Lithium Metal Polymer Battery Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Lithium Metal Polymer Battery Market grew at a CAGR of 13.4% between 2017-2021 and is estimated to be US$ 1,432.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 17.2% and is expected to reach a valuation of US$ 7,006.4 Mn by 2032 end.
Major uses for lithium-ion batteries include communications, aircraft, and the integration of renewable energy with grid technologies. Due to its ability to store the highest amount of power generating capacity in a tiny and lightweight package, lithium-ion batteries are becoming more and more popular.
GROWING DEMAND FOR ELECTRICAL VEHICLES DRIVES THE MARKET FOR BATTERY ENERGY STORAGE
The sustained growth of the electric vehicle market is due to increasing demand for electric vehicles and the rising adoption of consumer electronics. Rising disposable income and the need for internet usage have further boosted the demand for smart consumer electronics. Apart from the consumer electronics stream, lithium-ion batteries have major applications in the integration of renewable energy with grid technology, telecommunication, and even aerospace
HIGH COMPETITION FROM ALTERNATE SOURCES HAMPERS THE MARKET GROWTH
The lithium-ion battery market is expected to grow, albeit at a slow pace, over the next five years. However, the technology faces intense competition from alternative energy sources such as flow, zinc, and high-temperature, which are more energy efficient and have higher efficiency rates than their lithium-ion counterparts.
RECYCLING PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The growth of the recycling of lithium-ion batteries has increased in the past few years. Though there are many opportunities in this market, it is still expected to increase even further soon. Shortage of metals used in manufacturing will affect global production trends, which ultimately may push up prices and restrict demand for recycled materials
The COVID-19 virus has been a major restraint to the market growth owing to several factors, including reducing operational costs by end-users and disrupting the accessibility of spare parts due to sluggish manufacturing activities and logistics issues. Battery suppliers have taken subsequent steps to ensure their services to end-users who have signed long-term contracts.
Market Segments Covered in Report
By Product Type:
By Power Capacity:
By End-Use Industry
By Region and Country:
Why is lithium cobalt oxide projected to ensure the most revenue during the forecast period?
At 30.0% of the market, lithium-ion batteries had the greatest revenue share. Due to their lightweight, low cost, and restricted coverage area, lithium-ion batteries are expected to increase demand for energy storage systems. The lithium-ion Lithium Metal Polymer Battery systems market will also rise due to increasing infrastructure investment from the residential, industrial, and commercial sectors.
Why is the power industry expected to expand the fastest during the forecast period?
The power industry is expected to grow at the highest CAGR in the coming years. The need for peak electricity demand is one of the major factors driving the growth of this segment. Regarding energy storage, batteries offer flexibility in terms of providing frequency and voltage control if renewable sources like solar and wind are adopted at a large scale.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide.
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material, Product Type, Voltage, Power Capacity, End-Use Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 17.2%.
The market for these energy-efficient, pollution-reducing automobiles has grown due to consumers’ increasing adoption of electric vehicles. Additionally, more automakers are working on developing new, better electric cars.
Major global Lithium Metal Polymer Battery Market players are Johnson Controls, BYD Company Ltd., Duracell Inc., Hitachi, Ltd., LG Chem, Panasonic Corporation, Renault Group, Samsung SDI Co., Ltd., Tesla, TOSHIBA CORPORATION
The high capital investment & presence of alternative constrained market growth.
The North America region is expected to account for the largest market revenue share in the Global Lithium Metal Polymer Battery market.
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