Cylindrical Lithium-Ion Battery Market Outlook
According to a new report by Expert Market Research titled, “Cylindrical Lithium-Ion Battery Market Price, Share, Analysis, Report and Forecast 2023-2028″,the cylindrical lithium-ion battery market is projected to grow at a CAGR of 19.2% between 2023 and 2028. Aided by the escalating demand for energy-efficient power storage solutions and the broadening applications of cylindrical lithium-ion batteries in multiple industries, the market is expected to grow significantly by 2028.
Cylindrical lithium-ion batteries, characterized by their high energy density and long cycle life, are widely used as power sources in various products, such as laptops, electric vehicles, power tools, and medical devices. These batteries play an integral role in promoting energy efficiency, reducing greenhouse gas emissions, and supporting the transition towards renewable energy. Beyond their energy storage capabilities, cylindrical lithium-ion batteries also offer excellent thermal stability, making them a preferred choice for safety-critical applications.
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The escalating consumer preference for energy-efficient devices is propelling the global cylindrical lithium-ion battery market growth. With the growing awareness of environmental sustainability and the benefits of energy conservation, there has been a significant shift towards the adoption of electric and hybrid vehicles, leading to a surge in demand for cylindrical lithium-ion batteries. In addition, the trend of digitization and portable electronics has further enhanced the popularity of these batteries, as they are a key component in powering digital devices.
The widening applications of cylindrical lithium-ion batteries in multiple sectors also significantly contribute to the cylindrical lithium-ion battery market development. In the automotive industry, these batteries are utilized as the primary power source in electric vehicles. The aerospace sector uses cylindrical lithium-ion batteries for their reliability and safety in various aircraft systems. Additionally, these batteries’ high energy density makes them an essential component in the manufacturing of power tools and portable electronics.
Moreover, the increasing demand for renewable energy solutions in the energy sector has led to an amplified focus on cylindrical lithium-ion batteries as an effective energy storage option. With the rise of solar and wind power installations and the increasing need for grid stability, these batteries have emerged as a critical component in the renewable energy infrastructure, thereby fuelling the cylindrical lithium-ion battery market expansion.
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Cylindrical Lithium-Ion Battery Market Segmentation
The market can be divided based on type, capacity, voltage, industry, and region.
Market Breakup by Type
- Lithium Nickel Manganese Cobalt (LI-NMC)
- Lithium Iron Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Titanate Oxide (LTO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminium Oxide (NCA)
Market Breakup by Capacity
- 0–3,000 mAh
- 3,000–10,000 mAh
- 10,000–60,000 mAh
- 60,000 mAh and Above
Market Breakup by Voltage
- Low (Below 12V)
- Medium (12V – 36V)
- High (Above 36V)
Market Breakup by Industry
- Consumer Electronics
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cylindrical lithium-ion battery companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Panasonic Corporation
- LG Energy Solution
- Samsung SDI Co., Ltd.
- TianJin Lishen Battery Joint-Stock CO., LTD.
- Jiangsu Tenpower Lithium Co., Ltd.
- Shenzhen BAK Battery Co., Ltd.
- EVE Energy Co., Ltd.
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