Surging development of renewable power infrastructure, growing deployment of electric vehicles, and reduction in battery price are the major factors increasing the global battery electrolyte market
September, 2018: The batteries are witnessing widespread growth in the application, with the deployment of renewable energy systems and electric vehicles. The clean energy policies, across the world, foment the deployment of renewable energy infrastructure and electric vehicles. The cost of the renewable power generation is continuously declining. During 2010-2016, the renewable energy generation cost for onshore wind farms and solar photovoltaic (PV) electricity fell by 23% and 73%, respectively, thus, the growth in renewable power infrastructure is inevitable.
The battery technologies have witnessed technological advancements, especially among the lithium-ion battery category. The price of lithium-ion battery has declined by around 80% in the last eight years, which is propelling its adoption, thus, leading to increasing demand for raw materials used in batteries. Therefore, the demand for battery electrolyte is anticipated to grow in the coming years, worldwide.
Globally, the governments have formulated policies to promulgate clean energy technologies. Moreover, the technological advancements about clean energy have sufficed the deployment of clean energy systems. The deployment of electric vehicles has increased rapidly in recent years, with growing concerns regarding pollution caused by conventional vehicles. Currently, China is the largest market for electric vehicle, and has registered 30 times faster growth than the electric vehicle market in 2017, when compared to 2016. The greenhouse gases emission from fossil fuel vehicles are detrimental to the environment, which can be reduced by bringing electric vehicles to use.
Many regions around the world have begun expanding the energy storage infrastructure that involves battery storage systems, to support the renewable power growth. This expansion has resulted from multiple factors, such as decline in the price of battery technologies, reduction in the cost of renewable power, and growing concerns regarding the harmful effects of conventional power generation. Therefore, the market for battery electrolyte has huge growth prospect accentuated by policy level support and technological advancements.
The report “Battery Electrolyte Market Segmentation - by Electrolyte Type, Battery Type, End Users, and Geography” is now available and can be purchased directly at: (https://www.mordorintelligence.com/industry-reports/battery-electrolyte-market)
The Battery Electrolyte Market segmentation, based on electrolyte type, battery type, and regional coverage:
Battery Electrolyte Market - by Electrolyte Type
Battery Electrolyte Market - by Battery Type,
Battery Electrolyte Market - by End Users,
Battery Electrolyte Market - by Region
Middle East & Africa
About Mordor Intelligence, LLP
Mordor Intelligence operates in the business of industry analysis and consulting, helping clients shape their strategic decisions. In today’s fast-paced and competitive business environment, every customer has a unique information requirement. Having understood this, we offer custom market intelligence and advisory services, along with our syndicated reports, to help them gain an edge over competition. We have successfully catered to over 500 clients across the following industries. For more insights, please visit, https://www.mordorintelligence.com