CHICAGO, Nov. 8, 2022 /PRNewswire/ --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% according to a new report by MarketsandMarkets. 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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Lithium-ion battery is expected to hold the largest growth rate during the forecast period.
Global demand for lithium-ion batteries is growing, propelled by the increase in demand for electric vehicles, strict government mandates on fuel economy, rising demand for smart devices and other consumer electronics, and enhancement of lithium-ion batteries. Reduction in the price of lithium-ion batteries is also encouraging automobile manufacturers to invest more in electric vehicles. Besides, lithium-ion batteries also find applications in many portable devices and industrial equipment. They can be easily customized according to the requirements, and the use of new anode material has made these batteries more energy efficient. Manufacturers are conducting research to make lithium-ion batteries compatible with advanced products.
Automotive is expected to hold the largest CAGR by 2027.
There is a rise in the demand for electric vehicles owing to environmental concerns and awareness about clean and sustainable fuel. Government initiatives and environmental norms and emission regulations support the adoption of electric vehicles around the world. This has resulted in increased demand for lithium-ion and nickel metal hydride batteries, which provide high thermal stability, high energy, and power density and are safe to be used in electric vehicles. Increasing adoption and awareness of electric vehicles thus supports the growth of the battery technology market.
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The battery technology market in Europe is the second-dominating region in 2021.
Europe is the second leading regions in the battery technology market. The region is home to some of the largest battery manufacturers, such as Saft (France) and FIAMM (Italy). Batteries have major applications as clean, sustainable, and compact power sources in the automotive and consumer electronics sectors. Automotive is an advanced sector in the region, with the leanest production processes and optimized water and energy use. European environmental and carbon emission policies promote renewable energy and increase the need for energy storage. Extensive investments in R&D for battery production and an increase in the use of renewable energy, which requires batteries for storing energy, are the key factors driving the growth of the European battery technology market.
Major companies operating in this battery technology market includes 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).
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