Lithium-ion - A New-age of Batteries
Arizton’s recent market research report the global Stationary Lithium-ion Battery Market - Global Outlook and Forecast 2020-2025 provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by End-user (commercial and residential) and Geography (APAC, Europe, North America, Latin America, and MEA).
The global stationary Li-ion battery market is expected to grow at a CAGR of over 13% during the period 2019–2025.
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Stationary Li-ion batteries are used in non-mobility and non-mobile applications. As non-renewable energy resources are fast depleting, the cost related to power generation is increasing significantly. Therefore, solar energy turns out to be the most convenient renewable energy source for small or medium-level energy consumers. Although any conventional type of battery saves energy, Li-ion batteries are gaining traction on grounds of being efficient and friendlier to the environment. Lithium-ion batteries tend to offer added support in the direction of adopting renewable and sustainable energy resources by eliminating conventional lead-acid and other types of batteries, which are relatively less environment-friendly than Li-ion batteries.
The leading drivers and trends driving the growth of the stationary Li-ion battery market are discussed below:
Growth of PV Installations in Residential and Commercial Segment
With the increasing use of loose building envelopes, glass walls, and façade, the incorporation of PV systems is gaining traction in the construction sector. One of the most diversely used solar energy harnessing materials in buildings is PV glass. Households in affluent neighborhoods are likely to catch up with the PV installation at a higher rate than corporates and industrial customers. Lithium-ion batteries are gaining demand as they enable customers and vendors to stay aligned in their efforts to adopt renewable and sustainable energy resources for both electricity generation and storage. Moreover, the entry of players such as Tesla, which stands for established innovations, the demand among consumers is increasing gradually toward the adoption of photovoltaic systems with solar panels to generate electricity and Li-ion batteries to store energy.
Increase in Number of Smart and Self-sustained Buildings
Some of the major factors that are driving the demand for smart buildings globally include high internet penetration, an increased supply of mobile entities, improvements in wireless communications, the emergence of cloud services, higher demand for low-energy high-performance technologies, and other advancements in IoT technologies. The ability of connected devices to keep smart buildings self-sustained in terms of power generation and consumption is driving the demand for PV as well as new-age energy storage systems from the design phase. Designers and developers try to woo potential buyers of smart homes by presenting environment-friendly and sustainable products in their buildings as their USP. Behind the façade of smart buildings lies the prerequisite of having an uninterrupted power supply to the connected infrastructure. Moreover, employing conventional energy storage systems to provide backup defeats the virtue of being a smart building, thus presenting opportunities for stationary Li-ion batteries.
Arrival of the Fourth Industrial Revolution
The advent of the fourth industrial revolution is playing an important role in the uptake of Li-ion batteries worldwide. A new range of electronic products is increasingly using Li-ion batteries to power their circuits and other devices. The adoption of Li-ion cells and battery packs is driving the awareness of Li-ion technology, making them recognize in the field of energy storage products. Such an increase in the awareness of Li-ion technology will drive the adoption of Li-ion batteries into stationary energy storage systems as well, thus providing growth opportunities for stationary Li-ion batteries across the globe. The fourth industrial revolution has increased the possibility of connecting billions of people via smart devices with high storage capacities, unprecedented processing powers, and access to vast amount of data along with technological breakthroughs in Machine Learning, Artificial Intelligence (AI), Virtual Reality (VR), 3-D printing, invention of nanomaterials, quantum computing, and additive manufacturing.
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LG Chem, Samsung SDI, BYD, Kokam, and Panasonic are identified as prominent vendors in the stationary Li-ion battery market.
The complete overview of the latest market research report on stationary Li-ion battery market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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