: https://www.reportsanddata.com/press-release/global-lithium-ion-battery-market
