Growing Need of Renewable Energy Storage Propels Lithium-ion Battery Packs Market
Lithium-ion battery is trending in the use of portable electronics and electric vehicles, owing to the rechargeability features. They are being used in military and aerospace applications recently. The rising awareness about renewable energy and strict government ordinances are leading to increased investment in renewable sources of energy. Renewable sources do not provide continuous energy, and thus, there is a need to store the energy to provide a constant power supply. The lithium-ion battery packs market is projected to witness a global rise due to advancements in technology and growth in demand for cost-effective solutions for the storage of renewable energy.
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The number of nations agreeing to the Paris Climate Change Agreement is increasing significantly. The agreement ensures the decline in carbon footprint and greenhouse gases by decreasing their dependence on fossil fuels. These are anticipating new opportunities and increasing demand for lithium-ion battery packs. Moreover, with the use of advanced technology, the present lithium-ion battery packs are lightweight, small, and less stand-by rate with high energy density. Compared to other types of batteries, lithium-ion battery packs carry low levels of toxic heavy metals, proving to be an environment-friendly alternative to store energy. These factors are likely to drive the lithium-ion battery packs market during the forecast period.
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Use of Lithium-Ion Battery Packs in Electric Vehicles Globally
The usage of lithium-ion batteries has significantly increased in automobiles, marine, and consumer goods industries. These batteries can allow better energy density and voltage capacity compared to their alternatives. However, lithium-ion battery packs can cost much higher with a longer charge time. Thus, manufacturers need to focus on improving battery capacities and lifespan, reducing charging time and battery size making them cost-effective. Moreover, as the expense of replacement of lithium-ion batteries is high and regular replacement increases operational costs, manufacturers are now focusing on increasing the number of charging cycles of batteries. Due to rising number of innovations taking place in batteries and increasing market competition, the price of the lithium-ion battery pack is expected to decrease in the near future.
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The automobile sale is growing rapidly, mostly due to increased population and varying consumer buying patterns. Growing environmental concerns and developments in electronic controlled units are fueling the demand and production of electric vehicles. The lithium-ion battery packs are significantly used in electric vehicles due to low maintenance and lower self-discharge rate than other rechargeable batteries. Thus, with the rise in the demand for electric vehicles, the global lithium-ion battery packs market is expected to grow during the forecast period. Moreover, in the marine industry, most vessels run on fuel that causes high levels of pollution. The solution is to adopt hybrid and fully electric systems in retrofit ships as well as new ships, and the trend has been successfully rising. Therefore, the demand for adoption of lithium-ion battery packs in the marine industry is foreseen to propel the lithium-ion battery packs market during the projection period.
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