Advanced Battery Technology Market To Generate $2,871.5 Million Revenue by 2030
- Published: February 2024
The advanced battery technology market size is expected to advance at a CAGR of 7.8% during 2024–2030, to reach USD 2,871.5 million by 2030.
The growing inclination for cutting-edge technologies that are energy-efficient, alongside the rollout of advanced electrical setups and devices that are compatible with renewable sources of energy, is one of the predominant scenarios driving market expansion.
Advanced battery technology includes the various superior versions of batteries, such as advanced lead–acid, lithium–polymer, smart nano, sodium metal–halide, and sodium–sulfur batteries. They have several attributes, such as a longer lifespan and ability to be easily incorporated into the electricity grid and electronic devices for energy storage.
The changing consumer preferences due to the rising awareness regarding the safety and longevity benefits associated with advanced technologies are also likely to augment the advanced battery technology market growth in the coming years.
Rising Inclination for Next-Generation Technologies and EVs
Various advancements, such as automation, AI, IoT, blockchain, and robotics, are becoming common across all industries and also influencing consumer preferences. For instance, the rollout of the 5G technology across various countries for improved connectivity has been gaining momentum. These technological evolutions particularly aid in providing access to improved performance, enhanced features, and various novel functionalities.
One of the most-common uses of advanced battery technologies, apart from electronic devices, is automobiles, i.e., electric vehicles. Automobiles are being equipped with advanced technologies to provide a comfortable and safer driving experience. Moreover, the need to reduce oil production, escalating demand for personal mobility, and growing emphasis on fuel-efficient and electrified transportation are driving dynamic shifts in the energy as well as automotive sector.
Advanced battery technology requires comparatively lower quantities of crucial materials and minerals. Further, being smaller, they can be easily incorporated into vehicles for efficient functioning and performance.
Additionally, advanced batteries, for instance, those based on the sodium–sulfur chemistry, are being considered for use in electric grids as well as to stabilize the power generated through renewable sources, such as solar and wind. This enables the stored energy to be used as and when required with ease.
European Region Is Expected To Hold Significant Market Share
The European region is likely to hold a significant share of the advanced battery technology market and advance at a CAGR of 9% during the forecast period. The growth can be attributed to the rising demand for electric vehicles and the usage of renewable sources of energy. According to an article published by Eurostat Statistics Explained, the continent aims to become climate-neutral by 2050, and renewable energy had a 21.8% share of the total energy consumed in the EU in 2021. Further, according to the European Environment Agency, the share of energy through renewable sources reached 22.5% of the total energy consumed in 2022.
Within the region, Germany is likely to exhibit a CAGR of 6% during the projection period. The growth can primarily be ascribed to the rising number of fully electric passenger cars in use. According to an article published by Clean Energy Wire, the number of e-car registrations was about more than 37% till July in 2023, and battery-run EVs had a share of about 16.4% of the total new e-cars on the road. Since energy storage systems are essential for all the electric vehicles and the advanced battery technologies allow energy storage for longer durations, the market is likely to grow significantly in the coming years with the greater deployment of EVs.
Some of the companies operating in the advanced battery technology market are PATHION Holdings Inc., PolyPlus Battery Company Inc., GS Yuasa Corporation, Samsung SDI Co. Ltd., Johnson Matthey plc, Ilika plc, Sion Power Corporation, LG Chem Ltd., and Saft Groupe SA.