The global market for Li-ion Battery is
projected to reach US$91.8 billion by 2025 driven by their use in a wide range
of energy storage applications. Among the applications, standing out as a major
driver of growth is electric vehicles (EVs). Li-ion battery technology has a number
of important and distinct advantages over competing technologies such as high
energy density; lower rate of self-discharge as compared to Ni-Cad and NiMH;
maintenance free unlike Ni-Cad cells which need to be periodically discharged
to ensure elimination of memory effect; lightweight when compared to other
battery types; higher temperature tolerance; fast and safe charging; longer
life and durability; higher cycle life over 4000 to 5000 cycles; overthrows
issues such as “Peukert’s losses” and “voltage sag” typically seen in lead acid
batteries, among others. High energy density is an important benefit for mobile
electronic applications such as smartphones, tablets and PDAs, since it means
ability to operate the device longer between charges. All of these benefits
help ensure the technology’s use ranging from powering small electronics to
large equipment, and vehicles such as electric cars. In the field of EVs,
li-ion batteries are poised to dominate as it represents the best performing
technology available to date. with the highest coulombic efficiency (CE)
ratings in rechargeable batteries at more than 99%; lowest rate of
self-discharge; highest multiple number of recharge cycles; lightweight when
compared to other battery technologies; and longer life & longevity, this
technology is versatile enough to meet current engineering needs of EV designers.
The race to develop newer and better batteries is still ongoing and with other
technology contenders still far behind, its li-ion’s day in the sun as the technology
comes of age and nears its full potential until disrupted by other competing alternatives.
As numerous new li-ion battery plants mushroom and as new innovative start-ups
push the boundaries of li-ion efficiency, prices will continue to drop while
performance will continue to improve, opening up new markets and strengthening demand
in existing markets. Read More…
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