The Lithium-Ion battery market is experiencing tremendous growth owing to the advancement in the technology, results in growing the production of electric plug-in vehicles, according to Verified Market Research. The research group says it will be worth US$116 billion by 2027.
Elon Musk’s car company and GM, among other auto companies, is focused on making much longer-range and more durable battery cells. The new technology will enable cars to move 400 miles or more between charges and lasting as long as one million miles.
Verified Market Research says the battery manufacturing companies are highly focused on eliminating the expensive and controversial element cobalt from batteries. Apple lithium-ion battery uses fast charging that quickly reaches 80% of its capacity, then switches to slower trickle charging.
Also, the rising demand for smart devices and increasing electronic consumers are other factors propelling the growth of the market. What’s more, the growing need for a battery in industrial applications is imposing a positive impact on market growth. The large-scale energy storage, and the stationary standby applications such as UPS and switchgear and control are anticipated to fuel the growth of the market, says Verified Market Research.
The accompanying graphic is courtesy of Chemistry World.