Battery Technology Market Size Worth Around US$ 194 Bn 2027: Acumen Research and Consulting
LOS ANGELES, May 7, 2020 /PRNewswire/ -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Battery Technology Market (By Battery Type: Lead acid battery, Lithium-ion battery, Lithium-metal battery, Nickel cadmium battery, Nickel metal battery; By Control Technologies: Battery Chargers, Battery Conditioners, Smart Battery System; By Application: Power & Utilities, Transportation, Industrial, Commercial & Residential, Consumer Electronics, Medical) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
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Battery technology market is a part of battery industry where the companies are manufacturing different types, size and functionality of batteries. Generally, a battery, also known as the galvanic cell, is an energy storage unit, where electric energy is stored, causing positive ions to remain on one electrode of the cathode and negative ions on the other anode electrode. When the battery is connected to an electronic circuit, the positive ions travel through the batteries to the other end, while electrons travel in the other direction and fuels our electrical machinery uses to work. Batteries are essentially a regulated chemical reaction, which is meant to produce electrons on the electrode anode.
Asia-Pacific Driving the Market Demand
Asia-Pacific has several development economies with substantial natural and human capital, with China and India projected to be major battery manufacturers invested during forecast period by governments, supporting the manufacturing companies, based on policy support. Electric vehicle development and the construction of solar power stations in China and India are rising exponentially, and the market for battery technology is projected to rise significantly during forecast period. China is one of the biggest electric vehicles markets and in 2018 and its growth was nearly 30 times higher than in 2017. Green energy strategy is in line with growing adoption of electric vehicles. The Chinese government aims to quickly limit the import of cars by manufacturers into the country to reduce the demand-supply gap. Asia Pacific is expected to be the leading player in the battery technology market due to rapid urbanization and consumption spending in countries such as India and China, which are projected to increase demand for advanced technology, due to the current opportunities to grow the market during forecast period.
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Main factors driving market growth include growing demand for electric and hybrid electric cars, strong demand for clean energy storage technology, rising demand for factory automation nd storage-operated material handling equipment and high demand from the energy utility sector. Another driving factor for this development is the advancement, in the near future, of new battery control technologies such as the power control technology, in different end-user sectors such as the automobile, the traction, the stationary and acceleration technologies that have contributed to the production of powerful battery systems.
Lithium-ion batteries are primarily used in automotives; smartphones, laptops, computers, portable devices as well as other home applications for consumer electronics. The future of the automotive industry and transport infrastructure is seen as electric vehicles. Over forecast period, the expanded usage of PHEVs would possibly boost the Li-ion battery market. In certain handheld devices and commercial applications Li-ion batteries are still in demand. In fact, Li-ion battery technology allows performance to be improved and modified the systems quickly.
The global battery technology market includes prominent players such as Duracell, LG Chem Ltd., Ever Ready, Nippo, Daimler AG, Sony Electronics Inc., D&B Power Associates Inc., Dell Inc, Ford Motor Co., GE Energy LLC, General Motors Corp., Honda Motor Co. Ltd., Samsung SDI Co. Ltd., Panasonic Corp., SANYO Electric Co. Ltd., Toyota Motor Corp. and others.
Battery Technology Market By Battery Type
Battery Technology Market By Control Technologies
Battery Technology Market By Application
Battery Technology Market By Geography
Middle East & Africa
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