Lithium-ion Battery Market Applications Expanding
The expansion of Lithium ion (Li-ion) battery products across sectors in various markets continues to be significant. Although much of the focus remains on the Electric Vehicle (EV) battery market, between now and 2030 immediate growth opportunities are emerging in the areas of Specialty Machines, Off-Road Motive, Industrial, Storage, and Defense.
The combination of regulatory pressures and improved cost justification have helped accelerate the transition in certain markets from Lead-Acid battery products to Li-ion. For example, Data Center Operators with their vast arrays of Uninterruptable Power Supplies (UPS) traditionally running on Lead-Acid battery banks, have been sparked to re-evaluate the benefits of converting to Li-ion with reduced maintenance and lower replacement costs, as well as smaller space requirements and longer backup times. That same transition from Lead-Acid to Li-ion batteries is propagating rapidly through the Forklift (Lift Truck) and Automated Guided Vehicle (AGV) markets where the expected growth is compounded by the increased demand in warehouse operations equipment.
Going forward it is important to acknowledge that the shift towards Li-ion batteries not only offers opportunities to incorporate new technology products into next generation designs, but in may cases also enables retrofitting into existing applications where the payback benefits can be more immediate.