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Industrial Lithium-Ion Battery Market Size - By Chemistry (LFP, LCO, LTO, NMC, NCA, LMO), Component (Cathode, Anode, Separators, Electrolytes, Aluminum Foil, Copper Foil), Application (Military, Heavy Industrial Equipment, Medical, Marine) & Forecast, 2024 – 2032

  • Report ID: GMI9528
  • Published Date: May 2024
  • Report Format: PDF

Industrial Lithium-Ion Battery Market Size

Industrial Lithium-Ion Battery Market size was valued at USD 4 billion in 2023 and is anticipated to grow at a CAGR of 11% between 2024 and 2032, owing to the global shift towards renewable energy sources like solar and wind power that necessitates large-scale energy storage solutions. Technological advancements have improved battery performance, making them more efficient and cost-effective. Moreover, government plans toward implementing policies to reduce carbon emissions are spurring investment in clean energy technologies including lithium-ion batteries.

Industrial Lithium-Ion Battery Market

As industries increasingly prioritize sustainability and energy independence, the demand for industrial lithium-ion batteries will continue to increase significantly. Additionally, there has been a notable shift in energy generation from traditional fossil fuels to cleaner renewable sources like solar, wind, and water. Many economies are taking active steps to transition to these cleaner energy options. For instance, the European Union has been rapidly advancing solar photovoltaic (PV) and wind initiatives to address potential future energy challenges.

In 2022, the region saw a remarkable increase of over 50 GW in new renewable energy capacity, marking a significant 45% rise from the previous year. The implementation of ambitious policies and goals laid out in initiatives including the REPowerEU Plan and The Green Deal Industrial Plan are expected to drive substantial investments in multiple industrial projects, thereby growing the industrial lithium-ion battery industry in coming years.

Industrial Lithium-Ion Battery Market Trends

A growing adoption of electric vehicles (EVs) and grid-scale energy storage projects are driving the investments, increasing demand for the lithium-ion battery. Advancements in battery technology, particularly in energy density and longevity, are enabling more efficient and cost-effective solutions. Moreover, sustainability initiatives and government policies promoting clean energy are further boosting market growth. Additionally, there's a trend towards vertical integration, with companies expanding into battery manufacturing to secure a stable supply chain.

Innovations in recycling and reuse technologies are addressing concerns about battery waste and environmental impact. Collaborations between industry players and research institutions are further fostering breakthroughs in materials and manufacturing processes, promising even more efficient and sustainable lithium-ion batteries in the future.

Industrial Lithium-Ion Battery Market Analysis

Industrial Lithium Ion Battery Market, By Chemistry, 2022 - 2032 (USD Billion)

Based on chemistry, the market is categorized into LFP, LCO, LTO, NMC, NCA, and LMO. The NMC segment is poised to cross USD 3.9 billion by 2032 since these batteries offer a balance of high energy density, improved stability, and longer lifespan compared to other chemistries. This makes them particularly attractive for applications such as electric vehicles and grid-scale energy storage systems. Additionally, ongoing research and development efforts are focused on enhancing the performance and reducing the cost of NMC batteries, further driving their market growth.

Industrial Lithium Ion Battery Revenue Share , By Component, 2023

Based on component, the industrial lithium-ion battery market is categorized into cathode, anode, separator, electrolyte, aluminum foil, copper foil, and others. Cathode segment is anticipated to expand at a CAGR of more than 10.5% through 2032, due to their better performance and energy density. The increasing demand for higher energy density and longer battery life in applications such as electric vehicles and energy storage systems are enabling the development of advanced cathode materials. Innovations in cathode technology including adoption of nickel-rich formulations and solid-state electrolytes, are enhancing battery performance and safety.

North America Industrial Lithium Ion Battery Market, 2022 - 2032, (USD Billion)

North America industrial lithium-ion battery market size to surpass USD 3.3 billion by 2032, since the investments in research and development, along with collaborations between industry players and academic institutions, are driving innovation and enhancing the performance of lithium-ion batteries in North America. Initiatives to develop a robust domestic supply chain for critical battery materials are boosting the region's competitiveness in the global market.

