The lithium-ion energy accumulator market size is anticipated to expand at a significant CAGR of 12.25% during the forecast period, 2021–2028. The growth of the market is attributed to the rising urbanization and increasing demand for consumer electronics items.
A lithium ion energy accumulator is an electrical device that can charge and discharge lithium ion batteries. A positive and negative electrode are separated by a separator, and an electrolytic solution is added. The positive and negative electrode materials react chemically to charge and discharge the accumulator. The majority of lithium ion batteries are found in laptops, desktop computers, and mobile phones.
Li-ion accumulators are more stable and may be refilled hundreds of times. Compared to conventional rechargeable batteries, they feature a better energy density, voltage capacity, and low self-discharge rate.
The Covid-19 pandemic affected the demand and supply of lithium-ion energy accumulator market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing urbanization, has led to increased demand of consumer electronics items this is projected to fuel the market during the forecast period.
- Rapid development of batteries with long run duration and better energy density are major factors propelling the market.
- Lithium's high reactivity and high implementation costs are estimated to hinder the market growth.
- Lack of charging infrastructure and increased use of non-renewable energy sources act as major factors that can hamper the market expansion in the coming years.
- The acquisition prices and completion of various energy projects are estimated to create lucrative opportunities for the market players.
Scope of the Report
The report on the lithium-ion energy accumulator market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Lithium-ion Energy Accumulator Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Application (Consumer Electronics, Transportation, and Industrial)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Hitachi Ltd, Samsung SDI Co., Asahi Kasei Corp., Panasonic Corporation, and Toshiba Corporation.
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Market Segment Insights
The consumer electronics segment is projected to hold a large market share
On the basis of the application, the lithium-ion energy accumulator market is divided into consumer electronics, transportation, and industrial. The consumer electronics segment is expected to represent a key share of the market during the forecast period. Rising usage of lithium-ion batteries in portable consumer electronics devices due to their high energy density and safety standards is estimated to boost the segment. On the other hand, the industrial sector is predicted to lead the lithium-ion battery industry, with a market value of USD 24.8 billion during forecast period.
Due to the great dependability and endurance of lithium-ion batteries in appliances such as smartphones and laptops, the consumer electronics application category was valued at USD 8.6 billion in 2019. Over the forecast period, the increasing electronics industries in countries such as South Korea, Japan, China, and Taiwan are expected to boost the market for lithium-ion batteries. Industrial applications were worth more than USD 11.3 billion in 2019 and are predicted to grow at a CAGR of more than 10.3% from 2020 to 2027.
Middle East & Africa is expected to dominate the market
Based on regions, the lithium-ion energy accumulator market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Renewable energy resources are a newcomer in the Middle East and Africa. This region is endowed with a wealth of renewable resource possibilities. It benefits from a lot of sunshine and has a lot of wind energy potential. Furthermore, the MEA offers ample area for the construction of large-scale solar power projects. The percentage of renewable energy in total energy consumption in the Middle East area has been estimated to be less than 5% in various nations.
Energy consumption in the MEA area has risen in recent decades, owing to fast economic expansion and urbanization. Electricity consumption in the region is expected to increase rapidly during the forecast period.
Segments
Segments Covered in the Report
The lithium-ion energy accumulator market has been segmented on the basis of
Application
- Consumer Electronics
- Transportation
- Industrial
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Hitachi Ltd
- Samsung SDI Co.
- Asahi Kasei Corp.
- Panasonic Corporation
- Toshiba Corporation
Competitive Landscape
Key players competing in the lithium-ion energy accumulator market include Hitachi Ltd, Samsung SDI Co., Asahi Kasei Corp., Panasonic Corporation, and Toshiba Corporation.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
Samsung SDI launched new ESS devices at EES Europe in May 2019. It revealed E3, an ESS model with a 20% increase in energy density.
Panasonic Corporation, located in Dalian, China, started mass manufacturing of prismatic-type car lithium-ion batteries in March 2018.
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