Global Battery Market is expected to reach USD
132.55 billion by 2024, according to
a new report by Grand View Research, Inc. Majorly consisting of primary and
secondary batteries, the growth will be attributed to growing demand for
secondary batteries that are rechargeable on account of rising demand for smart
gadgets and electronics such as tablets, smartphone and other portable devices
including the digital camera and laptop.
Technological advancements in terms of cost reduction and enhanced
efficiency are expected to open new avenues for the global market over the
forecast period. Rising use in aircraft emergency systems in case of
non-availability of APU’s for braking, ground operations and restarting the APU
is expected to fuel high capacity battery demand. Low cost and high density of
lead acid battery will encourage use in an emergency power supply and grid
storage applications thus supplementing the market growth.
Full Research
Report On Global Battery Market Analysis:
http://www.grandviewresearch.com/industry-analysis/battery-market
http://www.grandviewresearch.com/industry-analysis/battery-market
Further key
findings from the report suggest:
- Li-ion
based batteries are expected to emerge as the most dominant segment owing
to the growing demand in the automotive industry coupled with portable
devices and electric power trains. The auto industry is experiencing high
growth in plug-in hybrid and electric vehicles segment which is expected
to propel demand. In addition, successful commercialization and lucrative
incentives have been encouraging OEMs to introduce new hybrid and electric
models in the market.
- Ni–Cd
batteries find applications in portables devices such as wireless &
cordless telephones and emergency lighting, rising use for which will
drive market demand. Growing application scope in railways for emergency
braking, locomotive starting, air-conditioning, coach lighting and power
for signaling will further propel growth.
- Industrial
application accounted for over 30.0% of the global market in 2015. The
industrial application includes wheelchairs, golf carts, aviation,
satellites, grid storage, forklifts and power tools. Rising energy
requirements have resulted in increased use of storage applications on
grid and off grid which has directly impacted demand for battery storage
systems. Rapid industrialization in emerging economies of Asia Pacific and
Latin America will utilize batteries in UPS devices, material handling
systems, and power tools thus fueling market demand.
- Asia
Pacific dominated the global battery market with revenue over USD 23.00 billion
in 2015 on account of the presence of a majority of manufacturers in Japan
and South Korea. Budding consumer electronics industry in India, Malaysia,
Singapore and Thailand is expected to result in high demand for
lithium-ion batteries in the next eight years. Increasing automobile
production in India and China is projected to propel demand for lead acid
batteries in the near future. In addition, laxity for regulations in these
countries regarding automotive emissions and fuel efficiency is expected to
provide immense potential for market growth.
- The
global industry includes major conglomerates such as Hitachi, Sony, LG,
Panasonic and GS Yuasa. Companies are moving towards lithium ion battery
manufacturing owing to high potential in consumer electronics and electric
vehicle market. Key companies are engaged in manufacturing of batteries
with varying capacities suitable for different applications. Automotive
Energy Supply Corporation and Panasonic are major shareholders in the
lithium-ion electric vehicle segment. In February 2016, Johnson Controls
Inc. made investments in its facility in Germany to improve its production
capacity.
View more
reports of this category by Grand View Research at: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View
Research has segmented the Global Battery Market on the basis of product,
application and region:
Battery Product
Outlook (Revenue, USD Million, 2013 - 2024)
- Lead
Acid
- Lithium
ion
- Nickel
Metal Hydride
- Nickel
Cadmium
- Others
Battery
Application Outlook (Revenue, USD Million, 2013 - 2024)
- Automobile
- Industrial
- Portable
Battery
Regional Outlook (Revenue, USD Million, 22013 - 2024)
- North
America
- U.S.
- Europe
- Germany
- UK
- Asia
Pacific
- China
- Japan
- Latin
America
- Brazil
- MEA
Access press release by Grand View
Research:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more
Information visit: www.grandviewresearch.com
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