Lithium Ion Batteries were introduced in 1970, are voltage-limiting devices, tighter voltage tolerances and are generally lighter than other sorts of rechargeable batteries of an equivalent size. tons of energy are often stored in lithium ion batteries as lithium may be a highly reactive element. they need a really high energy density with low maintenance and a lithium-ion battery has the capacity of storing 150 watt-hours of electricity in 1 kilogram of battery. a number of the lithium ion battery provide high current density and are the selection for the consumers of mobile equipment , while others provide high current levels and are therefore suitable for power tools and electric vehicles.
Lithium-ion batteries are utilized in smartphones, e-cigarettes, hoverboards and electric vehicles. These also are used for remote monitoring systems, thanks to the characteristics like fast charging, small size, relatively long stand-by time, and most suitable option for mobility equipment, as they provide relatively long lifetime .
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According to a report by Battery Power, “Global trends of energy storage systems that need lithium ion batteries are expected to triple from but $2 billion in 2015 to roughly $6 billion by 2020.” Asia Pacific is predicted to be the foremost potential marketplace for lithium ion battery manufacturers. Rapidly increase within the automotive industry marks the increasing demand of lithium ion batteries for consumer and therefore the commercial goods in countries like India and China. consistent with Li3Energy, “The government of the Republic of South Korea , one among the world’s leading lithium battery producing nations has mandated to take a position US$12.5 billion over subsequent ten years in lithium resource projects and thought of lithium a “strategic commodity”. Industry estimates recommend that annual requirement for lithium has increased from 100 tons within the beginning of the 20th century to approximately 23,000 plenty of Lithane equivalent (LCE) today.”
The key factors that drives the demand of lithium ion batteries is its fast charging and lower self-discharge rate than other sorts of rechargeable batteries chiefly in Asia Pacific and Middle East Regions. Next area of innovation for lithium ion batteries is grid-scale battery installations needed for energy storage. they need a high energy density than other rechargeable batteries, this suggests that for his or her weight or size they will store extra energy than other rechargeable batteries. the most problem with the prevailing lithium ion batteries is that they’re inflammable and therefore the battery gets ruined when discharged completely. The researchers at the Dallas University are performing on innovatory lithium-air battery technology, during which oxygen is employed as an oxidizer, making battery five times cheaper also as long-lasting.
Some of the major companies operating in the global lithium-ion batteries market are LG Chem Ltd., Valence Technology Inc., Saft Groupe S.A., Panasonic Corporation, BYD Co. Ltd., Samsung SDI Co., Ltd., BAK Group, GS Yuasa Corporation, Johnson Controls Inc., Hitachi, Ltd., Toshiba Corporation, and A123 Systems, LLC. .
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