New York, July 12, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Next-Generation Batteries Market” published by Consegic Business Intelligence, the market was sized at USD 13,771.81 Million in 2022 and is projected to reach over USD 21,143.59 Million by the year 2030, growing at a CAGR of 5.7%.
Next-generation batteries are advanced energy storage devices that aim to overcome the limitations of conventional battery technologies. The batteries integrate innovative designs, materials, and manufacturing processes to enhance efficiency, energy storage capacity, safety, and lifespan. In addition, next-generation batteries are developed to address the increasing demand for more efficient and sustainable energy solutions in various applications, including electric vehicles, renewable energy integration, portable electronics, and grid-scale energy storage.
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The increasing demand for next-generation batteries to offer high energy storage capacity and fast-charging capabilities to electric vehicles is the major factor responsible for driving the growth of the market. Additionally, the ability of next-generation batteries to store large amounts of energy for the efficient functioning of the grid system is also contributing to the market growth. Moreover, the advancements in technology including the introduction of the sweep function that freely controls the energy discharge by regulating the electricity flow and avoiding power loss is further contributing to the market growth. For instance, in October 2022, Toyota Motor Corporation and JERA Co., Inc. launched a sweep energy storage system, manufactured from batteries retrieved from electrified vehicles for efficient functioning of consumer electrical power grid. The energy storage system incorporates a sweep function that helps to avoid power loss while converting AC current to DC current, thus facilitating the effective usage of energy and contributing to market growth.
Moreover, the growing adoption of portable consumer electronics devices is expected to create opportunities for the growth of next-generation batteries market. Next-generation batteries with higher energy density and improved performance offer extended usage time between charges, thus enhancing the user experience and convenience. Additionally, next-generation batteries also enable faster charging that significantly improves the user experience by reducing downtime. However, the high manufacturing cost of next-generation batteries as compared to conventional batteries is restraining the market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 21,143.59 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Ambri Inc., Contemporary Amperex Technology Co Ltd, GS Yuasa Corporation, Ilika PLC, Johnson Matthey PLC, LG Chem Ltd., Mitsubishi Chemical Corporation, Panasonic Energy Co., Ltd., PolyPlus Battery Co Inc., ProLogium Technology, Sion Power Corporation, TotalEnergies SE, Amperex Technology |
| By Type | Lithium-ion batteries, Metal-air batteries, Magnesium-ion batteries, Lithium-sulfur batteries, Nickel-cadmium batteries, Sodium-ion batteries, Solid-electrolyte batteries, Zinc-based batteries, and Others |
| By Application | Consumer Electronics, Industrial, Electric Vehicles, Renewable Energy Storage, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Next-Generation Batteries Market Growth Drivers:
- Increasing demand of next-generation batteries to offer higher energy storage capacity to electric vehicles is driving the market growth.
- Growing demand of next-generation batteries for the storage of renewable energy including solar and wind is bolstering the market growth.
- Increasing adoption of next-generation batteries in wearable devices, namely smartwatches and fitness trackers to enable efficient functioning of advanced features including heart rate monitoring and GPS tracking is propelling the market growth.
Restraints
- High manufacturing cost of next-generation batteries due to the incorporation of advanced electrolytes and electrode materials as compared to conventional batteries is restraining the market growth.
- Strict airline regulations associated with the transport of next-generation batteries is impeding market growth.
Opportunities
- Growing adoption of portable consumer electronics devices is anticipated to create potential opportunities for the growth of next-generation batteries market.
Global Next-Generation Batteries Market Segmentation Details:
Based on Type, the lithium-ion batteries segment contributed the largest shares to the market growth in 2022 owing to the high energy density of batteries to store significant amounts of energy in a relatively small and lightweight package. Additionally, lithium-ion batteries have a long cycle life and are easily charged and discharged without significant capacity degradation. The longevity makes the batteries suitable for applications that require frequent use and recharge, including consumer electronics and electric vehicles. Moreover, lithium-ion batteries are extensively adopted across various industries and applications, including consumer electronics, electric vehicles, energy storage systems, and renewable energy integration, further contributing to the market growth.
