Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The “global battery technology market by lithium-ion type (lithium cobalt oxide, lithium iron phosphate), lead-acid type (flooded, valve-regulated ), Nickel Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region – Forecast to 2027” report was added to from ResearchAndMarkets.com offer.
The global battery technology market size is expected to grow from USD 95.7 billion in 2022 to USD 136.6 billion by 2027, growing at a CAGR of 7.4%. The key factors driving the growth of the battery technology market are the growing demand for batteries from the renewable energy industry and utility sector and the increasing development of smart electronic devices.
Automotive Segment to Show Highest CAGR Over the Forecast Period
The automotive segment is expected to register the highest CAGR in the battery technology market. Growing environmental concerns and awareness of clean, sustainable fuel are fueling the adoption of electric vehicles, driving strong demand for battery technology. Lithium-ion batteries are the most suitable energy storage devices to power electric vehicles due to their high energy density and long life.
Asia-Pacific region is expected to register the highest market growth rate during the forecast period
Asia-Pacific countries are moving towards green energy and hence focusing on developing an ecosystem to manufacture batteries in the respective countries. The region has become an attractive automotive market, emerging in recent years as a hub for automotive production. Recent infrastructure developments and industrialization activities in emerging countries have opened up new avenues and opportunities for OEMs. The increase in the purchasing power of the population has stimulated the demand for consumer electronics and automobiles, thus generating a demand for batteries.
|Number of pages||248|
|Forecast period||2022 – 2027|
|Estimated market value (USD) in 2022||$95.7 billion|
|Expected market value (USD) by 2027||$136.6 billion|
|Compound annual growth rate||7.4%|
- Increase in demand for electric and hybrid electric vehicles
- Growing adoption of battery technology in the renewable energy industry
- Growing demand for battery-operated material handling and automation equipment in various industries
- Increase in battery installation in the utility sector
- Growing improvements in smart electronic devices
- Growing concern over storage and transportation of used batteries
- Growing Need for Advanced Batteries in Data Centers
- Developments in wearable devices
- Increase research and development to advance batteries
- High cost of battery-powered industrial vehicles
Main topics covered:
2 Research methodology
3 Executive summary
4 premium previews
5 Market Overview
6 Battery Technology Market, By Control Technology
7 Battery Technology Market, By Technology Type
8 Battery Technology Market, By Vertical
9 Battery Technology Market, by Region
10 Competitive Landscape
11 company profiles
12 Adjacent and Related Markets
- Limited Amperex Technology
- Bak Power Battery Co. Ltd.
- Byd Company Ltd.
- Chaowei Power Holdings Limited
- Contemporary Amperex Technology Co. Ltd.
- East Penn Manufacturing
- Enerdel, Inc.
- Energizing assets
- Exide Industries
- Exide Technologies
- Gs Yuasa International Ltd.
- Hbl Power Systems Limited
- Hitachi Ltd.
- LG Chemistry
- Panasonic Holdings Corporation
- Power Sonic Corporation
- Samsung Sdi Co.Ltd.
- Tesla, Inc.
- Toshiba Company
- Varta S.A.
For more information about this report visit https://www.researchandmarkets.com/r/lnvf69
Global battery technology market
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