Earlier this month, researchers from Stanford University and the Department of Energy’s SLAC National Accelerator Laboratory discovered a way to repair polymer connections in Lithium-Ion batteries adding carbon nanoparticles to a flexible electronic skin, effectively creating the world’s first “self-healing” battery.
A Lithium-Ion Battery is a rechargeable battery containing lithium ions that move from the negative to the positive electrode during discharging and back when charging. When the battery charges and discharges, silicon electrodes inflate and deflate, eventually causing cracks as the battery wears down.
By developing a self-healing battery, scientists have created a whirlwind of new possibilities for electronics manufacturers, which in turn is driving the Global Lithium-Ion Battery Market at a CAGR of 17.9 percent for the 2012-2016 period.
The applications of Lithium-ion batteries have increased over the past few years as a result of the increased usage of laptops, cell phones, smartphones, tablet PCs, and e-books. As these devices require slim high-capacity batteries, Lithium, being one of the lightest metals, makes it quite appealing to electronics manufacturers who constantly struggle with developing lighter and smaller devices.
In the past, the performance of the Lithium-ion battery has been questioned under high temperature. The high temperature leads to capacity loss, which may hinder performance, cause internal short circuits and destroy the chemical structure of the battery, all of which cause a major challenge for vendors.
However, there has been a tremendous increase in technological advancements, which has led to a subsequent increase in the use of various electronic devices. This in turn has led to an increase in energy usage, mostly in the form of batteries. For instance, modern telecommunication devices such as cell phones are increasingly being equipped with various innovative features, including multimedia messaging, internet accessibility, and TV viewing, which consume a substantial amount of battery power.
As anyone who uses a smartphone throughout the day, more often than not, they lose their battery power in a short time, and therefore require frequent charging. As a result, there is increased need for efficient and durable rechargeable batteries, which is aiding market growth; and now that researchers have developed a battery that can repair itself, it is likely that the battery life in many electronic devices is likely to vastly improve in the next few years.
Furthermore, improvements to Lithium-Ion batteries could lead to a wider range of applications, which is another major factor that is currently influencing the growth of the Global Lithium-ion Battery market. Lithium-ion batteries already have diverse applications spanning various industries such as the Consumer Electronics, Industrial, and Automotive.
The automotive industry is expected to benefit greatly from improved Lithium-Ion battery performance as more and more electric vehicle (EV) manufacturers are incorporating them in order to change the complete outlook of important aspects such as power, transportation and fossil fuels. Many EVs lack the power capabilities that traditional fossil fueled vehicles have, which has hindered their adoption rates in the past. Integrating improved Lithium-Ion batteries could vastly improve EV performance and even the playing field in the competition against traditional vehicles.
Moreover, the current price of Lithium-ion batteries, which stand at over US$500 per kWh, is expected to reduce by half in the next five years and fall further to one-third of the current rate in another decade. Meanwhile, petroleum prices are expected to increase in the coming years. The year-on-year price reduction for lithium-ion batteries is encouraging many vehicle manufacturers to invest in EVs.
In addition, many governments are focusing on green technology with the aim of reducing carbon emissions and supporting the use of renewable energy. The growth of the EVs market hinges on the government regulations (in the short run) and the price of the batteries (in the long run) which are two factors expected to extensively drive the Lithium-Ion Battery Market in the years to come.
For more information, view our 2012-2016 Global Lithium-Ion Battery Market report.
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