The demand for Lithium-ion battery seems to be increasing over the years. This is because of the benefits it offers to its users. Huizhou YTC Co. Ltd. is all geared up to meet this growing demand for this type of battery. Lithium-ion is mostly used as a Golf cart battery as it is lightweight, durable and also ensures long running of the vehicle.
According to the company spokesperson, the global market size of lithium-ion battery by 2027 is likely to touch USD $87.5. There is noticed a CAGR expansion of about 13.0%. The market is further expected to grow and expand fast with the rapid increase in the sales of EVs (Electric Vehicles). It also includes consumer preference variations that seem to be shifting towards this type of battery. It is these factors that tend to drive the overall market demand for Lithium-ion battery.
These batteries are increasingly used in grid storage, portable consumer electronics and EVs. The main reason cited for its improved usage is because of its enhanced safety level combined with higher energy density. It is this particular aspect that is poised to drive significant market growth. Such batteries find great use in numerous applications to offer high energy density solution. Also, they are quite lightweight and portable. This means, they can be carried around effortlessly and also makes the vehicle in which it is fit to be much lighter and less expensive. The officials at Huizhou YTC claim that the Portable Power Stationm Lifepo4 Battery supplied by them provides optimum energy density / weight. It is also used frequently in HEVs and computers.
Besides this, technological advancements have helped reduce battery cost and weight. It has managed to increase overall efficiency and power output, thereby helping the market to expand significantly. Market players will find efficient distribution channels to be an important method to attain competitive benefits. Industrial application segment is said to dominate the market. In 2019, it accounted for about 34.3 percent of total revenue.
From the period 2020 – 2027, the overall energy storage system is expected to experience about 13.8% estimated CAGR. This is mainly due to advancements made in wind energy and Solar PV systems in different countries spread across the globe like the United States, Germany and China. In 2019, Asia Pacific is reported to have accounted for approximately 33.1% of total global market share. A substantial rise is predicted in the region due to government policy implementation to promote EVs.
The concerned government authorities have been providing encouraging incentives including net metering system. This is likely to stimulate rooftop solar PV (photovoltaic) panel installations all over the world. Battery energy storage can be considered to be a part of the rooftop solar panels. It is crucial to generate power, since the system helps to storage captured solar energy in it, thus allowing it to be used at night time. Hence, lithium-ion battery sales in all forms and sizes are expected to increase in demand in the future.
Company name: Huizhou YTC Co. Ltd.
Address: 16, Huifeng, 7th Road, Huicheng Dist., Huizhou City, Guangdong, China
Phone: +861 867 666 9434
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