Based on Application, the consumer electronics segment offers substantial shares to the global next-generation batteries market in the year 2022. The growth is attributed to the ability of consumer electronics to offer improved performance, longer battery life, and enhanced user experiences. In addition, next-generation batteries enable smartphones and tablets to have longer battery life, faster charging capabilities, and improved energy efficiency, hence driving the growth of the consumer electronics segment. Moreover, next-generation batteries significantly enhance the battery life of laptops and ultrabooks, allowing users to browse the content for longer periods eliminating the need to charge the device repeatedly. In conclusion, the above-mentioned factors are collectively responsible in fueling the growth of the next-generation batteries market.
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Based on Region, Asia Pacific has been a major contributor to the growth of the next-generation batteries market owing to the expanding consumer electronics market. Additionally, Asia Pacific has a strong manufacturing base and a well-established supply chain for battery technologies. Furthermore, countries including China, Japan, and South Korea are at the forefront of battery production, investing heavily in research and development, manufacturing facilities, and advanced battery technologies. Moreover, Asia Pacific also encompasses the world's leading battery technology companies and research institutions. The entities are investing heavily in developing advancements in battery technologies, including lithium-ion batteries and emerging technologies namely solid-state batteries and lithium-sulfur batteries, further promoting the market growth in the region.
Key Market Highlights
- The global next-generation batteries market size is estimated to reach USD 21,143.59 Million by 2030 and grow at a CAGR of 5.7% during the forecast period (2023-2030).
- Globally, next-generation batteries are divided based on the type into lithium-ion batteries, metal-air batteries, magnesium-ion batteries, lithium-sulfur batteries, nickel-cadmium batteries, sodium-ion batteries, solid-electrolyte batteries, zinc-based batteries, and others.
- The application segment is classified into consumer electronics, industrial, electric vehicles, renewable energy storage, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in next-generation batteries.
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List of Major Global Next-generation batteries Market Players
The market research report evaluates various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a regional analysis, SWOT analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Ambri Inc.
- Contemporary Amperex Technology Co Ltd.
- GS Yuasa Corporation
- Ilika PLC
- Johnson Matthey PLC
- LG Chem Ltd.
- Mitsubishi Chemical Corporation
- Panasonic Energy Co., Ltd.
- PolyPlus Battery Co Inc.
- ProLogium Technology
- Sion Power Corporation
- TotalEnergies SE
- Amperex Technology
Global Next-Generation Batteries Market Segmentation:
- By Type
- Lithium-ion batteries
- Metal-air batteries
- Magnesium-ion batteries
- Lithium-sulfur batteries
- Nickel-cadmium batteries
- Sodium-ion batteries
- Solid-electrolyte batteries
- Zinc-based batteries
- Others
- By Application
- Consumer Electronics
- Industrial
- Electric Vehicles
- Renewable Energy Storage
- Others
Recent Development:-
- In April 2023, AM Batteries and Amperex Technology Limited partnered together to develop a solvent free dry electrode manufacturing processes for delivering environmentally friendly, high-performance, and low-cost lithium ion battery production solutions.
- In February 2022, the U.S. Department of Energy (DOE) invested USD 2.91 billion to fasten the production of advanced next-generation batteries, essential for the growth of clean energy industries, including energy storage and electric vehicles, as directed by the Bipartisan Infrastructure Law.
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Key Questions Covered in the Next-Generation Batteries Market Report
- What will be the potential market valuation for the next-generation batteries market by 2030?
- The market valuation for the next-generation batteries market is expected to be approximately USD 21,143.59 Million by 2030 owing to the increasing demand to offer higher energy storage capacity and fast-charging capabilities to electric vehicles.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the next-generation batteries market's growth in the coming years?
- Asia Pacific is expected to witness the fastest CAGR during the forecast period as the region is witnessing a significant rise in the consumer electronics market and also due to the presence of key players in the region.
- What specific segmentation details are covered in the next-generation batteries market report, and how is the dominating segment impacting the market growth?
- Consumer electronics accounted for the largest market share in 2022 as next-generation batteries are poised to revolutionize consumer electronics, offering improved performance, longer battery life, and enhanced user experiences.
- What specific segmentation details are covered in the next-generation batteries market report, and how is the fastest segment anticipated to impact the market growth?
- Electric vehicles are anticipated to have the largest impact on the market due to the ability of next-generation batteries to offer higher energy storage capacity per unit of weight, allowing EVs to travel farther on a single charge.
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