Renewable energy generation costs have sharply declined due to technological advancements, a better competitive supply chain of renewable energy, and rising economies of scale with smart battery thermal management.
The green energy cycle involves energy generation from renewable sources, which are stored in batteries for further applications. Moreover, the rising sales of electric vehicles have also created a growing demand for battery thermal management systems.
In compliance with this attribute, lithium-ion (Li-ion) batteries came into power. Li-ion batteries are used in almost everything, including mobile phones, laptops, electric vehicles, and grid storage. These are temperature sensitive; they likely degrade in an over-cold or hot environment.
Battery thermal management systems are designed to control the battery temperature within the optimal range between 20 and 55°C. Be it life-saving medical equipment or a luxury yacht, battery thermal management is required to keep all essentials and the comforts of modern life running with safety and reliability.
Battery Thermal Management Strategy
A smart battery thermal management strategy based on reversible water absorption of the metal-organic framework provides an efficient method of desorption cooling in summer and sorption heating in winter. High energy-density rechargeable batteries, especially lithium-ion batteries, have attracted wide interest with the emergence of electric vehicles and consumer electronics due to their high battery life and low self-discharge rates.
The growth in the automotive battery thermal management system market is expected to be driven by the rising demand for electric vehicles worldwide. However, the rising design complexities leading to increased prices are the key restraining factors in the industry.
The battery thermal management system market for mobile and consumer electronics was valued at $4.46 billion in 2021, which is expected to grow with a CAGR of 23.07% and reach $31.13 billion by 2031.
Applications of Rechargeable Li-ion Batteries in Battery Thermal Management Systems
The developments in battery technologies are not just limited to lower costs, the energy density of cells has also been increasing, and this rise leads to the growth in the cost of the battery pack as per the required power.
The rising demand for rechargeable lithium-ion batteries is majorly driven by industries such as automotive, consumer electronics, energy storage, and others for battery thermal management.
Following are some applications of rechargeable batteries:
- Emergency Power Backup or UPS: Having a lithium-ion battery is a key for emergency power backup and an uninterruptible power supply (UPS) that can protect one from power loss or power instability. It is different from a generator or other sort of emergency power backup. Emergency power backup systems benefit critical equipment such as computers, communication technology, and medical technology. The enhanced battery thermal management systems are being designed by developing advanced and compact systems, which include new battery housing designs, new coolants, new immersion-cooled batteries, and new thermal interface materials.
- Reliable and Lightweight Marine Performance: Water being a good conductor of electricity resolves the potential for numerous problems. Upgrading water boats with a long-lasting rechargeable lithium-ion battery gives years of reliable motor performance that begins at a fraction of the weight in comparison to traditional lead-acid batteries. Liquid cooling holds the majority share in the battery thermal management system market for marine motors as it utilizes pumped liquid for removing thermal energy generated inside the battery pack. With lithium-ion batteries, the focus is always on the fun of being on the water, not on whether the marine motor starts at the end of a long day. Whether there is a need to power a small trolling motor or power all of the conveniences of a home on a yacht, lithium-ion batteries are highly capable in battery thermal management.
- Dependable Electric and Recreational Vehicle Power: Battery thermal management systems are used for keeping the batteries in automobiles in the operative range of temperature. The system is paramount to battery safety as it reduces the excessive heat generated by the batteries and promotes heat shedding in the environment. Lithium-ion batteries are a prominent solution for staying comfortable and safely exploring remote locations since they offer a reliable, stable, long-lasting power supply. Lightweight lithium-ion batteries are a power source for recreational vehicles or electric vehicles as they are high in efficiency with reduced weight and size as compared to lead-acid batteries.
- Personal Freedom with Mobility Equipment: The dependency on reliable mobility technology to live an independent life has increased widely; from electric wheelchairs to stairlifts, numerous individuals rely on mobile technology. Lithium-ion batteries are lightweight and are an ideal choice for mobility equipment, offering size customization, fast charging, longer life span, extended run time, and low self-discharge rate when compared to lead-acid batteries.
- Solar Power Storage: With the advancement of solar energy storage technologies, the application of solar energy has increased widely. However, there are days when the sun doesn’t shine or times when the solar equipment needs repair; hence, lithium-ion batteries serve as a renewable source of solar power storage. Rechargeable lithium-ion batteries have fast charge potential, which makes them the best match for solar panels. Solar panels produce low-resistance charging as required for lithium-ion batteries.
- Portable Power Packs to Eliminate Downtime: One of the well-known applications of rechargeable lithium-ion batteries is powering mobile phones and computers. Since lithium-ion batteries are lighter and smaller, they tolerate temperature changes, as well as maintain their power delivery during usage.
Lithium-ion batteries can recharge much faster than lead-acid batteries, and custom lithium-ion battery options allow the transition of existing technology to a longer-lasting and more efficient portable power pack.
Market Drivers and Challenges
The major objective of the battery thermal management system is to prevent accelerated battery deterioration by managing the heat generated by its components for continuous operation at optimum temperature. Rechargeable lithium-ion batteries are extremely economical and durable under challenging conditions.
The rising demand for electric vehicles is expected to provide growth to the battery thermal management system market for the mobility segment. Increasing focus on preventing safety hazards brings significant growth opportunities for the battery thermal management system market for mobile and consumer electronics.
However, the growing complexities in the integrity of the electronics system will hamper the consumer electronics battery thermal management system market growth in the future.
For more information about this fast-growing market, please see Battery Thermal Management System Market for Mobility and Consumer Electronics - A Global and Regional Analysis, a detailed 226-page report packed with data and insights covering market segmentation, recent market developments, market demand, drivers and challenges, the competitive landscape and key players. This report provides valuable data-driven market intelligence to help companies that are developing strategies for product innovation, sales growth and marketing, and competitive benchmarking and positioning.
About the Publisher: BIS Research is a global market intelligence, research and advisory company that focuses on emerging technology trends that are likely to disrupt the market. Its team includes industry veterans, experts, and analysts with diverse backgrounds in consulting, investment banking, government, and academia.