The global battery market is anticipated to exhibit notable growth in the years to come owing to increasing use in automotive, uninterruptible power supplies (UPS), and electronic equipment. In addition, technological advancements and rising applications of batteries are expected to support market growth. Declining costs of raw materials and demand for secured energy supply are expected to stimulate market growth in forthcoming years. Increasing disposable income of individuals across the world and rising demand for consumer electronics products are anticipated to fuel the demand for batteries. Additionally, growing need for flexibility in the electricity systems and ongoing projects in several nations are expected to create growth opportunities in the market.
Increasing demand for pollution free electric vehicles (EVs), hybrid electric cars, and plug-in hybrid electric automobile among consumers is expected to create several growth opportunities in the market. Additionally, rising demand for portable medical devices has increased the need for batteries. Increasing trend of smart wearables is expected to increase the demand for lithium-ion battery in the coming years. Rising deployment of microgrids and hybrid power systems in telecom towers is also expected to fuel the demand for batteries. In addition, government initiatives to recycle old batteries is expected to support market growth. Furthermore, demand for household storage system is on the rise, which is likely to boost the demand for battery in future.
However, availability of other alternative products, such as diesel generators and fuel cells, and uncertainty in regulations can hinder market growth in coming years.
Lead acid batteries hold a prominent share in the market owing to increasing applications in automobile industry, stationary storage, and hospital equipment. Moreover, it is known to be one of the oldest energy storage devices. Advanced lead-acid batteries is used for improving fuel efficiency of micro-hybrid vehicles. In addition, they are used for SLI applications in traditional cars due to their low cost and better cold cranking performance. Lithium-ion batteries are expected to emerge highly lucrative in coming years owing to high demand for these batteries in automotive and industrial applications. Moreover, these batteries are extensively used in cellular phones, computers, notebook, and hybrid vehicles.
Asia-Pacific is the leading region in the market owing to increasing demand for batteries in automotive applications in countries, such as India, China, Malaysia, South Korea, and Indonesia. Growing sales of commercial and passenger vehicles as well as motorcycles are anticipated to boost the expansion in coming years. Japan is considered one of the important contributors in the region. Supportive government policies related to grid and renewable energy storage is also expected to support regional market growth in future. Increasing number of solar power projects and expansion of IT and telecommunication industry are also likely to augment the demand for batteries in the region.
North America is likely to emerge as one of the promising regions in the market due to existence of key manufacturers. The U.S. and Mexico are contributing significantly to regional market growth owing to strong demand for EVs in the countries, which could be attributed to government initiative to reduce carbon emissions. Europe is likely to witness momentous growth in coming years owing to presence of leading automotive manufacturers.
Some of the prominent companies operating in the battery market are Samsung SDI Co., Ltd.; Exide Technologies; Tesla, Inc.; Hitachi, Ltd.; G Chem Ltd.; and Toshiba Corporation.
For instance, a team of researchers at the Samsung Advanced Institute of Technology (SAIT) developed a battery material called “graphene ball”. The material is intended to increase capacity and speed of the battery than standard lithium-ion batteries. This development is expected to support the next generation secondary battery industry related to EVs and mobile devices.
Similarly, DNV GL released its annual Battery Performance Scorecard, to help equip energy storage product buyers with objective data and support their buying tactics. Parameters, such as state of charge (SOC) swing, average state of charge (SOC), C-rate, and temperature are being considered while preparing scorecard.
