Next-generation batteries are different from conventional batteries. It includes rechargeable poly-lithium-ion batteries, flow batteries, and advanced lead-acid. They are used in the automotive and electric vehicle industry as well as in grid-tied storage energy.
Albany, NY -- (SBWIRE) -- 11/13/2017 -- Next-generation batteries are different from conventional batteries. It includes rechargeable poly-lithium-ion batteries, flow batteries, and advanced lead-acid. They are used in the automotive and electric vehicle industry as well as in grid-tied storage energy. Next-generation batteries possess some remarkable properties such as being lightweight and enhanced safety features. Lithium-ion batteries are the most commonly used batteries for energy storage.
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This is due to its property of being lightweight and compact, while sustaining high energy density.There are various types of next-generation batteries such as Li-air (Lithium-air), Li/S, Li-organic, organic-based redox-flow, room-temperature Na-Sand sodium-ion batteries. These next-generation batteries are at a promising stage of development and are being tested in small applications.
Rapid increase in investments by governments in renewable energy production is contributing to the growth of the next generation battery market. These investments are due to the growing demand for energy and need for green energy initiatives. For instance, the U.S. government is rapidly adopting emission reduction directives and substitute vehicle programs to reduce emissions. Green initiatives are focusing on developing larger EVs to replace fossil-fuel powered vehicles. Supply of renewable sources of power is not continuous which necessitates the most technologically progressive battery technologies to harness the whole power generated. This has led to large-scale adoption of next-generation batteries in the renewable energy segment.
Next-generation batteries are expected to possess features such as storage of more charge in the same physical size and improved longevity of batteries. The market for next generation batteries can be segmented on the basis of application and geography. On the basis of application, it can be segmented into transportation, grid storage, consumer electronics, and others. Major factors driving this market are rapid urbanization in emerging countries, increasing demand for long lasting products by consumers, and strengthening of the global economy. Demand for grid energy storage has increased due to the high adoption of smart grid and growth in renewable energy production, mostly in wind and solar energy. Grid storage systems store additional power which is made available to the consumer on demand. This ensures cleaner and low-cost supply of power, even when the renewable energy systems are not producing continuous power.
Geographical segmentation of the next generation battery market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
Next generation batteries include lithium ion batteries, advanced lead-acid batteries, and molten salt batteries and flow batteries. The market is witnessing rising competition from alternative technologies such as hydro storage and compressed air energy storage (CAES). The battery market is highly competitive due to presence of large number of international and local players. They face competition from both the other battery manufacturers and from substitute technologies such as fuel cells for energy storage and transportation. Lithium-ion batteries still have some performance and cost limitations. Next-generation batteries are affected by poor cycling behavior caused due to active material loss, and electrode degradation. Moreover, lithium ion batteries are vulnerable to bursting into flames. Therefore, research is being conducted on solid-state batteries which contain a solid electrolyte as an alternative to flammable liquid. This is expected to restrain the market growth during the forecast period.
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Key players in the next generation battery market includes Hitachi Zosen Corp., Sion Power, Seeo Inc., OXIS Energy, Fluidic Energy, GS Yuasa, 24M, Ambri, TESLA Motors, Samsung, Panasonic Corporation, Sakti3, Primus Power, Lockheed Martin, EnerSys, AES Energy Storage, Alevo, BYD, and Samsung SDI. Next-generation battery developers are focusing on technology improvements and scaling up the mass-production, while Li-on is improving rapidly due to massive investments.