Investing in the Battery Technology Market: Key Players and Strategies
The Battery Technology Market is predicted to be worth USD 95.7 billion in 2022 and USD 136.6 billion by 2027, rising at a CAGR of 7.4%, according to a recent analysis by MarketsandMarketsTM.
The main factors driving the growth of the battery technology market, according to the report, are the rising demand for battery-operated electric vehicles and the increased usage of various batteries in the renewable energy sector. The utility industry's quick increase in battery installations is another factor fueling the market's expansion, according to the research.
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).
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DRIVERS: Increasing advancements in smart electronic devices
Worldwide improvements in electricity and communication have increased reliance on technology, which has resulted in an increase in smart electronic devices. Due to their high energy capacity and malleability, lithium-ion batteries are a common energy source for many products, including consumer electronics, gardening tools, and uninterruptible power supply systems. The Internet of Things (IoT), which powers smart speakers, fitness trackers, and smart watches, has gained popularity. Since these devices need rechargeable, long-lasting batteries, lithium-ion batteries are a common option. In general, the development of smart electronic gadgets has raised the need for reliable and efficient energy sources.
Lithium-ion battery is expected to hold the largest growth rate during the forecast period.
Global demand for lithium-ion batteries is expanding, mostly due to rising interest in electric vehicles, stringent government fuel economy laws, rising interest in smart devices and other consumer electronics, and improvements made to lithium-ion batteries. Automobile makers are spending more on electric vehicles as lithium-ion battery prices have decreased. Additionally, because lithium-ion batteries are adaptable and have improved in energy efficiency because to the adoption of novel anode materials, they are frequently utilised in portable electronics and industrial machinery. Lithium-ion batteries are being developed by manufacturers to work with cutting-edge goods. The lithium-ion battery market is therefore anticipated to expand significantly throughout the course of the forecast period.
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Automotive is expected to hold the largest CAGR by 2027.
Growing environmental concerns and increasing knowledge about sustainable and clean fuel sources have increased the desire for electric vehicles. The demand for high-performance batteries like lithium-ion and nickel metal hydride batteries has surged as a result of government initiatives and environmental restrictions supporting the use of electric vehicles globally. These batteries are safe to use in electric vehicles since they have great thermal stability, power density, and energy. By 2027, the automotive industry is anticipated to have the market's highest compound annual growth rate (CAGR), as acceptance and awareness of electric vehicles continue to rise.
The battery technology market in Europe is the second-dominating region in 2021.
Some of the top battery manufacturers, notably Saft (France) and FIAMM, are located in Europe, which is the second-leading region in the market for battery technology (Italy). Batteries are in high demand in the region's consumer electronics and automobile industries as safe, dependable, and portable power sources. Europe's automobile industry is very sophisticated, with improved production methods, a greater emphasis on renewable energy, and lower carbon emissions. The rules in the area encourage the use of renewable energy sources and energy storage, which is boosting the market for battery technology. The area has also made considerable investments in battery manufacture research and development. The need for batteries for energy storage and the rise in the usage of renewable energy sources are the main forces behind the expansion of the European battery technology market.
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