A lithium-ion battery, often known as a Li-ion battery, is a rechargeable battery in which lithium ions travel from the negative electrode to the positive electrode via an electrolyte during discharge and then back again during charging. The positive electrode of a lithium-ion battery is made of an intercalated lithium compound, while the negative electrode is usually made of graphite. Lithium-ion batteries have a high energy density, little memory effect (with the exception of LFP cells), and a low self-discharge rate. Cells can be made to emphasize either energy or power density. They can, however, be a safety problem because they contain flammable electrolytes, which can cause explosions and flames if damaged or incorrectly charged.
• Lighter Design: Li-ion batteries are lighter than conventional rechargeable batteries when compared to their capacity, and are thus employed in portable consumer electronics gadgets where weight and form factor are key selling aspects.
• Low Self-discharge and Longer Shelf Life: When compared to other rechargeable batteries, Li-ion batteries have a lower self-discharge rate of roughly 1.5 percent per month, allowing for a longer shelf life when not in use because it drains slowly.
• Fast Charging: When compared to other rechargeable batteries such as lead acid, nickel-metal hydride, and nickel-cadmium, lithium-ion batteries charge faster.
• Low Maintenance: Lithium-ion batteries do not require maintenance to work at their best.
• High Open-Circuit Voltage: When compared to other batteries like lead acid, nickel-metal hydride, and nickel-cadmium, Li-ion batteries have a higher open-circuit voltage due to their chemistry.
The global lithium-ion battery market is predicted to increase at a CAGR of 12.3 percent from 2021 to 2030, rising from USD 41.1 billion in 2021 to USD 116.6 billion in 2030. The market's expansion can be ascribed to the rising demand for lithium-ion batteries in electric vehicles (EVs) and grid storage, since they provide high-energy density and lightweight solutions. Over the projection period, the market size is expected to grow due to an increase in the registration of electric vehicles and a decrease in the price of lithium-ion batteries. An increase in EV sales, as well as a shift in customer preferences, are expected to propel market expansion. Over the forecast period, the growing number of solar installations and nuclear power plants, as well as the start of wind energy projects, are expected to propel market expansion.
Few Indian Major Players
1. Anand Batteries Ltd.
2. Bharat Electronics Ltd.
3. Carborundum Universal Ltd.
4. Eon Electric Ltd.
5. H B L Power Systems Ltd.
6. Luminous Power Technologies Pvt. Ltd.