The report "Battery Technology Market by Technology Type (Lithium-Ion Battery, Lead Acid Battery, Nickel Metal Hydride Battery, Other Battery Technologies), Application (Power & Utilities, Transportation, Consumer Electronics) and Region - Global Forecast to 2025",global battery technology market size is projected to grow from USD 92.0 billion in 2020 to USD 152.3 billion by 2025, at a CAGR of 10.6%. Major factors fueling the market growth include rising adoption of battery technology in the renewable energy industry, surging demand for automation and battery-operated material-handling equipment in industries, the growing use of electric and hybrid electric vehicles, increasing deployment of batteries in the utilities sector.
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Battery Technology Market and Top Application
Transportation
There is a rise in the demand for EVs owing to environmental concerns and awareness about clean and sustainable fuel, Government initiatives and environmental norms and emission regulations support the adoption of EVs around the world. This has resulted in increased demand for Li-ion and Ni-Mh batteries, which provide high thermal stability, high energy, and power density and are safe to be used in electric vehicles.
Industrial
Batteries are used for network backups in telecom and data centres, power backups in the oil & gas industry, backups for large medical equipment, and several other industrial applications. There is a growing demand for continuous and high-quality power supply in industrial sectors. Batteries are required for UPS systems, which act as a source of standby power or emergency power depending on the nature of critical loads.
Power & utilities
The power & utilities industry is working on generating renewable energy and storing it for multiple uses. Smart grid technology is used to produce, control, and distribute using sored energy. Attributes such as low cost, less space required for installation, and low self-discharge rate are some of the driving factors for the adoption of batteries in smart grid and renewable energy storage systems.
Consumer Electronics
Manufacturers of consumer electronic products such as cameras, tablets, laptops, wearable devices, and mobile phones are dealing with rapid technological changes. Smartphones have become an integral part of everyday life owing to the number of functionalities available in these devices. Consumer electronic products are highly dependent on portable power sources to ensure reliability and better performance. Currently, environment-friendly Li-ion batteries are preferred over Ni-Cd and Ni-MH batteries for consumer electronics because of their high energy density and less recharge time.
Commercial & Residential
Batteries are used as an emergency power source for residential buildings such as condominia, cooperative societies, and single-family homes. They store power generated from various sources in peak production hours, leading to less wastage of energy. Batteries also help store energy for commercial buildings such as municipalities, government buildings, and small- and large-scale organizations.
“Asia Pacific to hold the largest market share for battery technology during the forecast period.”
The adoption of battery technology is high in APAC as the region mainly comprises developing economies such as China and India, which have a huge potential for many application areas within the battery technology market. Moreover, recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for the battery technology market in APAC. Further, the increase in the production of electric vehicles and batteries used in vehicles is driving the battery technology market in the APAC.
Major players in the battery technology market are Clarios (US), Panasonic Corporation (Japan), Samsung SDI (South Korea), Chaowei Power (China), Contemporary Amperex Technology (China), Enersys (US), LG Chem (South Korea), BYD Company (China), and Hitachi Chemical (Japan).
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