Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The “Global Market for Lithium Ion (Lithium Cobalt Oxide, Li Iron Phosphate), Lead Acid (Flooded, Valve Regulated) Type Battery Technology” Nickel-Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region – Forecast to 2027” was added to the report ResearchAndMarkets.com Offer.
The global battery technology market size is expected to grow from US$95.7 billion in 2022 to US$136.6 billion in 2027 at a CAGR of 7.4%. The key factors behind the growth of the battery technology market are the increasing demand for batteries from the renewable energy industry and the utility sector, as well as the increasing development of smart electronic devices.
The automotive segment shows the highest CAGR during the forecast period
The automotive segment is expected to register the highest CAGR in the battery technology market. Growing environmental concerns and awareness of clean and sustainable fuels are driving the adoption of electric vehicles, resulting in high demand for battery technology. Due to their high energy density and long service life, lithium-ion batteries are the most suitable energy storage devices for powering electric vehicles.
The Asia-Pacific region is expected to achieve the greatest market growth rate during the forecast period
Asia-Pacific countries are moving towards green energy and hence focus on developing battery manufacturing ecosystem in respective countries. The region has developed into an attractive automobile market and has become a center of automobile production in recent years. Recent infrastructure developments and industrialization activities in emerging markets have opened up new avenues and opportunities for OEMs. The increasing purchasing power of the population has boosted the demand for consumer electronics and automobiles and thus generated demand for batteries.
|number of pages||248|
|forecast period||2022 – 2027|
|Estimated market value (USD) in 2022||$95.7 billion|
|Projected market value (USD) by 2027||$136.6 billion|
|Annual growth rate||7.4%|
- Increasing demand for electric and hybrid vehicles
- Increasing acceptance of battery technology in the renewable energy industry
- Increasing demand for battery powered industrial trucks and automation in various industries
- Increasing installation of batteries in the utility sector
- Increasing advances in smart electronic devices
- Increasing concern about storage and transportation of used batteries
- Increasing need for advanced batteries in data centers
- Developments in wearable devices
- Increase research and development for advances in batteries
- High cost of battery powered industrial vehicles
Main topics covered:
2 research methodology
4 premium insights
5 Market Overview
6 Battery Technology Market, by Control Technology
7 Battery Technology Market by Technology Type
8 Battery Technology Market, by Vertical
9 Battery Technology Market by Regions
10 competitive landscape
11 company profiles
12 Neighboring and Related Markets
- Amperex Technology Limited
- Bak Power Battery Co.Ltd.
- Byd Company Ltd.
- Chaowei Power Holdings Limited
- Contemporary Amperex Technology Co.Ltd.
- East Penn Manufacturing
- Enerdel, Inc.
- Energizer Holdings
- Exide Industries
- Exide Technologies
- GS Yuasa International Ltd.
- Hbl Power Systems Limited
- Hitachi Ltd.
- LG Chem
- lithium works
- Panasonic Holdings Corporation
- PowerSonic Corporation
- Samsung Sdi Co.Ltd.
- Tesla, Inc.
- Toshiba Corporation
- Varta AG
For more information about this report, visit https://www.researchandmarkets.com/r/lnvf69
Global battery technology market