The growing consumer demand for a reliable energy storage option has resulted in a series of inventions in the advanced battery markets.
The growing consumer demand for a reliable energy storage option has resulted in a series of inventions in the advanced battery markets. In recent years, significant progress has been made in increasing the expected battery life and in developing battery technologies that are capable of effectively powering various battery electric vehicles, plug-in hybrid electric vehicles and others.
The most popular advanced battery technologies like lithium-ion and nickel metal hydride batteries have been growing at a significant rate in the past few years. They have grown at an average growth rate of 14% in the last five years. Other advanced batteries with new technologies like Zinc-air and vanadium redox batteries that possess high power capacities and light weight are expected to show an increasing demand pattern in the future.
NiMH Battery Market
NiMH is a well established and understood technology. This battery chemistry offers a dual advantage of low cost and acceptable performance. HEVs equipped with this battery type have a greater range and offer twice the energy density of lead acid batteries at 80 watt-hours per kilogram (wh/kg). NiMH has achieved economies of scale to reduce the overall battery system cost and is expected to remain a viable option for conventional HEVs.
One of the key drivers of the advanced battery industry is that it is an environmentally friendly technology with the least scope for pollution and other battery disposal issues. The policies and environmental standards given by different regulating authorities help in assessing the advanced battery manufacturers in terms of the environmental hazards associated with the batteries. The technological aspects of each advanced battery are different from each other based on different parameters like the duration of storage, capacity, energy density, cost, life cycle and others. Advanced batteries are secondary electrochemical energy storage devices and are large in terms of size and energy capacity. They are technologically advanced apart from being environmental friendly devices.
Lithium Ion Battery Market
The lithium-ion (Li-ion) battery market for hybrid electric vehicles is rapidly emerging with massive potential. The rapid growth in the number of electric vehicles will offer increased opportunities for Li-ion batteries in the future. Although Li-ion batteries for hybrid electric vehicle are still in an emerging phase, they are most likely to displace the Nickel-metal Hydride (NiMH) share in the future due to their growing prominence. NiMH battery technology has reached its maturity and the pace of technological innovation in the market is much slower than for the Li-ion battery technology. Li-ion battery technology, on the other hand, offers better overall performance characteristics, high specific energy
density, long cycle life, no memory effect and is compact in physical dimensions and lightweight compared to the NiMH battery.
GlobalData’s “Advanced Batteries - Global Market Size, Technology Road-Map, Regulations, Competitive Landscape and Pricing Analysis to 2020” gives us clear understanding of the Advanced Batteries market. It provides deep insight into the key drivers impacting the market, restraints in the market and also provides data regarding the historical and forecast growths, market share, technology analysis, trends and opportunities and others for the major countries across the globe.
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