Flat Lithium-ion (Li-ion) Battery Market to grow at a CAGR of 13.8% during 2024-2028
The Flat Lithium-ion (Li-ion) Battery Market is expected to grow at a CAGR of 13.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 23.25 billion. In the business realm, flat Lithium-ion (Li-ion) batteries are indispensable for powering electric vehicles (EVs) and portable electronic devices. These batteries, however, have a typical lifespan of 3-5 years. Given their toxic and flammable components, including valuable metals such as lithium, cobalt, and nickel, it is essential to recycle Li-ion batteries instead of disposing of them in landfills. The recycling process involves a chemical precipitation methodology, which recovers minerals for reuse in battery manufacturing. The high material costs and complex production processes make Li-ion batteries expensive to manufacture, further emphasizing the importance of recycling to mitigate environmental risks and reduce costs.
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Technavio analysts predict that the Consumer electronics subsegment will lead the Application segment during 2024 and 2028 The consumer electronics sector held the largest market share in the global flat Lithium-ion (Li-ion) battery market in 2021. This segment's growth can be attributed to the increasing use of flat Li-ion batteries in various consumer electronics, such as smartphones, tablets, laptops, digital cameras, personal computers, television sets, electrical household appliances, electronic medical equipment, microelectronic components, and automation systems. The proliferation of electronic devices, driven by the expanding Internet penetration and heightened consumer awareness of advanced technologies, is fueling the growth of the consumer electronics segment in the flat Li-ion battery market. Moreover, the rising demand for the connected home concept, which includes smart appliances, smart televisions, and other devices, is further boosting the need for flat Li-ion batteries in this sector.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increase in demand for smartphones
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The Flat Lithium-ion (Li-ion) battery market is witnessing significant growth due to the increasing demand for lightweight, high-performance batteries for various applications. These batteries offer long service life, high energy density, and a wide temperature range, making them ideal for use in military applications, portable devices, camera batteries, laptop battery repacks, RC packs, and renewable energy storage devices. Li-ion batteries have a high operating voltage, which allows for better energy conversion efficiency and improved performance. Their safety characteristics, including a discharge termination voltage, conductive collector, and protection against internal short circuits, ensure reliable operation. The chemical characteristics of Li-ion batteries, including the use of a liquid electrolyte and both a cathode and anode, contribute to their high energy density. However, concerns over electrolyte leakage and the potential for thermal runaway have led to the development of solid electrolyte batteries for improved safety. Advancements in technology, such as the use of sensors and microcontrollers, are enabling the development of more sophisticated Li-ion batteries with improved self-discharge rates and faster charging times. The market for flat Li-ion batteries is expected to continue growing, driven by the increasing demand for lightweight, high-performance batteries for various applications.
The global flat Lithium-ion (Li-ion) battery market is a segment of the broader independent power and renewable electricity market, as identified by Technavio. This market encompasses organizations involved in the generation and distribution of electricity derived from renewable sources. The parent market, renewable electricity, comprises independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers. Key growth drivers for this market include governmental policies and ambitious targets promoting the deployment of renewable power. Over the past decade, the adoption of renewable energy sources has significantly expanded due to these supportive measures.
The Flat Lithium-ion (Li-ion) Battery Market is experiencing significant growth, fueled by the increase in demand for smartphones. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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