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According to a new study of Fact.MR, sales of lithium-ion battery pack will exceed 151 Mn units in 2019, up from 131 Mn units in 2018.
The study states that, growing palpability of disruptive technologies, smart grid storage, electric vehicles, data centers, and others, is providing an impetus to growth of the lithium-ion battery pack market.
Additionally, rising dependency on electrochemical energy storage is fuelling investments in lithium-ion battery packs, as lithium ion battery is emerging as the ideal choice for electrochemical energy-storage.The Fact.MR research study analyzes latent opportunities in the lithium-ion battery pack market from 2019 to 2028.
According to the Fact.MR report, the lithium-ion battery pack market is likely to witness impressive growth at a value CAGR of over 12% during the assessment period.
The battery industry is undergoing a sea change in line with increasing demand for battery technologies with superior capabilities.
As per the report, changes in cell-technologies and innovations in smart electronics are creating favorable grounds for adoption of li-on technology, driving growth of lithium-ion battery pack market.Lithium cobalt oxide to continue as the ‘top-selling’ lithium-ion battery pack variant, with global sales estimated to surpass 67 Mn units.
Li-ion or Lithium-ion batteries top the list of most popular rechargeable battery varieties for consumer products used daily.
The quality of these batteries is far superior comparatively.
• Safe and Eco-friendlyOver the years, Mercury has been extensively used in making batteries.
A high-profile battery pack manufacturer in India produces top-quality Lithium-ion batteries containing minimal toxic heavy metals, unlike nickel-cadmium and lead-acid batteries.
So if you are looking for a safer alternative, Li-ion batteries will prove out to be the right option.
• Low Cost of MaintenanceRechargeable batteries such as nickel-metal hydride and nickel-cadmium batteries made with the old design and formula get partially discharged before they are recharged fully.
