Battery Market - Forecast(2021 - 2026)

The rapid increases in battery technology are gaining demand mostly from consumer electronics. Technologies such as grid power, industrial, and domestic storage are boosting the prospects of the battery market. As per the recent findings by US Department of Energy, it is projected that by year 2020, the annual battery production will reach 10,000-500,000. [1] The growing production including import and export of batteries worldwide offered opportunities worth $115.62 billion in 2018, and the global battery market will prosper at a compound annual growth rate of 8.21% during the forecast period of 2019-2025.

APAC is most lucrative, leading with a regional share of around 31.09% in 2018. Growing disposable income among urban populations in the region is leading for high demand for plug-in hybrid and electric vehicles. Furthermore, growing government policies of using non-toxic products that do not affect the environment are influencing the growth of the battery market in the region.


Global Battery Market: Outlook

Battery is the device made up of one or more than one electrochemical cells. Battery works on a principal of electromotive force. The increasing demand for portable batteries requires the fastest charging function, which is relatively known as lithium iron phosphate (LiFePO4) battery technology.

The major applications in battery market are automotive and consumer electronics, with lead-acid batteries extensively used in vehicles. Moreover, increasing concerns towards sustaining fossil fuel reserves and increasing prices of petrol and diesel is leading to a change in the automotive industry, moving towards electric vehicles, which is stroking the battery market. Superior performance and durability of lead-acid and other batteries are gaining demand in the automotive sector. Also, rising use of mobile phones along with other consumer electronic devices demands for an external portable battery that are gaining traction from various consumers which will stroke the growth of battery market with CAGR of 6.97% through to end period.


Global Battery Market: Growth Drivers

  • Growing concerns towards environment globally as well as decreasing oil reserves are the main factors for the increasing demand for battery for electric vehicles. Advances in battery technology have led to, faster charging, higher energy densities, and reduced battery degradation. Combined with the expansion of motors with higher evaluation and consistency, improvements in battery chemistry have reduced costs and upgraded the enactment and proficiency of vehicles.

  • Rise in disposable income and increasing use for smartphones among the population across the globe, in turn, is excelling the demand for battery used in smartphones. 
  • The increased focus of the governments towards reducing greenhouse gas (GHG) emissions, the rise in a number of power outages, and the availability of manufacturers who provide lithium iron phosphate batteries at comparatively lower prices, are major factors that will drive battery market growth.

 Global Battery Market: Trends

Aqueous lithium-ion batteries are less heavy, durable, and they can be manufactured in different shapes hence these batteries have been great interest for military use.

  • LIB batteries are less flammable in nature that makes them engaging for industries that prioritize safety over energy density such as airplanes and submarines.

  • Manufacturers are constantly improving lithium-ion with new enhanced chemical combinations to increase the battery aging life. Increasing demand for wearable devices can boost the battery market performance.

  • Researchers are now considering replacing of lithium ion batteries with ions and electrolytes such as zinc, aluminum, magnesium, and sodium. These batteries will be cheaper and potentially safer, that will help companies to propel in battery market.

  • Energizer recently launched a smartphone with a whopping 16,000mAh battery. This development will influence other manufacturers in the battery market.

  • Firefly is the innovative development in battery market. This power bank is combined with the power to charge other devices, water resistant along with LED and great sounding wireless music. This innovation is gaining a lot of traction from the population more engaged in outdoor activities such as camping.

  • A company named Pisen in 2017 developed a laser pointer power bank. This laser power bank battery is so efficient that with one charge it can work for a whole year. The battery capacity is very powerful that it has been chosen by over millions of customers all over the world. 

"We also publish more than 100 reports every month in “Electronics”, Go through the Domain if there are any other areas for which you would like to get a market research study."



Location: United States

Comments

Post a Comment

Popular posts from this blog

Ethylene Methyl Acrylate Market - Forecast(2021 - 2026)

Ethylene Methyl Acrylate is one of the copolymer of ethylene that is exhibiting growing prevalence in the market. The Ethylene Methyl Acrylate (EMA) is projected to reach USD 9.8 billion by 2023 at a CAGR of 6.3% during the forecast period of 2018-2023. To develop new polymeric materials for both scientific and commercial purposes, the blending of two or more different polymers is often used. One such innovation is the production of Ethylene Methyl Acrylate (EMA). Ethylene Methyl Acrylate (EMA) is anticipated to increase the demand for Ethylene Methyl Acrylate in application such as plastics, adhesives and paints & coatings.  What is Ethylene Methyl Acrylate (EMA)? Technical grade acrylic acid is the key component for producing Ethylene Methyl acrylate. Acrylic acid formulated with methanol, in a reactor in elevated temperatures with water as by product to formulate ethylene methyl acrylate. It has a high ductility among thermoplastic and it as a very low tensile strength and l...
Read more

Mining Equipment Services Market - Forecast(2021 - 2026)

Mining Equipment Services market is analysed to grow at a   CAGR of 3.4%   during the forecast period 2021-2026 to reach   $160.9 billion by 2026 . Mining equipment services market is developing rapidly due to rise in the mining exploration activities and the growing demand of raw materials due to the rising mining projects. Moreover, rapid industrialization and globalization for improving a well-functioning economy is further driving the mining equipment market. Furthermore, the deployment of innovative services and parts such as part replacement services, maintenance services, fleet services and so on further rise the market’s growth. The third-party service providers also offer   predictive   maintenance contracts that enables loss of production, reducing in downtime, also leading to reduce the cost in the research and development of equipment maintenance services and inventors. These key drivers further propel the shift of companies towards third party vend...
Read more

Structural Insulated Panels Market

The Structural Insulated Panels Market is forecast to reach $547 million by 2025, growing at a CAGR of 6.56% during 2020-2025. Since the emergence of construction technology, construction of affordable and environmentally-sensible home at fast pace has brought dream home within the reach. Structural Insulated Panel (SIP) has become a topic of interest among researchers in the recent years. SIP has the advantages of minimal material wastage and labour-savingness whilst having potential to save house builders’ time and money as well as retaining the controlled quality. The report covers Structural Insulated Panels Market size by product and applications, Structural Insulated Panels Market share by top 5 companies and also the market share by start-ups during the forecast period. Report Coverage The report:  “Structural Insulated Panels Market – Forecast (2020-2025)”,  by IndustryARC, covers an in-depth analysis of the following segments of the Structural Insulated Panels Market....
Read more