Lithium Ion Batteries benefits and their future in India

Lithium Ion Batteries benefits and their future in India

Lithium’s inherent characteristics make it a game changer for energy storage in the 21st century. Lithium batteries charge more quickly, last longer, and offer a better power density than conventional battery technology, resulting in longer battery life in a smaller container. Lithium-ion batteries need little to no maintenance due to the extended battery life and lack of memory effect. Self-discharge makes it ideal for a wide range of uses. Everyday electrical devices such as mobile phones and electric cars are now powered by lithium batteries.

At a value of $1.66 billion in 2020, the lithium-ion battery market in India is estimated to reach $4.85 billion in 2027. 

The lithium-ion battery market in India is likely to be driven by factors such as falling lithium-ion battery costs and the introduction of new and interesting markets, such as electric vehicles and energy storage systems (ESS) for commercial and residential use. Lithium battery price are likely to offer a threat to local production and the lithium-ion battery business in the nation because of a lack of significant raw materials.

  • It has been predicted that the portable lithium-ion battery market in India would account for the majority of sales over the projection period.
  • In the future, India’s lithium-ion battery market could benefit greatly from the growing recycling activities of lithium-ion batteries, which are expected to secure the country’s supply of raw materials like lithium and cobalt and reduce reliance on the extraction and refinement of materials from mineral resources.
  • Increasing the use of electric cars in India is expected to fuel the lithium-ion battery industry in the country.

The Portable Market Segment Will Take Over

  • Electronic products, such as cellphones, computers, clocks, watches, and remote controls, typically employ lithium-ion batteries. Consumer electronics sales are heavily influenced by the population and disposable income of a given nation. Consumption of consumer electronics has risen in India as a result of the country’s growing disposable income over the last several years.
  • In terms of joules of energy per kilogramme, lithium-ion batteries outperform older battery technologies like nickel-cadmium (NiCd) and nickel-metal hydride (NiMH). In addition, since lithium-ion batteries have a lower self-discharge rate than other rechargeable batteries, they have grown in popularity. This has made it vital for electronic gadgets to be able to use smaller batteries with higher charge retention.
  • It is also envisaged that programmes like “Make in India” and “Digit India” would reduce manufacturing costs for consumer electronics, making them more accessible for those in rural regions where the penetration of consumer electronics now is low.
  • As a result of the aforesaid factors, the portable lithium-ion battery market in India is predicted to be the most lucrative in the forecast term.

Are Lithium Batteries more expensive or less expensive?

This trend is projected to continue with enormous investments in technology and procedures, which have already reduced inverter battery price in India by roughly 60-70 percent in the previous several years. An estimated 73% of the world’s lithium battery storage is produced in China, and the country intends to build several multi-gigawatt facilities in the future. India’s price sensitivity means that manufacturers prefer to buy their batteries from China rather than the local market, where there isn’t much capacity. When it comes to batteries, China prefers to dump its lower-quality goods in India because of the cheaper labour costs there.

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