A growing trend for the utilization of cost-effective batteries across different industries such as gas, oil, and renewable is one of the key factors responsible for the substantial growth of the market
The global lithium-ion battery cathode market size is expected to reach $12.77 billion by 2027 according to a new study conducted by Polaris Market Research. The market is anticipated to register a 12.4 per cent growth from 2020 to 2027.
“Increasing use of lithium-ion battery cathode in energy storage systems, rising demand for electric vehicles, and growing industrialization worldwide are anticipated to drive the market growth. In addition to this, the enhanced compatibility and reliability of lithium-ion batteries and their increasing applications across different industry verticals are expected to propel the growth of the market,” read the report.
It continued, “Moreover, the rising demand for such batteries in consumer electronics such as tablets, digital cameras, and smartphones is further creating new growth avenues. A growing trend for the utilization of cost-effective batteries across different industries such as gas, oil, and renewable is one of the key factors responsible for the substantial growth of the market.”
Asia Pacific projected to lead the lithium-ion battery cathodes market
The Asia Pacific is projected to lead the lithium-ion battery cathodes market owing to rapidly growing industrialization and increasing demand for end-use industries. There are several leading manufacturers present in the region that are constantly working to bring quality products to attract more consumers.
North America region is also predicted to witness substantial growth owing to increasing government policies for enhancing vehicle fuel efficiency. In addition to this, growing efforts from manufacturers to lower down the manufacturing costs of lithium-ion batteries has resulted in cost-effective offerings for the consumers.
“The next area of innovation for li-ion batteries is grid-scale battery installations to improve their energy storage capability. This can lead to improving the energy density of lithium batteries in comparison to other rechargeable batteries, which ultimately translates into reduced weight and size and improved energy storing capability of the batteries,” read the report.
