Lithium-ion battery market expected to exceed $60B by 2024: report

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  • Global Market Insights released a report, estimating that the lithium-ion battery global market size will exceed $60 billion by 2024.
  • The report tracks various li-ion chemistries, touting the batteries for their "better capacity, longer life cycle, and improved efficiency when compared to available alternatives."
  • According to the Global Market Insights report, Li-ion has been taking off due to the ease of availability, high energy density and their longer discharge cycles.

  • BNEF estimates the 2024 annual investment will be approximately $13 billion, more than doubling the roughly $5 billion annual investment in 2018 - Goldie-Scot said.
  • The increasing adoption of automotive uses for the batteries are "what's driving the cost reductions and making it more feasible to use that technology for grid applications," David Hart, senior fellow at the Information Technology and Innovation Foundation, told Utility Dive.
  • "The experts that we've talked to have raised concerns that there may be some limits in terms of cost reduction, and kind of the best case scenario for lithium-ion is still going to fall short of potentially important grid applications, particularly the long-duration applications," Hart said.
  • The Global Market Insights report projects the energy storage and automotive li-ion markets more than doubling between 2016 and 2024.
  • "We're thinking about policies that would allow these technologies to develop. Without getting in the way of continued rapid development of lithium-ion," Hart said.
                                                                                                                 Source: Global market insights

About Kingbo Power Technology

Kingbo Power is one of the leading high -tech lithium ion and lithium polymer battery manufacturers and suppliers. We provide our service in Germany, Russia and United Kingdom. Contact us for best quality high performance battery. 

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