Battery Technology Market To Reach USD 176.92 Billion by 2030: P&S Intelligence

NEW YORK, March 7, 2023 /PRNewswire/ -- The total size of the battery technology market will touch USD 176.92 billion by 2030, progressing at a 7.2% CAGR in the years to come, as stated by P&S Intelligence.

The expansion of the industry is driven by the growing battery requirement for automotive uses and the increasing need for consumer electronics, for example, tablets, smartphones, and wearable devices, such as fitness bands.

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Furthermore, the market will grow because of the increasing cost-effectiveness and energy efficiency and the innovations in these Energy storage systems.

Moreover, manufacturers are engaging R&D in order to create safer and durable batteries, because data centers have a high necessity for sophisticated batteries.

Lithium-Ion Batteries Remain in Widest Usage

• Lithium-ion batteries dominate the industry owing to the increasing requirement for them in BEVs and PHEVs all over the world.
• Throughout this decade, the increasing popularity of electric vehicles would raise the usage of lithium-ion batteries as they are a more-ecological substitute to conventional fuels.
• EV sales are powered by the increasing government activities, such as subsidies and incentives, for promoting their acceptance.

Automotive Is Largest End-Use Industry for Battery Technologies

• The automotive category had the largest share of the revenue in the recent past.
• This is because of the high acceptance of battery technologies, increasing expenditure on research and development, and expansion of sustainable travel alternatives in the automotive industry.
• Furthermore, governments' increasing focus on promoting the use of commercial electric cars will contribute to the industry growth.

APAC Is Main User of Battery Technology

APAC had the largest share globally, of over 41%, in the past, because of the existence of key electric car manufacturers in Japan, South Korea, and China.

• China is the world's top manufacturer of electric automobiles, because of the growing government initiatives for promoting their usage.
• Furthermore, India, China, South Korea and Japan are among the largest consumer electronics manufacturers worldwide.
• Moreover, the People's Republic is also the key producer of batteries, and with the recent discovery of 5.9 million tonnes of lithium in Jammu and Kashmir, India's battery manufacturing output could grow massively in the coming years.

Browse detailed report on  Battery Technology Market Insights, Segment Analysis, Growth and Demand Forecast to 2030

Rapid Progressions in Smart Electronic Devices and Batteries

Because of the continuously expanding necessity for watches, remote controls, toys, and electronic IDs globally, the requirement for battery technologies will experience rampant growth. Furthermore, the increasing requirement for solid-state batteries in the aviation and automotive industries would power the market growth.

Wide Potential for Battery Technology Providers in Europe

Europe would witness a rapid rise in the demand for batteries due to the swift digitization and automation of industries, such as automotive, food & beverage, chemicals, and construction materials. Moreover, the ambitious EV adoption targets of regional countries would drive the market here.

Battery Technology Market Segmentation Coverage in the Report

Battery Technology Market Analysis by Product Type

• Lead acid battery
• Lithium-ion battery
• Nickel cadmium battery
• Nickel metal battery

Battery Technology Market Analysis by Control Technology

• Battery Chargers
• Battery Conditioners
• Smart Battery System

Battery Technology Market Analysis by Power Capacity

• 0 to 3,000 mAH
• 3,000 to 10,000 mAH
• 10,000 to 60,000 mAH
• More Than 60,000 mAH

Battery Technology Market Analysis by Power System

• Fuel cell batteries
• Proton exchange membrane fuel cells
• Alkaline fuel cells
• Phosphoric acid fuel cells
• Solid oxide fuel cells
• Molten carbonate fuel cells
• Air cells
• Flywheel energy storage
• Nuclear batteries

Battery Technology Market Analysis by Application

• Automotive
• Medical
• Residential & Commercial
• Industrial
• Consumer Electronics
• Power & Utility

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SOURCE P&S Intelligence