The cathode materials market is expected to witness a significant double digit growth over the forecast period.
New York City, NY -- (SBWIRE) -- 01/10/2017 -- During past couple of decades, a drastic surge in the oil price was witnessed in the global market. This was the first crisis alert for the world, the rise in price and scarcity of resources created the necessity for conservation of energy and finding an alternative technology for optimum utilization of resources. Development of renewable energy sources, smart energy conservation and storage technologies, advancements in automotive transmission and driveline systems have triggered significant demand for energy storage technologies. Batteries are one amongst the oldest and extensively used storage technologies globally and their performance vastly depends upon cathode materials. Dynamic end user requirements such as long service life, durability, fast charging and effective response times are some of the necessities which led to advancements and developments in battery material types.
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However, world's energy requirements were growing rapidly than supply, along with the rising issues of air pollution. Rise in air pollution and awareness about the impact of air pollution on human health has triggered development of cleaner and renewable energy systems, which are sustainable and affordable. These energy systems require storage capacity which must be versatile and effective which largely depends upon quality and performance of cathode materials. Batteries are one of the proven solution and versatile methods to store electricity. A battery consists mainly four components, cathode materials, anode materials, separators and electrolyte solution. The cathode materials supply ions while batteries are in charging or discharging mode. Cathode materials have been evolving gradually from the first generation level to the third generation level. The cathode materials market is expected to witness a significant double digit growth over the forecast period.
Durability, compatibility, efficient and fast charging are key criterion leading to significant developments in cathode materials market. Increasing use of lithium ion batteries in portable electronic accessories and equipment such as laptops, tablets, mobile phones, digital camera etc. are driving growth of batteries in respective applications ultimately resulting in increasing demand for cathode materials. Entry of local and global players into the energy storage system market are expected to support significant growth opportunities for cathode material suppliers in the market.
Not only consumer electronics but use of batteries in automotive industry for starting, lighting and ignition application is consistently growing. In addition, development of hybrid and electric engines in automotive, marine and locomotive application is further adding to the use of batteries in transportation sector. This trend is significantly driving the consumption of cathode materials across the globe. Use of batteries in domestic, commercial and industrial application as power back up and for maintaining uninterrupted power supply in power grids and telecom towers is another application of batteries. With modernization in power sector coupled with urbanization and smart cities development, demand for batteries and cathode materials is expected to witness consistent increase in near future.
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Regulations over carbon emissions, use of lead, safe disposal and renewable energy usage targets across the globe are providing significant boost towards new product development initiatives in cathode materials market.
There are various perspectives of understanding cathode materials market segmentation. Some examples of such breakdown include cathode materials market segmentation on the basis of material type, application and region.