Batteries are electrochemical devices that convert potent chemical energy into boundless electric power. They achieve this energy transformation through an electrochemical reaction involving the transfer of electrons between materials in a circuit.
The lithium battery market in India is projected to experience rapid growth with a compound annual growth rate (CAGR) of approximately 40%, reaching a value of ~US$ 280 billion by the year 2030. This expansion is driven by factors like increasing disposable income leading to higher demand for consumer electronics. Initiatives like Make in India and Digital India have led to a boom in the manufacturing sectors ultimately lowering manufacturing costs and a significant rise in the production of Lithium-ion batteries, especially for electric vehicles.
The widespread adoption of robotic solutions, smart grid technology, and renewable energy systems also contributes to the rising demand for lithium batteries. It is projected that most of the demand in 2030, is expected to come from mobility applications, primarily electric vehicles with a projected demand of about 4,300 GWh.
The development of advanced Lithium-ion batteries, crucial for modern Electric Vehicles (EVs), is the result of a series of groundbreaking innovations by pioneering scientists. Gilbert Newton Lewis initiated early experimentation with lithium batteries. Armand's proposal of a lithium-ion battery with distinct intercalation materials for cathodes and anodes laid the foundation for future advancements. M. Stanley Whittingham created the first lithium-ion battery, utilizing metallic lithium at the anode and titanium disulfide intercalated with lithium ions at the cathode. John B. Goodenough, together with collaborators, introduced a battery with cobalt oxide layers as cathodes.
The Indian lead acid battery market is projected to grow steadily at a ~2% growth rate annually reaching around ~US$ 12 billion by the year 2030 whereas the global markets are expected to grow at a CAGR of ~7% reaching ~US$ 94 billion by 2030. This growth is driven by multiple factors including its vital role as a standby/emergency power source in the mining space, increased demand for power backup is critical in industries such as railways, oil & gas, and mining. The rising adoption of lead acid batteries as energy storage solutions in the growing renewable energy industry, along with the surge in EV sales, both for commercial and personal use contributes to the demand.
