chicago, November 8 August 2022 /PRNewswire/—— battery technology marketthey estimate $95.7 billion In 2022, it is expected to reach $136.6 billion CAGR of 7.4% to 2027 According to a new report from MarketsandMarkets™. Growing demand for battery-powered electric vehicles and increasing adoption of various batteries in the renewable energy industry are reasons for the growth of the battery technology market. Furthermore, the installation of batteries in the utility sector is rapidly increasing, which is also the reason for the market growth.
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Lithium-ion batteries are expected to maintain the largest growth rate over the forecast period.
Global demand for lithium-ion batteries is growing on the back of increasing demand for electric vehicles, stringent government mandates on fuel economy, increasing demand for smart devices and other consumer electronics, and enhancement of lithium-ion batteries. Falling lithium-ion battery prices are also encouraging automakers to invest more in electric vehicles. In addition, lithium-ion batteries also find applications in many portable and industrial equipment. They can be easily tailored to requirements, and the use of novel anode materials makes these cells more energy efficient. Manufacturers are working on making lithium-ion batteries compatible with advanced products.
The automotive industry is expected to experience the highest CAGR through 2027.
The demand for electric vehicles has increased due to environmental concerns and awareness of clean and sustainable fuels. Government initiatives, environmental norms and emissions regulations support the adoption of electric vehicles worldwide. This has led to an increase in demand for lithium-ion and nickel metal hydride batteries, which have high thermal stability, high energy and power density, and can be safely used in electric vehicles. Hence, the growing adoption and awareness of electric vehicles supports the growth of the battery technology market.
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The battery technology market is Europe is the second dominant region in 2021.
Europe It is the second leading region in the battery technology market. The region is home to some of the largest battery manufacturers, such as Saft (France) and FIAMM (Italy). Batteries have major applications in the automotive and consumer electronics sectors for clean, sustainable and compact power sources. Automotive is an advanced industry in the region, with the most streamlined production processes and optimized water and energy use. Environmental and carbon emissions policies in Europe have promoted renewable energy and increased demand for energy storage. Significant investments in R&D for battery production and increasing use of renewable energy sources that require batteries to store energy are key factors driving the growth of the European battery technology market.
Major companies operating in this battery technology market include LG Chem (South Korea), Hitachi Ltd. (Japan), Samsung SDI Corporation. Limited (South Korea), GS Yuasa International Co., Ltd. (Japan), Enersys (US), Panasonic Holdings Corporation (Japan), and Contemporary New Energy Technology Co., Ltd. (China).
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