At a CAGR of 7.4%, Battery Technology Market to Cross US $136.6 billion by 2027 Globally
Chicago, March 06, 2023 (GLOBE NEWSWIRE) — The report “Battery Technology Market by Lithium-ion Type (Lithium Cobalt Oxide, Li-Iron Phosphate), Lead-Acid Type (Flooded, Valve Regulated), Nickel Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region – Global Forecast to 2027″, The global battery technology market size is estimated to be USD 95.7 billion in 2022 and is projected to reach USD 136.6 billion by 2027, at a CAGR of 7.4%.
The increasing demand for battery-operated electric vehicles and rising adoption of various batteries in renewable energy industry are responsible for the growth of battery technology market. Additionally, the installation of batteries is increasing rapidly in utility sector, which is also responsible for the growth of the market.
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Key Market Players
- 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).
Battery Technology Market and Top Technologies
Lithium-Ion Battery
The Lithium-Ion battery market is the largest due to the application of these batteries in consumer electronics, which accounts for the major share of the overall lithium-ion battery market. Lithium-Ion batteries have a high energy density, making them suitable power sources for consumer electronics. The transportation application has also dominated the lithium-ion battery market. Electric vehicles require high capacity and high power, which can be provided by NMC batteries.
Lead-Acid Battery
Lead-acid batteries are extensively used for telecommunication, UPS, and automotive applications, as well as for several other purposes in the utilities, marine, manufacturing, chemical, and pharmaceutical industries, among others. The decomposition process of Lead-acid batteries is less cumbersome compared to other battery storage systems. Lead-acid batteries mostly cater to the backup power needs of this industry and are used to provide Uninterruptible Power Supply (UPS).
Nickel Metal Hydride
Nickel-metal hydride (NiMH) batteries have a higher capacity, less toxicity, and are more cost-efficient than nickel–cadmium batteries. These batteries can be used in a wide range of environments and in various applications such as mobile devices, automobiles, electrically powered devices, and backup equipment. NiMH batteries have a long life, are small in size, and lightweight, thus helping.
Contemporary Amperex Technology Co. Ltd. is one of the key players in the battery market. It researches, develops, and manufactures energy storage battery systems and electric vehicle (EV) battery systems. It offers a wide range of products that meet the demands of original equipment manufacturers (OEMs) and aftermarket customers globally. The company has adopted various strategies to tap business opportunities in emerging markets. It intends to expand its presence in new markets and has a clear and dedicated customer focus.
Panasonic Holdings Corporation holds the major share of battery technology market in 2021. The company focuses on maintaining high-quality standards throughout its business activities, as quality assumes greater importance and significance in retaining its customers. The company focuses on investing in new technologies to develop high-performance, energy-efficient products. The company’s R&D department primarily focuses on developing new technologies and products for industries such as automotive, consumer electronics, housing, and battery solutions.
LG Chem – Another important player in battery technology market is LG Chem. It is an established manufacturer of batteries for various applications. It leads the advanced batteries market for grid-scale, residential storage, and automotive applications. The company is engaged in the development and production of mobile batteries and large-format batteries for automotive and energy storage systems.
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OPPORTUNITIES: Increasing research and development for advancements in batteries
Various manufacturers undertake research and development to develop durable and safer batteries. As the world is moving toward adopting clean energy, there has been a significant increase in the R&D initiatives undertaken by battery manufacturers for developing different battery chemistries. For instance, major players such as Amprius Inc. (US) and Nexeon Corporation (UK) are developing silicon anode batteries with enhanced features. These advanced silicon anode batteries are expected to be adopted in different industries and sectors in the coming years.
CHALLENGES: High cost of battery-operated industrial vehicles
Automated and customized industrial battery-operated mining vehicles, material-handling equipment, AGVs, and forklifts have high manufacturing and installation costs. Industrial vehicles require high energy capacity to be operational anytime and over a long period. The high installation cost is one of the major factors preventing manufacturers from entering the cost-conscious market.
Recent Developments
- In June 2022, Contemporary Amperex Technology Co., Ltd. has launched its new cell-to-pack battery Qilin, with record-breaking volume utilization efficiency of 72% and energy density of up to 255 Wh/Kg. This is the highest achievable integration level around the globe.
- In October 2021, LG Energy Solution, a subsidiary operated by LG Chem, entered a memorandum of understanding with Stellantis N.V. to form a joint venture to produce battery cells and modules for North America. This joint venture will help Stellantis N.V. achieve a 40% of the company’s sales of electrified vehicles by 2030 in the US. The batteries produced in this plant will be supplied to assembly plants of Stellantis N.V. in the US, Canada, and Mexico for installation in next-generation EVs.
- In April 2021, Hitachi Ltd. developed an organic solid electrolyte to reduce the life cycle cost of Lithium-ion batteries. These batteries are needed for electric vehicles, stationary use, etc., as it is safe, compact, and long life.
Related Reports:
Lithium-ion Battery Market by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO)), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Aerospace) – Global Forecast to 2031
Solid State Battery Market by Type, Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors) & Region (2022-2028)
Metal-air Battery Market by Metal (Zinc, Lithium, Aluminum, Iron), Voltage, Type (Primary, Secondary), Application (Electric Vehicles, Military Electronics, Electronic Devices, Stationary Power) and Region – Global Forecast to 2027
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