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Industrial Lithium-Ion Battery Market Trends

Report ID: GMI9528
Published Date: May 2024
Report Format: PDF

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Industrial Lithium-Ion Battery Market Trends

A growing adoption of electric vehicles (EVs) and grid-scale energy storage projects are driving the investments, increasing demand for the lithium-ion battery. Advancements in battery technology, particularly in energy density and longevity, are enabling more efficient and cost-effective solutions. Moreover, sustainability initiatives and government policies promoting clean energy are further boosting market growth. Additionally, there's a trend towards vertical integration, with companies expanding into battery manufacturing to secure a stable supply chain.

Innovations in recycling and reuse technologies are addressing concerns about battery waste and environmental impact. Collaborations between industry players and research institutions are further fostering breakthroughs in materials and manufacturing processes, promising even more efficient and sustainable lithium-ion batteries in the future.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of industrial lithium-ion battery reached USD 4 billion in 2023 and is set to witness 11% CAGR from 2024 to 2032, owing to the rising global shift towards renewable energy sources like solar and wind power that necessitates large-scale energy storage solutions.

The NMC segment and is expected to surpass USD 3.9 billion by 2032, due to offering a balance of high energy density, improved stability, and longer lifespan compared to other chemistries.

North America market is poised to record over USD 3.3 billion by 2032, attributed to investments in research and development, along with collaborations between industry players and academic institutions in the region.

Hitachi Energy Ltd., Koninklijke Philips N.V., LG Chem, Lithium Werks, Maxell, Ltd., Padre Electronics Co., Ltd., Panasonic Corporation, ProLogium Technology CO., Ltd., Saft, Samsung SDI Co., Ltd., Tesla, and Toshiba Corporation, are some of the major industrial lithium-ion battery companies worldwide.