Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Primary Batteries, Secondary Batteries), By Battery Type (Lithium-ion Battery, Lead-Acid Battery, Nickel Battery, and Others), By End User (Automotive, Energy Storage, Aerospace, Military & Defense, and Others), By Region, Competition 2018-2028F

Global battery market is predicted to grow during the forecast period. The growth of the market can be attributed to the rising urbanization requiring more energy demands, growing demands for power supply which results in rising number of data centers, and increasing demands for batteries in utilities among others across the globe.

A battery is a device that transforms the chemical energy which contains the active ingredients directly into electrical energy via an electrochemical oxidation-reduction reaction. This kind of reaction involves the transfer of electrons from one material to an alternative with the help of an electrical circuit. These batteries are charged with the help of electric current. Batteries are divided into various types such as lead-acid batteries, lithium-ion batteries, nickel-metal hydride (NiMH) batteries, nickel-cadmium batteries, nickel–zinc batteries, and flow batteries. Also, multiple electrochemical cells that are connected to external inputs and outputs are used to make the batteries for their clients. Batteries have the capability to tackle one of the most important social, economic, and scientific challenges of the 21st century - the ability to store electrical energy for decentralized stationary or mobile applications. There exist multi-fold opportunities and future battery technologies across several sectors at a global scale.

There is a growing requirement for energy backup due to the rising demand for uninterrupted power supply in all major countries such as India, Saudi Arabia, Vietnam, Singapore, the United States among others. In the case of power outages, flow batteries serve as a backup power source. The rechargeable and scalability feature of the batteries are the two major advantages. The need for a reliable supply has increased, necessitating a growing need for energy backup in all major countries. Batteries are provided as a backup power source during power interruptions or periods of heavy demand.

. The development of renewable energy sources like solar and wind has increased demand for these batteries, which has a detrimental effect on the battery business. Several developed and emerging countries have established green energy objectives; therefore, this trend is anticipated to continue on a global level. Batteries are generally used for energy storage by utility corporations. This serves as a market driver for the global battery market, coupled with the additional benefits of longer operation time and longer life. Global installations of batteries have increased due to the rising usage of solar and wind energy.

Increasing Use Of Batteries in Residential Applications

Additionally, a

Increasing Number of Renewable Energy Projects Across the Globe

Natural resources are used in renewable technologies to generate electricity. New technologies are needed for green energy. The development of renewable energy sources has driven the need for energy storage systems to store the generated electricity. Therefore, the demand for energy storage systems such as redox flow batteries is high. Ongoing renewable energy generation projects across the globe are expected to positively impact the global battery market. In September 2022, the U.S. Department of Energy (DOE) allocated USD 17.9 million for four research and development initiatives to expand American production of flow batteries and long-duration storage systems. This financing assists in providing the resources required to build out the system with new and clean energy sources, supply low-cost power to underserved populations, and contribute to the Biden Administration's objective of net-zero carbon emissions by 2050. Furthermore, as of January 31, 2023, the Essar Group, headquartered in Mumbai, established the Essar Energy Transition (EET), and invested a total of USD 3.6 billion in the development of a variety of low-carbon energy transition projects over the course of the coming years. Thus, increasing renewable projects has led to a rise in the demand for batteries during the forecast period.

Various Government Policies and Regulations

Canada –

Indonesia’s Government to Boost EV Battery Production

Recent Developments

• In August 2022, Contemporary Amperex Technology Co., Limited (CATL) announced to invest 7.4 billion USD to build a 100 GWh battery plant in Debrecen, east Hungary, to supply battery cells and modules to European automakers.
• In December 2021, Amara Raja Batteries, an automotive battery company, announced an investment of around USD 12 million in Inobat Auto, a European technology developer and manufacturer of batteries for electric vehicles. This investment is the part of company’s focus in the green technology space as part of its bold Energy and Mobility Strategy.  Additionally, the investment opened new research & development facilities for the company, which allowed it to adapt InoBat’s highly innovative battery technologies.
• In March 2021, POSTECH (South Korean university) research team developed a much faster charging and longer-lasting battery material. The battery proved to enable further longevity for Li-ion batteries leading to the production of Li-ion battery electrodes that charge up to 90% in six minutes and discharge 54% in 18 seconds.
• In June 2020, Tesla planned next-generation electric vehicle batteries eliminating the rare, expensive, and controversial element cobalt from batteries. The new technology allows cars to go 400 miles or more between charges.

Market Segmentation

Company Profiles