Pune, India., Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to a new report published by The Insight Partners on “Battery Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Primary Batteries and Secondary Batteries), Technology (Lead-Acid Battery, Lithium-Ion Battery, Nickel-metal Hydride (NiMH) Batteries, Nickel-cadmium (NiCD) Batteries, Nickelzinc (NiZn) Batteries, Flow Batteries, and Others), Application (Electric Mobility, Consumer Electronics, Energy Storage and Others), and Geography” the market in terms of revenue was estimated to be worth $109.61 billion in 2022 and is poised to reach $172.70 billion by 2030, growing at a CAGR of 5.8% from 2022 to 2030.
The growth of the battery market is driven by the growing demand for electric vehicles, the increasing deployment of renewable energy, the rise in the development of batteries for electric mobility and increasing demand for power storage. However, development of new battery chemistries is emerging as a future trend in the industry.
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Global Battery Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 109.61 Billion in 2022 |
| Market Size Value by | USD 172.70 Billion by 2030 |
| Growth rate | CAGR of 5.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Technology, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Increasing Developments in the Solid-State Battery Provides Lucrative Opportunities for the Global Battery Market:
Developments in solid-state batteries will offer multiple opportunities in the global battery market. Current batteries experience performance limitations, have supply chain restraints, and are not so environmentally friendly. This trend has led to increasing developments in solid-state batteries as new-generation storage systems. For instance, according to a 2022 report by JDPower.com, Solid-state batteries are less stressed after numerous charging cycles and can charge to 80% capacity in as little as 15 minutes. After 1,000 cycles, a lithium-ion battery will start to deteriorate and lose power. After 5,000 cycles, a solid-state battery will still have 90% of its original capacity. As a result, solid-state batteries can be lighter, more energy-dense, have a greater range, and recharge more quickly. More and more major manufacturers are getting involved in the development of this technology owing to its advantages over other types of batteries. For instance, according to the 2023 report, Factorial Energy marked a significant step toward the day when its energy-dense cells are used in EVs. A-Samples of the company's 100+ Ah Factorial Electrolyte System Technology (FEST) solid-state battery cells are traveling to its global automotive partners.
The battery market is anticipated to experience considerable growth potential due to the rising demand for energy storage solutions, particularly in renewable energy applications. The trend toward electrifying transportation, along with the focus on electrifying the commercial, industrial, and residential sectors, is advantageous for energy storage, whether it comes from batteries, pumped hydropower, thermal systems, or other technologies. Innovation in the field is being driven by improvements in energy storage, particularly novel battery types and longer-lasting batteries. The residential, commercial, and industrial sectors are turning to storage for electricity reliability and resilience, and old power plants are being converted into storage locations. According to a 2020 report by the US Department of Energy, from a 2018 baseline, the market is anticipated to grow by a factor of four to more than 2,500 GWh by 2030. The adoption of xEVs is responsible for the large bulk of this growth; in fact, aggressive adoption (i.e., 30% of vehicle sales) of xEVs may create a 4-TWh market. Also, Applications in the industrial sector include backup power for the telecom industry, UPS, data centers, FCEV refueling, and forklifts. In 2030, it is anticipated that the amount of industrial energy storage will increase by 2.6 times, from slightly over 60 GWh to 167 GWh. Forklifts are largely responsible for the rise. Through 2030, demand for telecom backup batteries will rise at the slowest rate, followed by UPS and data centers. All these instances of developments in energy storage systems are driving the growth of the battery market.
Energy storage driving the battery market is essential for China's green transition. It requires a sophisticated, cost-effective, and efficient energy storage system to meet the country's power-generating challenges. By 2025, the energy storage industry in China is predicted by Trend Force to surpass 100 gigawatt hours (GWh). It is anticipated to surpass both Europe and the US to become the energy storage market with the fastest growth rate in the globe. Although China's renewable energy sector has enormous potential, the rapid pace of plant construction is outpacing their capacity for use, resulting in an increasing amount of clean energy being lost. Some northwest provinces with abundant wind and solar resources typically have an excess of electricity. Analysis reveals that this year, almost 12% of the energy produced by wind turbines in Inner Mongolia and 10% of the energy produced by solar panels in Qinghai was squandered. Due to low consumption capacity, Gansu's overall energy utilization rate may fall below 90%, down from 96.83% in 2021. This signifies the need for more and more technologies for energy storage purposes in the region.
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Global Battery Market: Segmental Overview
Based on type, the Battery market is segmented into primary batteries and secondary batteries. The secondary batteries hold the major market share in the market and are also growing with the highest growth rate. This growth is primarily driven by the increasing consumer electronics segment, mainly in wearables, portable devices, mobile phones, and tablets, among others. The increasing investments in EV batteries are further fueling the market growth. Rechargeable secondary batteries are sometimes not widely available to customers when used in electronic items (such as internal cells in laptops and other built-in batteries). Based on application, the battery market is segmented into electric mobility, energy storage, consumer electronics, and others. According to the 2023 IEA report, there are over 10 million electric vehicles on the road. This signifies the demand for Lithium-Ion batteries in the global market. The demand for automotive lithium-ion (Li-ion) batteries increased by nearly 65% to 550 GWh in 2022 from around 330 GWh in 2021, mostly due to increases in the sales of electric passenger cars, with new registrations rising by 55% in 2022 compared to 2021. While electric car sales in China surged by 80% in 2022 compared to 2021, the growth in battery consumption was significantly moderated by an increase in the share of plug-in hybrid electric vehicles (PHEVs). Despite electric car sales in the United States only rising by about 55% in 2022, the demand for batteries increased by about 80%.
Global Battery Market: Competitive Landscape
Duracell, CATL; Grepow; Gotion High-tech Co. Ltd; CALB Technology; Energizer; Panasonic; Tesla, Inc; LG Energy Solutions; Samsung SDI Co., Ltd., Exide Industries are a few of the key companies operating in the battery market. The battery market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In May 2023: by constructing at least two new factories in North America, Panasonic Holdings Corp. revealed its ambitions to increase the production of battery cells used in electric vehicles. According to a presentation on its website, the business, whose energy arm manufactures batteries for Tesla Inc (TSLA.O), aims to increase its vehicle battery capacity to 200-gigawatt hours per year by March 2031, or almost four times its level at the end of March.
- In September 2023: To expand its business, LG Chem Ltd. partnered with the Youshan affiliate of China's Huayou Group to develop a joint electric vehicle battery material production there. The company seeks to expand overseas to get closer to its foreign clients and benefit from local incentives.
Go through further research published by The Insight Partners:
Micro battery Market - Global Analysis and Forecast to 2030
UPS Battery Market - Global Analysis and Forecast to 2028
Electric Vehicle Battery Market - Global Analysis and Forecast to 2030
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