New York , Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global battery manufacturing equipment market size is projected to grow at a CAGR of over 31% from 2024 to 2036. The market is expected to garner a revenue of USD 255 billion by the end of 2036, up from a revenue of USD 10 billion in the year 2023. Numerous factors, including the burgeoning energy storage and the increased demand for electric vehicles, are driving up the price of lithium-ion batteries globally. Demand for automotive lithium-ion batteries rose by around 65% to 550 GWh in 2022. Businesses in the battery sector concentrate on creating environmentally friendly battery technologies and expanding their manufacturing capabilities to keep up with the increased demand. As a result, battery manufacturing facilities are multiplying quickly worldwide.
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Recent years have seen a rise in the need for energy storage batteries as a result of elements like continuous system modernization. When there is a low demand for power, energy storage batteries are utilized to store excess energy for later usage by end users. In many countries around the world, including the US, Canada, Germany, France, China, India, and other major economies, the energy storage battery has been widely installed. The growing movement toward a low-carbon, less reliant on fossil fuels economy, and the continued development of renewable energy.
Battery Manufacturing Equipment Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The lithium-Ion segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Demand in Aerospace Industry across the Globe to Boost Market Growth
Demand for high-capacity batteries is increasing in the aerospace industry, with aircraft and unmanned aerial vehicles now using electrical propulsion. The industry for aviation batteries is encouraged by the use of electrical technology in aircraft electrical systems. An additional opportunity for innovation and progress in aviation batteries is provided by the aircraft's need for durability and large energy storage capacities. As a result, machine manufacturers of batteries for the aerospace industry are expected to witness significant growth prospects, thereby leading to market growth. To generate electricity for infrastructure, the telecommunications sector is increasingly switching from conventional sources such as coal and nuclear energy. In 2023, the global telecommunication industry is predicted to spend 1.5 trillion U.S. dollars. The requirement for battery manufacturing equipment that can be used to manufacture batteries for mobile applications will increase as the industry grows. The market for battery manufacturing equipment offers great growth opportunities due to the development of battery recycling technology. There is also a need to recycle batteries due to an increase in battery demand. Recycling can contribute to reducing the greenhouse gas emissions associated with battery production and extend battery life, which could reduce costs in the end.
Battery Manufacturing Equipment Industry: Regional Overview
The global battery manufacturing equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Supply Chain Dynamics to Drive the Market Growth in Asia Pacific Region
The battery manufacturing equipment market in Asia Pacific region is estimated to garner the largest revenue by the end of 2036. The region is a major producer, supplier, and lithium-ion battery user due to the ease with which raw materials of batteries are available. The region's large battery producers as well as machine manufacturers also have a strong presence in this region. China is currently the leading producer of lithium-ion batteries in the Asia Pacific region and one of the biggest buyers of these batteries. In 2021, China is expected to produce around 79 percent of all lithium-ion batteries entering the global market. Another factor boosting the expansion of the battery manufacturing equipment market in the Asia Pacific is an increase in R&D for creating new battery technologies by various regional countries. China is a significant global hub for battery production and is home to numerous reliable battery manufacturers, equipment suppliers, and end users. Asia Pacific's strategic position in the global supply chain for key battery components, such as lithium, cobalt, and nickel, enhances the region's influence in the battery manufacturing ecosystem.
Accelerated Adoption of Electric Vehicles to Propel Growth in the North America Region
The North American battery manufacturing equipment market is estimated to garner the highest CAGR by the end of 2036. In response to the region's large number of information technology companies, the market for battery manufacturing equipment is beginning to show signs of expansion. Additional market growth is anticipated due to the growing popularity of electric vehicles. Automobile manufacturers are now creating electric vehicles in a variety of shapes & styles for all car classes to boost sales as the demand for electric vehicles rises. For battery manufacturing to meet the demands of automakers, this personalization in automotive design offers a significant opportunity for growth. The surge in electric vehicle adoption across North America is a primary catalyst for the expansion of the battery manufacturing equipment market. Government incentives, environmental consciousness, and advancements in EV technologies are driving a significant shift toward electric mobility. According to the International Energy Agency (IEA), electric car registrations in North America reached approximately 1.4 million in 2020, marking a substantial increase from previous years.
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Battery Manufacturing Equipment Segmentation by Type
- Lead Acid
- Lithium Ion
- Nickel Metal Hydride
- Nickel Cadmium
Amongst these segments, the battery manufacturing equipment market lithium-ion segment is anticipated to hold the largest share over the forecast period. The growth is being driven by increasing demand from the automotive industry and the rising use of electrical vehicles. In three years, from 4% in 2020 to 14% in 2022, the EV share of overall vehicle sales has nearly tripled. Lithium-ion batteries are the preferred power source for low-carbon technology, such as electric automobiles. They can store a lot of energy in a small amount of area, have charging capabilities, and have a propensity to keep working even after hundreds or even thousands of charge cycles. The present push to phase out gas-powered cars that release carbon dioxide and other types of pollution from carbon is greatly dependent on these batteries. These batteries are excellent choices for the power storage of the electric grid because of their commonalities.
Battery Manufacturing Equipment Segmentation by Application
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
Amongst these segments, the battery manufacturing equipment market automotive batteries segment is anticipated to hold a significant share over the forecast period. Governments worldwide are offering incentives, subsidies, and tax breaks to promote the adoption of electric vehicles. These financial incentives reduce the upfront cost of electric vehicles, making them more attractive to consumers and fostering growth in the automotive batteries segment. The U.S. federal government, for instance, offers a tax credit of up to USD 7,500 for electric vehicle buyers. Similarly, many European countries provide substantial incentives, contributing to the growth of the electric vehicle market and, consequently, the automotive batteries segment. Growing consumer awareness and acceptance of electric vehicles are pivotal in driving the automotive batteries market. As consumers become more environmentally conscious and the advantages of electric vehicles become apparent, the demand for high-performance and durable automotive batteries has risen. Ongoing research and development efforts in battery chemistry are revolutionizing the automotive batteries landscape. Advancements in lithium-ion technology, solid-state batteries, and other innovations are enhancing the performance, range, and safety of electric vehicles, driving the need for cutting-edge automotive batteries.
Few of the well-known market leaders in the global battery manufacturing equipment market that are profiled by Research Nester are Yinghe Technology, Manz AG, Bühler AG, Foshan Golden Milky Way Intelligent Equipment Co., Ltd., SOVEMA GROUP S.p.A., Battery Technology Source Co. Ltd. (BTS), Xiamen Tmax Battery Equipments Limited, Readco Kurimoto, LLC, Wirtz Manufacturing, HIRANO TECSEED Co., Ltd., and other key market players.
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Recent Development in the Battery Manufacturing Equipment Market
- Volkswagen and Wuxi Lead Intelligent Equipment Co., Ltd. has a deal for the delivery of machinery for the manufacture of 20GWh lithium batteries. The business would increase its market share in Europe and usher in a new phase of its international operations.
- Russia is about to receive a variety of equipment for producing lithium-ion batteries on a lab size. These machines total 48 packages and include a doctor blade coater, heat roller press machine, vacuum mixer, vacuum oven, coin cell crimper, coin cell disc cutter, battery charge and discharge tester, pouch cell sealer, ultrasonic spot welder, cylindrical cell grooving machine, lithium battery spot welder, cylindrical cell winding machine, and more.
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