Global Battery Market is expected to accelerate at a CAGR of 15.68% by 2028

 

Triton Market research presents the Global Battery Market report sectioned by Battery Type (Primary, Secondary), Technology (Sodium-sulfur (NAS) Battery, Nickel-zinc (NiZn) Battery, Zinc-manganese Dioxide Battery, Small Sealed Lead-acid Battery, Lead-acid Battery, Lithium-ion Battery, Nickel-cadmium (NiCd) Battery, Flow Battery, Nickel-metal Hydride (NiMH) Battery, Other Technologies), End-use (Portable Batteries, Power Tools Batteries, SLI Batteries, Automotive Batteries, Industrial Batteries, Other End-uses), and Geography (Middle East and Africa, Asia-Pacific, North America, Europe, Latin America). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market              Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

The report by Triton Market Research suggests that the global battery market is expected to grow at a CAGR of 15.68% over the forecast period 2022-2028.

 


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An electric battery is an electric power source consisting of one or more electrochemical cells with external connections to power the devices. The chemical reactions within batteries involve the electron flow through an external circuit, from one electrode to another. The flow of electrons offers an electric current that can be used to perform work.

The studied market is driven by factors such as the rising popularity of consumer electronics, high demand for automotive applications, government incentives for electric vehicle battery manufacturing, and declining battery prices. Researchers believe the declining prices are due to the research and development activities in chemistry and material science. As per estimates, the battery pack prices for a 1 MWh battery energy storage system (BESS) are expected to decrease from $236 per kWh in 2017 to $110 per kWh by 2025, thereby increasing the demand for battery packs.

However, safety issues pertaining to battery usage, volatility in the prices of raw materials and issues related to battery recycling can hamper the market growth.

Globally, the Asia-Pacific is expected to become the fastest-growing region in the battery market. The region’s growth is mainly due to the increasing adoption of electric vehicles at a high rate. China is leading the global sale of electric vehicles. Moreover, developing countries like India are transforming their public transportation infrastructure with electric vehicles. Further, the market players in the region are launching inexpensive and high-quality energy and power storage technology to assist businesses in controlling their operations, resulting in the studied market’s growth.

Leading companies thriving in the battery market are Johnsons Controls Inc, Exide Technologies, A123 Systems LLC, Panasonic Corporation, Saft Groupe SA, BYD Company Ltd, Eveready Industries, East Penn Manufacturing Co, C&D Technologies Inc, Murata Manufacturing Co Ltd, GS YUASA International Ltd, LG Chem Ltd, Toshiba Corporation, Shenzhen BAK Battery Co Ltd, Trojan Battery Company, NEC Corporation, Duracell, Crown Battery Manufacturing Company, EnerSys, and Samsung SDI Co Ltd.

A convergence of technological developments has facilitated the advancement of batteries. Batteries have experienced major technological advancements, which have propelled the market to new heights. The emergence of new technologies, including gold nanowire gel electrolyte batteries, organosilicon electrolyte batteries, etc., has boosted end users’ attention to adopt such battery technologies.  Therefore, the global battery market would experience less threat from substitutes throughout the forecast period.

 

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