LITHIUM-ION BATTERIES
The continued decline of lithium-ion battery prices has helped the electric vehicle market to grow
Photo by: Bloomberg
The yearly global market for lithium-ion battery energy capacity for traction and propulsion energy in underground mining vehicles (UMVs), marine vessels and rail cars is estimated to reach a combined 8 614 MWh in nine year’s time, and pack revenue will total $5.99-billion.
In terms of yearly capacity, the UMV sector and the rail car sector are expected to grow their capacity to 2 531 MWh and 1 849 MWh respectively, with the marine vessel market expected to lead with 4 234 MWh by 2026, market research and consulting company Navigant Research senior research analyst William Tokash says.
Stakeholders in nonautomotive transportation areas are looking to take advantage of lithium-ion batteries for traction and propulsion energy as a way to displace or replace diesel-fuel use to meet emerging emissions and cost reduction goals.
“The growth of lithium-ion battery manufacturing expertise in the consumer vehicle market is now opening up new market opportunities for advanced lithium-ion batteries to provide traction/propulsion energy in marine vessel, rail car and UMV markets. “These advances will present opportunities to displace or replace internal combustion engine energy capacity to meet new environmental and performance requirements,” Tokash explains in a statement on Navigant Research’s ‘Market Data: Non-Automotive Transportation Markets for Advanced Batteries’ report released in March.
The report examines the emerging market for traction and propulsion energy in the UMV, marine vessel and rail car sectors. It also analyses the market issues, including drivers and barriers, associated with advanced batteries for nonautomotive transportation markets, providing global forecasts for capacity and revenue to 2026.
The report shows that a decline in the price of lithium-ion batteries has spurred the market for light-duty, plug-in electric vehicles, which has helped automotive manufacturers meet increasingly strict government fuel efficiency and emissions reduction mandates.
Tokash adds that the report provides a segmented global market forecast on capacity and revenue by sector and region, while also examining the primary vessel and vehicle types where advanced batteries for traction and propulsion energy are being deployed in the marine vessel, rail car, and UMV sectors.