Global Advanced Battery Market by Application (Automotive, Industrial), by Product (Sodium Metal Halide, Sodium Sulfur) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global advanced battery market was worth USD 65.8billion in 2019. It is projected to grow at an 8.0% compound annual growth rate (CAGR), between 2020 and 2027. The market will be driven by favorable government policies and an expanding energy storage market. The primary growth factors for the industry are the growing deployment of electric vehicles (EVs), increasing adoption of electronic gadgets and an expanding renewable energy infrastructure. Advanced batteries are more efficient and have a longer life span. They can also be integrated into the electricity grid to store energy for later usage. Due to rising awareness of energy-efficient products, the U.S. market is expected to experience a significant growth. The U.S. government has provided substantial funding to support the development of lightweight and durable batteries that can be used in residential, commercial, as well as industrial applications. This trend will drive the regional market during the forecast period.

Technology advancements such as the bipolar construction of advanced battery offer faster charging and lower prices than conventional batteries. In order to lower product costs and increase the adoption rate of advanced batteries, industry players are working hard to develop a commercially viable manufacturing process.

Market growth will be hampered by the impact of COVID-19 and trade disputes between the top economies. Due to the coronavirus pandemic's growing impact, it was a major setback for the supply chain, including electrode material producers and battery pack manufacturers. It is expected that it will take some time before sales levels reach pre-covid levels.

Product Insights

Due to their extensive use in electronic devices, the lithium-ion polymer batteries segment held the largest market share at over 17%. These batteries are more in demand than traditional batteries because of their unique properties such as high power density, efficiency, compact size, and superior performance.

The fastest projected CAGR for the forecast period is the sodium sulfur battery It can also be used as a large-scale, stationary storage device during the generation of renewable energy. It can operate at higher temperatures and utilizes solid electrolyte. This storage technology is low-cost and competitive and has a long cycle life and high energy densities.

The market share for advanced lead-acid batteries is significant and will grow at a substantial CAGR during the forecast period. This is due to the use of lead-acid battery in EVs and consumer electronics. They are also used in continuous power supply devices for a variety of industrial and commercial applications.

Application Insights

Due to increased demand worldwide for electronic devices, the consumer electronics segment held the largest market share at over 25% in 2019. Because electronic devices are becoming more complex, it is necessary to have smaller, lighter, and more efficient batteries packages. This trend is expected to increase product demand in the consumer electronics sector.

Due to the increasing use of advanced batteries in electric vehicles, the segment will see the greatest CAGR during the forecast period. The segment's growth is expected to be boosted by increased government funding and incentives for commercial and passenger level EV deployment.

The growing use of renewable energy power generation equipment such as wind turbines and solar PV panels is driving the battery energy storage system segment to gain traction. Policies such as net-metering subsidies encourage the installation of battery storage systems in residential areas as a secondary source for power supply.

Regional Insights

Europe held 28% of global market share in 2019, accounting for more than 28%. The implementation of favorable government policies for the deployment of EVs in the region will ensure that it maintains its lead position over the forecast period. France, Russia, Spain, Italy and the U.K. are all focusing on reducing carbon emission through the use of clean energy sources. This has boosted the demand for high-quality batteries.

Asia Pacific was the second largest market share. This is due to the demand for high-capacity batteries in developing countries like India and China. These countries are preparing to deploy EVs and require high-quality batteries. The regional market will also be driven by rising demand for mobile devices such as watches, smartphones, and cameras.

North America is expected to grow at an impressive rate during the forecast period, with the U.S. the largest revenue contributor. The region's product demand will be driven by technological advancements such as thin-film, flexible, printed batteries that can be used in wearable devices. Research activities focusing on the use of batteries for plug-in EVs will also be expected to boost regional market growth.

Market Share Insights & Key Companies

In order to produce advanced batteries and modules with better performance and longer lives, industry participants are focusing on research and development. To increase their market share in different end-use markets, market players take a variety of strategic initiatives. The following are some of the most prominent players in advanced battery markets:

• GS Yuasa Corporation

• Pathion Inc.

• PolyPlus Battery Company Inc.

• Oxis Energy Ltd

• Samsung SDI Co. Ltd.

Up Market Research published a new report titled “Advanced Battery Market research report which is segmented by Application (Automotive, Industrial), by Product (Sodium Metal Halide, Sodium Sulfur), By Players/Companies Oxis Energy Ltd, Pathion Inc, Samsung SDI Co Ltd, PolyPlus Battery Company Inc, GS Yuasa Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Advanced Battery Market Report Segments:

The market is segmented by Application (Automotive, Industrial), by Product (Sodium Metal Halide, Sodium Sulfur).

Advanced Battery Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Advanced Battery Market

Overview of the regional outlook of the Advanced Battery Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Advanced Battery Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Advanced Battery Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Automotive

                2. Industrial

                1. Sodium Metal Halide

                2. Sodium Sulfur

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Advanced Battery Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Advanced Battery Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.