Advances in technologies over the years have resulted in a corresponding increase in the adoption of consumer electronics devices worldwide. Electronic devices lose their battery power in a shorter time and, therefore, require frequent charging. As a result, there is increased need for efficient and durable rechargeable batteries, which has led to the growth of the Global Li-ion Battery market.
Key players in the Global Lithium Ion Battery Market: LG Chem Ltd, Panasonic Corp., Samsung SDI Co. Ltd and Sony Electronics Inc.
Other Prominent Vendors in the market are Boston-Power, Build Your Dreams Battery, China BAK Battery, Electrovaya, EVE Energy, Hitachi Maxell, Shandong Heter Lampson Electronic (a subsidiary of Heter Electronics Group), TDK, Tianjin Lishen Battery and Valence Technology.
According to the report, increased demand for li-ion batteries worldwide is one of the key drivers of this market. Usage of li-ion batteries in grid energy storage has increased over the years because of the increased demand-supply gap in electricity. Li-ion batteries store excess power and make available this stored power during peak hours of demand.
Further, the report states that concerns vis--vis the health and safety of people operating li-ion batteries have increased. Considering the volatile nature of li-ion batteries, it becomes imperative to ensure additional protection from explosions owing to excessive charging.
Source: Virtual Strategy
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