An electrochemical cell is a system consisting of anode, cathode, and electrolyte that is capable of generating electrical energy through redox chemical reactions. Electrochemical cells are commonly used as power sources in portable electronic devices, electric vehicles, and stationary energy storage systems owing to their advantages such as high energy density, variability in voltage, and design flexibility.
The global Electrochemical Cell Market is estimated to be valued at US$ 23.73 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key players operating in the electrochemical cell market are Panasonic Corporation, Samsung SDI Co., Ltd., LG Chem Ltd., Tesla, Inc., BYD Co. Ltd., Johnson Controls International plc, Saft Groupe S.A., GS Yuasa Corporation, Duracell Inc., Enersys, A123 Systems LLC, Sony Corporation, Bloom Energy Corporation, Toshiba Corporation, and Siemens AG. Panasonic Corporation, Samsung SDI, and LG Chem are the top players in the global electrochemical cell market.
Market key trends:
Electric vehicles are gaining popularity owing to stringent emission norms and growing environmental concerns globally. According to International Energy Agency, the global electric car fleet reached 7.2 million in 2017, up 54% from previous year. Advancements in lithium-ion batteries technology along with declining battery costs have enabled increased driving range of electric vehicles. Major automotive companies such as Tesla, BMW, Nissan are investing heavily in electric vehicles segment which is expected to drive the demand for electrochemical cells as they are extensively used in lithium-ion batteries. Stringent regulations regarding emission coupled with high energy density of lithium-ion batteries is anticipated to augment growth of electrochemical cell market during the forecast period.
Segment Analysis
The electrochemical cell market is segmented by type into lithium-ion, lead-acid, nickel metal hydride, zinc-air, and others. The lithium-ion segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Lithium-ion batteries have a high energy density and charge retention capacity as compared to other battery chemistries, making them suitable for power-intensive applications like consumer electronics and electric vehicles. Their high efficiency, lightweight design, and environmental sustainability have further boosted their adoption across various end-use industries.
Key Takeaways
The global electrochemical cell market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for inexpensive and efficient energy storage solutions.
The global electrochemical cell market size is expected to reach US$ 23.73 Bn in 2023.
Asia Pacific dominated the global market in 2023 and is expected to continue its dominance during the forecast period. Rapid industrialization and urbanization along with government initiatives to promote clean energy in countries like China and India are driving the growth of the electrochemical cell market in Asia Pacific.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