The U.S. play crucial roles in the industrial lithium-ion battery industry due to their significant contributions to technology innovation, manufacturing capacity, and market demand. In the U.S., Silicon Valley serves as a hub for battery research and development, driving advancements in battery technology. It boasts a robust manufacturing ecosystem, attracting investments from major players in the industry. Meanwhile, Canada possesses abundant reserves of critical battery materials like lithium and cobalt, making it a key player in the global supply chain.

Industrial Lithium-Ion Battery Market Share

Industrial Lithium-Ion Battery Market Share Analysis, 2023

Companies like General Electric, Panasonic, and LG Chem lead the industrial lithium-ion battery industry due to their extensive experience, technological expertise, and global reach. These industry giants have invested heavily in research and development, enabling them to develop high-performance battery solutions tailored to diverse applications. Moreover, their established manufacturing capabilities ensure efficient production and economies of scale, driving down costs, making it challenging for competitors to catch up.

Industrial Lithium-Ion Battery Market Companies

The major players operating in the industrial lithium-ion battery industry are:

  • A123 Systems, LLC
  • Akku Tronics New Energy Technology Co.
  • BYD Company Ltd.
  • Clarios
  • Ding Tai Battery Company Ltd.
  • Duracell, Inc.
  • EaglePicher Technologies, LLC
  • EnerDel
  • Energus Power Solutions, Ltd.
  • Exide Technologies
  • General Electric
  • Hitachi Energy Ltd.
  • Koninklijke Philips N.V.
  • LG Chem
  • Lithium Werks
  • Maxell, Ltd.
  • Padre Electronics Co., Ltd.
  • Panasonic Corporation
  • ProLogium Technology CO., Ltd.
  • Saft
  • Samsung SDI Co., Ltd.
  • Tesla
  • Toshiba Corporation

Industrial Lithium-Ion Battery Industry News

  • In August 2022, Honda and LG formed a partnership to manufacture electric vehicle (EV) batteries in the United States. This joint venture aims to produce lithium-ion batteries for Acura and Honda EV models specifically designed for the North American market.
  • In February 2022, Panasonic Corporation revealed plans for its Energy Company to construct a production plant at its Wakayama Factory in western Japan. The facility will specialize in manufacturing the latest generation of large cylindrical lithium-ion batteries, measuring 46 millimeters in width and 80 millimeters in height, designed specifically for electric vehicles (EVs).

The industrial lithium-ion battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Chemistry

  • LFP
  • LCO
  • LTO
  • NMC
  • NCA
  • LMO

Market, By Component

  • Cathode
  • Anode
  • Separator
  • Electrolyte
  • Aluminum Foil
  • Copper Foil
  • Others

Market, By Application

  • Military
  • Heavy Industrial Equipment
  • Medical
  • Marine
  • Others

The above information has been provided for the following countries across the regions:

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Spain
    • Austria
    • Netherlands
    • Sweden
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Malaysia
    • Thailand
    • Philippines
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iran
    • Egypt
    • Turkey
    • Morocco
    • South Africa
    • Nigeria
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Chile
    • Colombia


Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of industrial lithium-ion battery reached USD 4 billion in 2023 and is set to witness 11% CAGR from 2024 to 2032, owing to the rising global shift towards renewable energy sources like solar and wind power that necessitates large-scale energy storage solutions.

The NMC segment and is expected to surpass USD 3.9 billion by 2032, due to offering a balance of high energy density, improved stability, and longer lifespan compared to other chemistries.

North America market is poised to record over USD 3.3 billion by 2032, attributed to investments in research and development, along with collaborations between industry players and academic institutions in the region.

Hitachi Energy Ltd., Koninklijke Philips N.V., LG Chem, Lithium Werks, Maxell, Ltd., Padre Electronics Co., Ltd., Panasonic Corporation, ProLogium Technology CO., Ltd., Saft, Samsung SDI Co., Ltd., Tesla, and Toshiba Corporation, are some of the major industrial lithium-ion battery companies worldwide.

Industrial Lithium-Ion Battery Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 24
  • Tables & Figures: 15
  • Countries covered: 34
  • Pages: 350
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