Lithium ion battery sale is a rapidly growing market. These batteries are primarily used in consumer electronics, such as mobile devices, laptops and television sets. They are also used in industrial applications, such as power tools, cordless tools and marine equipment and machinery.
The lithium ion battery sale is expected to grow at a CAGR of 4.35% from 2020 to 2025. This growth is attributed to the increase in demand for these batteries in consumer electronics and electric vehicles.
In addition, lithium ion battery pack costs have declined by 85% over the last decade. This decline is due to increasing scale production and a decrease in the cost of raw materials such as lithium.
This has enabled the battery to be more affordable than it was in 2010, and is a trend that will continue over the next several years. This is driving the use of these batteries in energy storage systems, such as solar power plants and grid-scale batteries.
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These batteries are not only cheaper but also more efficient than other types of energy storage devices, which is a key reason for their increased popularity. This has encouraged utilities and power companies to integrate them into their power supply.
While this technology has many benefits, it comes with its own drawbacks. These include environmental problems.
The extraction of the raw material, which is mainly lithium and cobalt, consumes large amounts of water and energy. In addition, these resources are mined in hazardous conditions. This can impact the livelihoods of workers, which is why policymakers and researchers need to intervene quickly.