Global Next Generation Advanced Batteries Market to Reach $2.5 Billion by 2026

SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Next Generation Advanced Batteries - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 8; Released: February 2022
Executive Pool: 2647
Companies: 62 - Players covered include 24M Technologies, Inc.; Amprius Technologies; Aqua Power System Japan; Arconic Corporation; Energizer Holdings, Inc.; EnZinc, Inc.; ESS, Inc.; Excellatron Solid State, LLC; e-Zinc; GS Yuasa Corporation; Ionomr Innovations Inc.; Iskra; Lockheed Martin Corporation; Mag One Products Inc.; Oxis Energy Ltd; Panasonic Corporation; Pathion Inc.; Pellion Technologies Inc.; Phinergy Marine; PolyPlus Battery Company Inc.; Renata SA; RiAlAiR Ltd.; Samsung SDI Co., Ltd.; Sion Power Corporation; Sonic Energy; ZAF Energy Systems, Inc.; Zinc8 Energy Solutions Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Lithium Sulfur, Magnesium Ion, Solid Electrodes, Metal-Air, Other Product Types); Application (Consumer Electronics, Transportation, Industrial, Energy Storage, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Next Generation Advanced Batteries Market to Reach $2.5 Billion by 2026
The market for next generation advanced batteries is expected to grow at a healthy rate led by rapidly escalating demand for economical and efficient batteries for an increasing number of applications. A large part of this growth is coming from higher disposable income of consumers, especially in developing nations, wherein greater consumer purchasing power is leading to greater demand for electronic gadgets and electric vehicles, which represent important end-users of next-generation batteries. The move towards highly efficient and advanced next generation batteries is supported by growing awareness about the clean energy benefits and rising interest in renewable sources of energy. The need for batteries that can be recharged quickly is growing at an unprecedented rate leading to the development and production of highly advanced batteries that are inevitable for the efficient functioning of smart homes, smart wearables, smartphones, which also reflects the extensive penetration of internet. At the same time, the availability of higher efficiency, higher capacity and higher durability next-generation grid-scale storage batteries is pushing demand for their application in consumer electronics and automotive industries. The revenue growth is also contributed by the ability of these advanced batteries to charge, recharge and discharge at a rapid rate.

Amid the COVID-19 crisis, the global market for Next Generation Advanced Batteries estimated at US$342.7 Million in the year 2022, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 60.5% over the analysis period. Lithium Sulfur, one of the segments analyzed in the report, is projected to grow at a 63.3% CAGR to reach US$1.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Magnesium Ion segment is readjusted to a revised 61.4% CAGR for the next 7-year period. This segment currently accounts for a 24.9% share of the global Next Generation Advanced Batteries market.

The U.S. Market is Estimated at $119.4 Million in 2022, While China is Forecast to Reach $367.6 Million by 2026
The Next Generation Advanced Batteries market in the U.S. is estimated at US$119.4 Million in the year 2022. The country currently accounts for a 33.96% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$367.6 Million in the year 2026 trailing a CAGR of 71.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 50.7% and 57.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 57% CAGR while Rest of European market (as defined in the study) will reach US$571.3 Million by the close of the analysis period.

The research and development for highly advanced and highly efficient batteries has been record high over the recent years, owing to continued and growing investments from OEMs, encompassing BMW Group, Daimler and Volkswagen to name a few. Persistent R&D efforts helped deliver batteries with quick charge rates, longer lifespan and improved fire protection. While this has helped support the adoption increase for smart devices and gadgets, the thirst for extracting more out of batteries remains unquenched. A case in point is the electric vehicles industry that demands the next-generation batteries to fulfil the need for high energy density (necessary to achieve greater range), safety, fast charge time and cost-effectiveness. Another sector that is looking up to next-generation batteries is the energy industry that intends to leverage the capability of advanced batteries to provide the grid with renewable energy storage.

Solid Electrodes Segment to Reach $390.1 Million by 2026
In the global Solid Electrodes segment, USA, Canada, Japan, China and Europe will drive the 58.4% CAGR estimated for this segment. These regional markets currently account for a combined market size of US$18.5 Million. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$44 Million by the year 2026.

'Smart Home' and Home Automation Bring in a New Line of Opportunities
The increasing digitalization of the world due to widespread available of wireless connectivity, low-power embedded microcontrollers and low cost sensors is leading to the advent of smart consumer products. The advent of "smart" technologies has led to the rapid growth of the home automation market, with household maintenance and everyday lives of peoples are being revolutionized. A smart home is a completely automated and connected living place, with completely connected home assets including home appliances, electrical devices and systems, and other home components and functions. In a smart home, appliances and devices are fully automated and remotely controlled through the Internet. Smart homes, smart refrigerators, smart microwaves, smart energy usage devices, smart heating, air-conditioning and ventilation systems (HVAC) and fully automated security systems, are thus capable of dramatically reduce the burden of household maintenance. All of these connected systems operate within a communication network, enabling significant improvements in comfort, convenience, monitoring, energy conservation, security and other home activities. The connected systems also enable residents to gain compete access to home controls using special controllers or displays such as proprietary devices, built-in wall displays, mobile devices such as smartphones and tablets, and desktop computers or laptops. With the number of Internet-enabled devices expected to grow at a tremendous rate, the home automation and smart homes markets will witness strong growth. Most of the growth will be attributed to smart security and smart energy monitoring systems. For home automation applications, batteries are critical sources of power. Currently, the use of Li-ion batteries is widespread for home automation purposes due to the lower maintenance needed and lesser replacement costs. Driven by the strong growth in home automation market, the demand for next generation advanced batteries for use in the sector will grow. More

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