The global battery
market is expected to reach USD 132.55 billion by 2024, 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.
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.
About
Radiant Insights
Radiant Insights is a
platform for companies looking to meet their market research and business
intelligence requirements. We assist and facilitate organizations and
individuals procure market research reports, helping them in the decision
making process. We have a comprehensive collection of reports, covering over 40
key industries and a host of micro markets. In addition to over extensive
database of reports, our experienced research coordinators also offer a host of
ancillary services such as, research partnerships/ tie-ups and customized
research solutions.
For
More Information, Visit Radiant
Insights
Contact:
Michelle Thoras
Corporate Sales Specialist, USA
Radiant Insights, Inc
Phone: 1-415-349-0054
Toll Free: 1-888-202-9519
Email: sales@radiantinsights.com
Blog URL: http://www.radiantinsightsinc.blogspot.com
No comments:
Post a Comment