The Lithium-Ion battery market is expected to exceed more than USD 92 Billion at a CAGR of 16.5% by 2024 globally.
The modern world runs on Lithium-Ion batteries. As the stats suggest, they are dominant in the rechargeable batteries market. From electronic gadgets like mobile phones and laptops to power tools and electric vehicles, Li-ion batteries are used exclusively to power them.
For the fast-paced technological world of electronics, myriad chemistries and novel technologies are now developed to usher in the next wave of high performance batteries based on Lithium-Ion.
Lithium-Ion Battery Features
With Lithium-Ion battery, you are investing in a far superior product. The unique properties of Lithium make it distinct from all other battery types.
One of the major highlights is the long life span that it provides.
Due to the high energy density, light weight, fast recharge capability and minimal maintenance, it has grown in popularity as well.
* It is capable to store 3 times more energy than others such batteries made of lead.
*Lighter weight makes it compact and highly useful for portable electronic equipment.
Lithium-Ion Battery Trends
Lithium-Ion batteries with its high density feature power electric vehicles.
The Indian Government is fully supporting the manufacturing of Lithium-Ion battery in India and the Electric vehicles. It has allocated Rs 100 billion for Electric vehicles under “Faster Adoption and Manufacturing of Electric Vehicles (FAME II)” scheme.
The option of recycling of Lithium-Ion battery also makes it a preferred option.
Customer interest in the fancy gadget and buyer hardware has pushed the sale of consumer electronics in the market. According to recent reports, the consumer electronics industry is projected to double to Rs 1.48 lakh crore by 2024-25. Since Lithium-Ion batteries are used in Laptops, Smart phones, Smart TV, AC and other electronic devices, the demand for the same has multiplied as well.
Custom option is another major highlight which has further pushed the limits and capabilities of Lithium-Ion battery. They are now extensively used to maximize the performance of various electronic applications with increased complexity, which otherwise could not be attained by regular battery packs.
Advantages of Custom Battery:
- Compact Size – Today, people want light, handy and durable devices. The portable electronic devices and wearable devices are a rage among modern consumers. This has increased the demand for batteries which has compact size as specified by the manufacturer. The custom battery pack is the answer to all such requirements.
- Product Design and Battery – Many of the latest electronic gadgets like smart glasses or high capability devices detect your body functions. It requires a huge amount of energy to work properly. They have unique design concepts as well. Therefore, the battery must be customized to accommodate the design of the device and not vice versa.
- Device properties and specifications – Some device require high discharge current in a short period of time in a low-temperature environment. Similarly, other electronic equipment might require output at 12 V continuously. Special requirements such as these need custom batteries.
In order for devices to perform at their maximum potential, custom batteries are essential. Usually, such battery designs are unique in nature. Therefore, they are patented by the companies and kept as a secret.
Also, the customized battery makes products versatile and increases its efficiency as well.
The custom battery manufacturers have redefined the way batteries are utilized with effective Battery Management Systems – BMS.
BMS assists in dynamic monitoring of the battery cells operating status. It calculates the remaining battery capacity thereby protecting the discharge and charge of batteries. This boosts the working condition of the batteries, improves operating costs and offers a long service life.
Custom Lithium-Ion Battery Trends
- Custom Lithium-Ion Battery is in huge demand among the industrial sectors all across the globe. It is becoming the best alternative to grid dependency for power supply.
- Battery packs are designed to withstand heavy use, more vibration and possible temperature extremes. Also, industrial devices are used in remote and extreme conditions. For this purpose, customized industry-grade battery packs can be developed as per industrial use.
- For industrial applications, the battery pack should function in a specific manner. Conforming to particular measurement and fulfilling highly precise requirements is the need of the hour.
Taking all the above-mentioned factors into consideration, the custom Lithium-Ion battery pack is nothing less than a revolution and the perfect power solution for today’s electronic equipment industry.
China and India were predicted to become the major players in the Asia-Pacific region with the Lithium-Ion market set to reach USD 30,235 million by the year 2026.
But the outbreak of Coronavirus (COVID – 19) and the subsequent shutdown across China has impacted the electronics industry the most. Several industries that depend on imports from China for electronics manufacturing have suffered. Experts say that the issue will increase the prices by 20-30% and hamper the sector for the next 6 months.
Even amid strains in the electronic industry market, India is expected to emerge as the option for the world. Evolute Group with its verticals of “Industrial Electronics” & “CleanTech” with in-house manufacturing capabilities and DSIR approved R&D centre who can fulfil all your electronic equipment, battery packs demand and much more.
With over 4 decades of experience in future-oriented solutions for the electronics industry, we provide custom Lithium-Ion batteries for industrial, automotive, medical and energy storage solutions. Visit www.industrialelectronics.evolute.in/
If you are looking for solutions promoting clean energy and renewable energy storage systems, custom Lithium-Ion and Lithium Ferrous Phosphate battery packs are also available. Visit www.cleantech.evolute.in/ for more details.
Reference:
https://economictimes.indiatimes.com/small-biz/sme-sector/trade-in-the-time-of-coronavirus-sectors-overdependent-on-chinese-imports-face-a-grim-reality/articleshow/74312184.cms?from=mdr
https://www.prnewswire.com/in/news-releases/lithium-ion-battery-market-expected-to-grow-at-a-cagr-of-22-58-exclusive-report-by-mordor-intelligence-837412727.html
