Advanced Battery: Introduction
- Advanced battery is a next generation battery that can easily be integrated into a power grid to make an energy storage system. It has longer lifespan and high energy density. It offers lower GHG emissions. Advanced battery is also being used in the transportation industry.
- Commonly available advanced batteries in market are lithium-based batteries and nickel-based batteries. These batteries are used in several applications such as consumer electronics, mobile phones, and electric vehicles.
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Key Drivers and Restraints of Advanced Battery Market
- Increase in demand for economical, compact, and energy efficient batteries in various end-use industries such as electrical vehicles and consumer electronics in developing and developed economies is expected to drive the global advanced battery market during the forecast period. Advanced battery is economical and offers fast charging when compared to conventional batteries. These features of advanced battery make its adoption preferable over alternate technologies.
- Rise in investment in development of renewable energy infrastructure is projected to boost the global advanced battery market between 2023 and 2030
- Technological innovation in design of battery to optimize efficiency and reduce cost is projected to propel the global advanced battery market between 2023 and 2030. However, high availability of substitute batteries is hampering the advanced battery market.
COVID-19 Impact Analysis
Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, production facilities of automobile and electronic industries halted their production temporarily. Disruption in operation of production facilities adversely affected the demand for advanced batteries, as these batteries are used in electrical vehicle and consumer electronics to provide continuous power supply for their proper functioning.
Automotive & Industrial Application Segment Expected to Hold Prominent Share of Global Market
- The global advanced battery market can be segmented based on product, application, and region
- Based on application, the global advanced battery market can be segregated into consumer electronics, automotive, energy storage systems, industrial, and others. Advanced battery is extensively used in automotive applications. Increase in government funding and incentives to promote the deployment of commercial and passenger electric vehicles is anticipated to boost the automobile segment of the market during the forecast period.
- Based on product, the global advanced battery market can be segregated into lithium ion polymer battery, sodium sulfur battery, sodium metal halide battery, advanced lead acid battery, smart nano battery, and others. The lithium ion polymer battery is anticipated to expand significantly during the forecast period due to the wide application of these batteries in the consumer electronics sector. Lithium ion battery possesses several unique properties such as compact size, efficient performance, and high-power density. As a result, demand for these batteries is higher than that for traditional batteries.
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North America Expected to Constitute Major Share of Global Advanced Battery Market
- In terms of region, the global advanced battery market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America is projected to hold vital share of the global advanced battery market during the forecast period due to rise in awareness about the benefits of energy efficient products. The U.S. Government provides funding for the development of durable, lightweight, and energy efficient batteries for applications across commercial, residential, and industrial establishments.
- Europe is likely to be a stable region of the global advanced battery market during the forecast period. This can be ascribed to ongoing investment in development of energy efficient buildings. Furthermore, stringent government regulations to reduce GHG emissions by enhancing the utilization of renewable technologies is a key factor augmenting the advanced battery market in Europe.
- The advanced battery market in Asia Pacific is expected to expand at a significant pace during the forecast period due to increase in demand for electrical vehicles, primarily in developing countries such as China and India
- The advanced battery market in Latin America and Middle East & Africa is estimated to expand during the forecast period due to rise in demand for consumer electronics in these regions
Key Players Operating in Global Market
Leading companies operating in the global advanced battery market include:
- GS Yuasa Lithium Power
- Pathion Inc.
- LG Chem Ltd
- Enerdel, Inc.