Newark, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.1 billion nickel-hydrogen batteries market will reach USD 2.9 billion by 2033. The need for electricity worldwide is a major driver of industry expansion, and nickel-hydrogen batteries offer the high power capacities required for electric cars. Because of this, the growing demand for electric automobiles and other vehicles is the main factor driving the worldwide nickel-hydrogen battery market. The nickel-hydrogen battery is perfect for portable electronics since it charges and discharges quickly. The growing usage of nickel-hydrogen batteries in automobiles and medical equipment is also driving the market for nickel-hydrogen batteries ahead. The market for nickel-hydrogen batteries is therefore anticipated to expand during the forecast period. Furthermore, technological developments have made developing stronger and more efficient nickel-hydrogen batteries possible. Due to its dependability, steadiness, and longevity, the traditional nickel-hydrogen battery demonstrates exceptional rechargeability for more than 30,000 cycles. With over thirty years of service life, it has been extensively utilised in aerospace, including satellites and aeroplanes.
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Key Insights on Nickel Hydrogen Batteries Market
North America will account for the largest market size during the forecast period.
North America dominates the nickel-hydrogen batteries market because of the region's growing acceptance of consumer electronics, increased use of batteries in various end-user industries, and an increase in manufacturer R&D efforts aimed at improving battery technology. High adoption rates of electric and hybrid vehicles are credited with North America's market expansion.
The small-size segment dominated the market with the most significant revenue of USD 1.23 billion.
The small-size segment dominated the market with the most significant revenue of USD 1.23 billion. The small-sized category is expanding quickly because of the growing need for lightweight and compact energy storage solutions in applications like wearables and loT devices. Several reasons for the quick rise in popularity of small-sized nickel-hydrogen batteries include improved energy density, affordability, and the ongoing trend of electronics becoming smaller.
The automotive segment dominated the market with the most significant revenue of USD 0.90 billion.
The automotive segment dominated the market with the most significant revenue of USD 0.90 billion. The automotive industry is expanding fastest due to the growing use of nickel-hydrogen batteries in hybrid electric vehicles (HEVs). Nickel hydrogen battery sales in the automobile industry have risen due to environmental rules that support environmentally friendly transportation and the need for especially efficient energy storage solutions.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 3.6% |
| 2033 Value Projection | USD 2.9 Billion |
| Market Size in 2023 | USD 2.1 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Type, Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Nickel Hydrogen Batteries Market Growth Drivers | Surging demand for electric vehicles |
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Market Dynamics:
Drivers: Long service life
Nickel hydrogen batteries have a high cycle life, with over 500 charging and discharging cycles. They can function at extremely cold temperatures and have a high tolerance to overcharge and over-discharge. For example, a nickel-hydrogen battery has a longer calendar life than a lead-acid battery, ranging from 5 to 10 years. This qualifies them for use in applications like electronics and EVs that need steady power delivery over an extended period. Nickel hydrogen batteries are preferred because of their extended lifespan and robustness.
Restraint: Government regulations
Government regulations about rechargeable battery production hindered the market's expansion. Pollutants emitted during battery-making include cadmium, cobalt, copper, cyanide, iron, lead, manganese, mercury, nickel, and zinc. The US Environmental Protection Agency (EPA) created the Battery Manufacturing Effluent Guidelines and Standards to control these contaminants. Additionally, as the production of batteries produces pollutants and wastewater, the growth of the worldwide market for rechargeable batteries may need to be improved by the availability of alternatives like lithium-ion batteries and legislative limitations.
Opportunity: Low cost and high storage
The importance of large-scale energy storage systems that are extremely dependable, high-capacity, and affordable can be achieved with rechargeable batteries. To efficiently catalyse hydrogen evolution and oxidation reactions in alkaline electrolyte, an inexpensive, bifunctional nickel-molybdenum-cobalt electrocatalyst was used as the hydrogen anode in an aqueous nickel-hydrogen battery with an industrial-level areaal capacity of 35 mAh cm 2. The nickel-hydrogen battery exhibits exceptional rechargeability over 1,500 cycles with no capacity degradation and an energy density of 140 Wh kg 1 in an aqueous electrolyte.
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Some of the major players operating in the nickel-hydrogen batteries market are:
● FDK
● Highpower International Inc
● Panasonic
● GS Yuasa
● Lexel Battery (Coslight)
● Energizer Holdings
● Primearth EV Energy
● GP Batteries International
● Corun
● Huanyu battery
● Spectrum Brands (Rayovac)
● EPT Battery Co., Ltd
● Great Power Energy
Key Segments covered in the market:
By Type:
● Large Sized
● Small-Size
By Application:
● Consumer Goods
● Electrical and Electronics
● Automotive
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About the report:
The global nickel hydrogen batteries market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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