Four Mega Trends Drive Battery Innovations
Advances in wearable devices and the Internet of Things (IoT) are being mirrored by innovations in battery technologies that include flexible, thin, stretchy, curved, foldable, and pin-sized form factors, according to a new report from Frost & Sullivan.
The four “Mega Trends” powering battery growth are “connectivity and convergence, smart is the new green, future of energy, and health, wellness and well-being,” according to the market researcher.
The report, Implications of Mega Trends on Batteries, finds that lithium-ion and primary lithium are the chemistries of choice in sensors for IoT, wearable devices, smart cities, and storage. The global battery-based energy storage systems market is expected to reach $7 billion by 2020, with lithium-ion accounting for more than half of this revenue.