European Battery Technology Market: Key Factors Driving Growth
MarketsandMarketsTM estimates that the Battery Technology Market will be valued USD 95.7 billion in 2022 and will rise at a 7.4% CAGR to reach USD 136.6 billion by 2027. This growth is linked to the rising popularity of different batteries in the renewable energy sector as well as the rising demand for battery-operated electric vehicles. Due to the continuously rising number of battery installations, the utilities sector is a significant contributor to the expansion of the market for battery technology. The transition towards renewable energy and the significance of energy storage in the current world are highlighted by the spike in battery demand.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253343109
Lithium-ion battery is expected to hold the largest growth rate during the forecast period.
The rising popularity of electric vehicles, stringent government fuel economy rules, and the rising demand for smart devices and other consumer electronics are all likely to contribute to a large increase in the demand for lithium-ion batteries throughout the forecast period. Automobile makers are also investing more in electric vehicles because to improvements made to lithium-ion batteries and a decline in their price. Due to their adaptability to different needs and their energy efficiency as a result of the adoption of novel anode materials, lithium-ion batteries are also widely utilised in portable devices and industrial equipment. Lithium-ion batteries are currently being intensively researched by manufacturers to make them compatible with cutting-edge products. Lithium-ion batteries are therefore anticipated to expand at the fastest rate during the projected period.
Automotive is expected to hold the largest CAGR by 2027.
By 2027, it is anticipated that the automotive industry will have the highest compound annual growth rate (CAGR), mostly as a result of the growing demand for electric vehicles that is being sparked by increased environmental concerns and a move towards sustainable fuel sources. Environmental standards and emission restrictions put forth by governments all over the world are promoting the use of electric vehicles and raising the need for high-performance batteries like lithium-ion and nickel metal hydride batteries. These batteries are a preferred option for automakers due to their excellent thermal stability, energy density, and power density as well as their safety for usage in electric vehicles. Hence, the market for battery technology is expanding due to the rising popularity and adoption of electric vehicles, with the automotive industry predicted to have the highest CAGR by 2027.
Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/battery-technology-market-253343109.html
The Battery Technology Market in Europe is the second-dominating region in 2021.
Europe is the second-largest region in terms of the market for battery technology, and some of the biggest battery producers are there, like Saft (France) and FIAMM (Italy). Batteries are widely employed as safe, long-lasting, and portable power sources in the automobile and consumer electronics industries. Europe's automobile industry is highly advanced, with improved production methods and an emphasis on conserving energy and water. Environmental and carbon emission policies in the area encourage the use of renewable energy sources and raise the need for energy storage, opening up market prospects for battery technology. Large-scale investments in battery production research and development as well as the rising usage of renewable energy, which necessitates energy storage solutions, are other factors driving the European battery technology market. As a result, it is anticipated that the European battery technology market would expand further in the years to come.
Major companies operating in this battery technology market includes LG Chem (South Korea), Hitachi Ltd. (Japan), SAMSUNG SDI CO. LTD. (South Korea), GS Yuasa International Ltd. (Japan), Enersys (US), Panasonic Holdings Corporation (Japan), and Contemporary Amperex Technology Co., Ltd. (China).
News Covered:
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com
Comments
Post a Comment