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.
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 particular 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
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