According to a report released by Global Market Insights, Inc., the market value of the lithium-ion battery market will exceed $60 billion by 2024.
It is estimated that by 2024, the Japanese lithium-ion battery market will increase by more than 8%. The industry is optimistic about the prospects of the automotive industry, and the increase in the application rate of smart devices will boost product demand. The Japanese government is committed to limiting emissions, and future trends will shift to sustainable energy use, which will further drive market growth in the lithium battery industry.
Currently, the industry continues to invest in distributed generation, and "off-grid" power generation technology will facilitate the penetration of products into energy storage applications. The rapid expansion of the microgrid will further provide incentives for industry growth. Nickel manganese cobalt oxide, lithium iron phosphate and nickel cobalt aluminum oxide batteries will be used as secondary batteries for such applications.
In 2016, the market value of the lithium-ion battery market in the Middle East and Africa is more than US$1 billion. With continued investment in the research and development of renewable energy grid infrastructure, the future will continue to grow. Investment in microgrids in remote areas will further drive demand for their products.
At present, the core participating companies in the lithium-ion battery market include: Tesla, Panasonic, Samsung, Hitachi Chemical, Hitachi Chemical, GS Yuasa, Philips, A123 Systems, Sanyo, LG Chem, Ennadel (EnerDel), Toshiba, ProLogium, Valence, Exide, Saft Battery, Energies Power, Roofer, Padre Electronics, Ding Tai, Johnson Controls And Duracell.