NEW YORK, July 20, 2016 /PRNewswire/ — Lithium-ion battery is an energy storage device capable of charging and discharging. In comparison to traditional battery technologies, they are capable of providing significantly high performance. Consequently, lithium-ion battery is being increasingly used as a power supply source for consumer electronics as well as for hybrid and electric vehicles. Reviving global economic conditions, rising disposable income, growing levels of pollution and surging demand for quality & uninterrupted power are few of the major factors anticipated to boost demand for lithium-ion battery during 2016 – 2021. Moreover, increasing portable and stationary energy storage demand and escalating number of solar & wind projects are some other factors expected to impart growth in lithium-ion battery market over the next five years. Globally, demand for energy registered a y-o-y growth of 2.3% in 2014. Moreover, the energy demand is expected to increase from 12928.4 Million Ton Oil Equivalent (MTOE) in 2014 to 17,000 MTOE by 2020. Consequently, adoption of lithium-ion battery is expected to witness robust growth due to its various advantages such as cost efficiency, high energy density, high response time, better safety and long life cycle.