Power has been a constant necessity to us since the inception of human evolution. And with a source of power that is both renewable and clean, we can counter power shortages. Our best shot of achieving that energy is through the advancement of Battery Technology.
To better understand this industry, we need to understand the basics first.
Batteries are essentially a device that can transform stored chemical energy into electricity. One or more cells consisting of a positive electrode, a negative electrode, an electrolyte, and a separator make a battery.
Battery companies are constantly searching for better chemistries to supply more power at a cheaper cost.
There are three primary battery technologies through which we can get an ample amount of energy supply in the future. They are Lithium-ion batteries, Lithium-sulphur batteries, and Solid-state batteries. Lithium-ion is slowly emerging as the most advanced battery technology available.
The global market of batteries is also expanding at a steady pace. In 2020 its valuation was 92.0 billion USD, and by 2025 it is expected to grow to 152.3 billion USD.
The battery is a way to store energy. Hence, it is needed to operate almost everything from your phone to your laptop. Its market is also proliferating with the extensive use of batteries for electric vehicles (EV) and mobile computing.
Due to the fast urbanization and constant increase in population, renewable energy becomes potent for the continuation of life. And battery technology gives us a surefire solution to that.