Global Battery Technology Market to Accrue USD 153.86 Billion by 2030, Growing at 5.52% CAGR, Driven by Global Trend Toward Sustainable Energy Sources, States Kings Research

DUBAI, UAE, Jan. 15, 2024 /PRNewswire/ -- As per the recent report published by Kings Research, the Global Battery Technology Market size was recorded at USD 98.67 billion in 2022 and is estimated to grow to USD 153.86 billion by 2030, exhibiting a CAGR of 5.52% through the projection period of 2023-2030. The market is experiencing significant growth due to several key factors such as a global trend toward sustainable energy sources, the widespread usage of electric vehicles, and the rising need for energy storage options. Furthermore, the increasing emphasis on environmental sustainability and the reduction of greenhouse gas emissions has contributed to the advancement and implementation of more advanced battery technologies.

Battery technology encompasses the scientific and engineering disciplines involved in conceiving, creating, and manufacturing energy storage devices designed to store electrical energy in chemical form and discharge it as required. Batteries have diverse applications across various industries, such as consumer electronics (e.g., smartphones, laptops), automotive (e.g., electric vehicles), renewable energy (e.g., storage for solar and wind energy), aerospace, and large-scale grid energy storage.

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Trending Now: Northvolt Introduces Breakthrough in Sodium Ion Battery Technology

On November 21, 2023, Northvolt announced the successful development of an advanced sodium ion battery. This technological advancement was aimed at facilitating the widespread expansion of cost-effective and sustainable energy storage systems on a global scale. The sodium ion battery cell underwent validation, demonstrating an impressive energy density exceeding 160 watt-hours per kilogram at Northvolt's dedicated research and industrialization facility, Northvolt Labs, situated in Västerås, Sweden. In addition to this groundbreaking achievement, Northvolt has recently disclosed plans for the construction of a new battery manufacturing facility in Canada.

Competitive Landscape

Leading players in the global battery technology market are focusing on several growth strategies such as partnerships, and product innovation. For instance, in August 2023, CATL released Shenxing, a revolutionary 4C superfast charging LFP battery. This cutting-edge battery offers an impressive 400 km driving range after just a 10-minute charge, and an overall range surpassing 700 km on a single full charge. CATL's innovative battery technology is poised to address and alleviate concerns related to fast charging for electric vehicle (EV) users. This introduction marked the start of a new era in superfast charging for EVs.

Prominent participants in the global battery technology market include:

• Panasonic Corporation
• SAMSUNG SDI CO., LTD.
• LG Chem
• Contemporary Amperex Technology Co., Limited
• BYD
• TotalEnergies
• Narada
• Johnson Controls
• ENERSYS
• Hitachi, Ltd.

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The global Battery Technology Market is segmented as:

By Type

• Lead Acid
• Lithium-ion
• Lithium-Metal
• Nickel Metal Hydride
• Nickel Cadmium
• Others

Growing Use of Lithium-ion Batteries in BEVs and PHEVs to Aid Battery Technology Market Growth

Based on type, the lithium-ion segment accounted for the largest share of the battery technology market in 2022. The growth of the segment is mainly driven by the growing need for lithium-ion batteries in battery-operated electric vehicles (BEVs) and hybrid electric vehicles (PHEVs) on a global scale. The increasing preference for electric vehicles among consumers worldwide is projected to promote further the utilization of lithium-ion batteries in the coming years.

These batteries are widely recognized as a greener option compared to conventional fuels and are thus gaining popularity in the realm of electric vehicles. Moreover, governmental efforts to encourage the adoption of electric vehicles, including various incentives and subsidies, are bolstering sales in major nations. Notably, governments in countries such as India, Canada, Japan, and Thailand are providing subsidies to individuals who opt for electric vehicle purchases, which is further impelling industry expansion.

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By End-Use

• Aerospace
• Automotive
• Electronics
• Energy Storage
• Military & Defense
• Others

Soaring Demand for Battery Technology in the Automotive Sector to Bolster Battery Technology Market Revenue

In terms of end-use, the automotive segment held the largest revenue share in the battery technology market in 2022. The segmental growth can be attributed to the rising utilization of battery technology within the global automotive industry. The industry's investments in R&D, along with its emphasis on creating eco-friendly transportation solutions, have stimulated the widespread adoption of battery technology in the automobile sector.

Moreover, government initiatives to promote the utilization of commercial electric vehicles are projected to stimulate segment growth. Commercial vehicles contribute significantly to pollution, hence the growing focus on promoting the uptake of commercial electric vehicles is expected to have a positive impact on market growth.

Widespread Adoption of Electric Vehicles Worldwide to Drive Battery Technology Market Growth

The battery technology market is experiencing significant growth due to the widespread adoption of electric vehicles. As society becomes more focused on creating a sustainable transportation system to combat climate change and reduce greenhouse gas emissions, EVs have gained immense popularity in recent years. The performance of electric vehicles heavily relies on advancements in battery technology, which directly impact their range, charging speed, and overall effectiveness.

Manufacturers are consistently allocating resources toward research and development efforts to improve the energy density of batteries, reduce charging durations, and extend the lifespan of electric vehicle (EV) batteries. This endeavor not only drives advancements in battery technology but also presents lucrative market expansion as the automotive sector progresses on its path to electrification.

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North America to Dominate Battery Technology Market Due to Favorable Government Initiatives Toward Clean Energy

North America led the global market in 2022 and is anticipated to continue its dominance through the projection period. The regional market growth is primarily attributable to the strong presence of the electric vehicle (EV) market, where the United States takes the lead in both the adoption and production of EVs. The Biden administration's emphasis on clean energy and infrastructure development has additionally reinforced the battery technology market in North America. This commitment is evident through substantial investments in EV charging infrastructure and the establishment of domestic battery manufacturing facilities.

Furthermore, North America serves as a central hub for pioneering battery startup companies and esteemed research institutions, nurturing progress and development in the field. With a strong emphasis on sustainability and the mitigation of carbon emissions, the region is strategically positioned to uphold its leading position in the battery technology industry for the foreseeable future.

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Key Points from TOC:

Chapter 1 Introduction of The Global Battery Technology Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Battery Technology Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Battery Technology Market, By Type
Chapter 7 Global Battery Technology Market, By End-Use
Chapter 8 Global Battery Technology Market, By Geography
Chapter 9 North America 
Chapter 10 Europe 
Chapter 11 Asia Pacific 
Chapter 12 Middle East & Africa 
Chapter 13 Latin America 
Chapter 14 Global Battery Technology Market Competitive Landscape
Chapter 15 Company Profiles
15.1 Panasonic Corporation
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 End-Use Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 SAMSUNG SDI CO.,LTD.
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 End-Use Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 LG Chem
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 End-Use Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Contemporary Amperex Technology Co., Limited
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 End-Use Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 BYD
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 End-Use Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis

Continued………

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