New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global high voltage battery market size is projected to expand at ~39% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 1252 billion by the end of 2035, up from a revenue of ~USD 25 billion in the year 2022.This growth of the sector is predicted to rise on account of the growing demand for renewable energy. By 2025, about 34% of the world's power will come from renewable sources.
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This growth in renewable energy is set to be influenced by the growing need to reduce carbon emissions. By 2050, renewable energy might decarbonize 90% of the electricity industry, significantly lowering carbon emissions and assisting in the fight against climate change. As a result, the demand for high-voltage batteries is surging. To store power produced from sustainable sources including solar, a high-voltage solar battery is essential. A steady and dependable power supply is ensured by storing extra energy in the battery for usage during times of low generation or high demand.
Growing Population to Boost the Growth of Global High Voltage Battery Market
In 2023, there were over 8,045,311,446 people on the earth, a rise of over 70,206,290, or over 0.87%, from 7,975,105,155 in 2022. Therefore, the demand for power supply is also surging which is further boosting the demand for high voltage batteries. UPS systems utilize high-voltage batteries as a backup power source in the event of fluctuations or disruptions in the electricity supply. These batteries support essential activities in critical institutions such as data centers and hospitals.
High Voltage Battery Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Electric Vehicles to Drive the Market Growth in Asia Pacific
The high voltage battery market in Asia Pacific is predicted to capture the highest share of about 32% over the forecast period. This growth is set to be influenced by rising demand for electric vehicles. With approximately 5 million units, China led the Asia-Pacific region in sales of electric vehicles in 2022.
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Surge in Urban Population to Influence the Market Expansion in North America
The North America market for high voltage battery is estimated to have significant growth in the market over the forecast period. This could be dominated by rising urban population in this region. In 2022, there were over 308,798,138 urban residents in North America, an about 0.76% increase from 2021.
High Voltage Battery, Segmentation by Battery Type
- Lithium-Ion-Battery
- Lead-Acid Battery
- Aluminum Air Battery
- Hydrogen Battery
The lithium-ion-battery segment is poised to gather the highest market share of about 40% over the forecast period. This growth of the segment is set to be dominated by rising production of lithium-ion-battery. Globally, there are currently 947 GWh of deployed lithium-ion (Li-ion) batteries. Of this, every year, 273 GWh of EV batteries are produced worldwide.
High Voltage Battery, Segmentation by Application
- Passenger Cars
- Commercial Cars
The passenger cars segment is set to have notable growth in the market over the forecast period. This growth is poised to be dominated by rising demand for passenger vehicles. In 2022, there were about 56 million passenger automobiles sold worldwide, an increase of more than 2 percent from the year before.
High Voltage Battery, Segmentation by Voltage Capacity
- 75 kWh – 150 kWh
- 226 kWh – 300 kWh
- More than 300 kWh
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A few of the well-known industry leaders in high voltage battery market that are profiled by Research Nester are The Lion Electric Company, Celgard, LLC, Exide Industries Ltd., Hoppecke Batterien GmbH & Co.KG., Leoch International Technology Ltd., SK Innovations Co. Ltd., SVOLT Energy Technology Co., Ltd., Honda Motors Co., Ltd., LG Energy Solution Ltd., Contemporary Amperex Technology Co. Limited, and others.
Recent Development in the Market
- The Mirabel, Quebec-based Lion Electric & Company has declared the completion of its first pack of lithium-ion batteries. The first batteries produced in Mirabel will power the Lion5 truck and the LionAmbulance, which are expected to go into commercial production in the first half of 2023.
- The strategic partnership between Celgard LLC and CAV was announced with the aim of advancing the development of next-generation high-voltage, high-performance battery cells. The company also wants to create separator solutions for the market for lithium-ion batteries.
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