Market Drivers: Increasing advancements in smart electronic devices
The rise in the availability of electricity and connectivity worldwide has significantly increased dependence upon technology. Lithium-ion batteries are utilized in various devices such as gardening tools, material-handling equipment, consumer electronics, and uninterruptible power supply systems. Lithium-ion batteries have high energy capacities and can be shaped according to any device. The IoT has gained popularity and is powering various smart devices. IoT devices include smartwatches, fitness trackers, and smart speakers. These devices require durable battery life; thus, lithium-ion batteries are highly utilized in these smart devices. These smart devices have long lifespans and therefore require rechargeable batteries.
The Battery Technology Market by Lithium-ion Type (Lithium Cobalt Oxide, Li-Iron Phosphate), Lead-Acid Type (Flooded, Valve Regulated), Nickel Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region – Global Forecast to 2027. The global battery technology market size is estimated to be USD 95.7 billion in 2022 and is projected to reach USD 136.6 billion by 2027, at a CAGR of 7.4%. The increasing demand for battery-operated electric vehicles and rising adoption of various batteries in renewable energy industry are responsible for the growth of battery technology market. Additionally, the installation of batteries is increasing rapidly in utility sector, which is also responsible for the growth of the market.
• Informational PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253343109
Lithium-ion battery is expected to hold the largest growth rate during the forecast period.
Global demand for lithium-ion batteries is growing, propelled by the increase in demand for electric vehicles, strict government mandates on fuel economy, rising demand for smart devices and other consumer electronics, and enhancement of lithium-ion batteries. Reduction in the price of lithium-ion batteries is also encouraging automobile manufacturers to invest more in electric vehicles. Besides, lithium-ion batteries also find applications in many portable devices and industrial equipment. They can be easily customized according to the requirements, and the use of new anode material has made these batteries more energy efficient. Manufacturers are conducting research to make lithium-ion batteries compatible with advanced products.
Automotive is expected to hold the largest CAGR by 2027.
There is a rise in the demand for electric vehicles owing to environmental concerns and awareness about clean and sustainable fuel. Government initiatives and environmental norms and emission regulations support the adoption of electric vehicles around the world. This has resulted in increased demand for lithium-ion and nickel metal hydride batteries, which provide high thermal stability, high energy, and power density and are safe to be used in electric vehicles. Increasing adoption and awareness of electric vehicles thus supports the growth of the battery technology market.
Browse 163 market data Tables and 62 Figures spread through 254 Pages and in-depth TOC on “Battery Technology Market by Region – Global Forecast to 2027”
View detailed Table of Content here – https://www.marketsandmarkets.com/Market-Reports/battery-technology-market-253343109.html
The battery technology market in Europe is the second-dominating region in 2021.
Europe is the second leading regions 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 as clean, sustainable, and compact power sources in the automotive and consumer electronics sectors. Automotive is an advanced sector in the region, with the leanest production processes and optimized water and energy use. European environmental and carbon emission policies promote renewable energy and increase the need for energy storage. Extensive investments in R&D for battery production and an increase in the use of renewable energy, which requires batteries for storing energy, are the key factors driving the growth of the European battery technology market.
Major companies operating in this battery technology market includes LG Chem (South Korea), Hitachi Ltd. (Japan), SAMSUNG SDI CO. LTD. (South Korea), GS Yuasa International Ltd. (Japan), Enersys (US), Panasonic Holdings Corporation (Japan), and Contemporary Amperex Technology Co., Ltd. (China).
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com