The global battery technology market size is anticipated to reach around US$ 194 Bn by 2027 and is energy storage to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 – 2027.
Battery technology market is a part of battery industry where the companies are manufacturing different types, size and functionality of batteries. Generally, a battery, also known as the galvanic cell, is an energy storage unit, where electric energy is stored, causing positive ions to remain on one electrode of the cathode and negative ions on the other anode electrode.
The demand for battery technologies is a key component of the advanced market for energy storage devices, and the market is projected to be competitive. Between 2010 and 2040, the demand for electricity is expected to rise by 40%. The key factor driving the growth of market is increasing demand for electricity which can be efficiently stored in the batteries. However, certain regulation, such as the EU Battery Directive, restricts the use of other chemicals such as mercury, cadmium and lead, which are not beneficial to the environment. This factor is one of the factors which may restraint the market growth during forecast period. Manufacturers are focusing on this challenge and trying to overcome this challenge by research and development to use alternative substance for batteries.
The increase in electric vehicles production and resulting demand for lithium-ion batteries are the factors driving the transport battery technology market. The need to implement advanced battery technology in the transport sector is even more imperative as new carbon emission requirements are developed.
The market research study on “Battery Technology Market (By Battery Type: Lead Acid Battery, Lithium-Ion Battery, Lithium-Metal Battery, Nickel Cadmium Battery, Nickel Metal Battery; By Control Technologies: Battery Chargers, Battery, Conditioners, Smart Battery System; By Application: Power & Utilities, Transportation, Industrial, Commercial & Residential, Consumer Electronics, Medical) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global battery technology market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global battery technology market are battery type, control technologies, application, and major geographic regions. The battery technology market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
North America accounts to show considerable growth in the global market. The U.S. market is dominating the North America and shows a steady growth rate due to presence of advanced technology in the region. Europe aim is to recover their foothold of 'battery technologies and show future development in the global battery technology market. In Asia Pacific increasing adoption of battery technology is high as this region primarily involves developing countries such as India and China. The developing countries are likely to grow the market due to rising application of battery technology. The presence of electronic manufactures such as Samsung SDI Co., Ltd., Panasonic Corp., BYD Auto Co., Ltd., Contemporary Amperex Technology, and LG Electronics Inc. is one of the major drivers flourishing the battery technology market in Asia Pacific. The region is becoming an attractive market for automobiles. It has been a centre for automotive manufacture in recent years. Recent advances in technology and industrialization have opened new doors for OEMs in developing countries.
Major players included in this report Duracell, LG Chem Ltd., Ever Ready, Nippo, Daimler AG, Sony Electronics Inc., D&B Power Associates Inc., Dell Inc, Ford Motor Co., GE Energy LLC, General Motors Corp., Honda Motor Co. Ltd., Samsung SDI Co. Ltd., Panasonic Corp., SANYO Electric Co. Ltd., Toyota Motor Corp. and others. Increasing merger and acquisitions and product launches are being made by these companies to develop and bring new technology and products into the market.
The global battery technology market is segmented as below:
Battery Technology Market By Battery Type
Battery Technology Market By Control Technologies
Battery Technology Market By Application
Battery Technology Market By Geography
Middle East & Africa
The global battery technology market size is anticipated to reach around US$ 194 Bn by 2027.
The global battery technology market is expected to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 to 2027.
North America held maximum share in 2018 for battery technology market.
Asia Pacific is projected to grow at a fast pace during forecast period in the battery technology market.
Major players included in this report Duracell, LG Chem Ltd., Ever Ready, Nippo, Daimler AG, Sony Electronics Inc., Dell Inc, Ford Motor Co., GE Energy LLC, General Motors Corp., Honda Motor Co. Ltd., Samsung SDI Co. Ltd., Panasonic Corp., SANYO Electric Co. Ltd., Toyota Motor Corp. and others.
The battery technology market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
The types of battery technology market are Lead acid battery, Lithium-ion battery, Lithium-metal battery, Nickel cadmium battery and Nickel metal battery.