The global advanced battery market is expected to witness rapid growth across various end-use applications over the forecast period, which can be attributed to the technological proliferation and advancements across various application segments. Advanced batteries have a longer lifespan, lower emissions, and can easily be incorporated into a power grid to store energy. These systems eventually reduce electricity costs and help lowering greenhouse gas emissions. The emergence of advanced next-generation batteries having inherent features such as high safety, efficiency, and low-cost has led to the large-scale energy storage for the electric distribution network. Moreover, increased adoption and commercialization of electric motor vehicles across the globe has considerably boosted the market growth. The growing market for mobile devices and laptops is another major factor that is expected to drive the advanced battery market.
The advanced battery market offers different types of batteries that include nickel-cadmium battery, nickel metal-hydride battery, lithium-ion & lithium-ion polymer battery, sodium-sulfur, sodium metal halide, advanced lead-acid, and smart nano batteries. These batteries have very high density and thus are lightweight and compact owing to which they have gained considerable popularity over the conventional batteries. Such an advanced battery offers a decent mix of performance specifications for most energy storage applications. Hybrid electric motor vehicles emit lesser carbon compounds and are fuel-efficient, which has increased the sales of HEV’s, thereby increasing the utilization of advanced batteries. In addition, these batteries have a superior lifecycle and operating life and can be remotely monitored as well. However, the cost of advanced batteries is still high and needs to be reduced in order to encourage greater use across its applications. Moreover, the efficiency of electric vehicles is less compared to the fuel motor vehicle, which is expected to dampen the Electric Vehicles (EVs) market growth. This in turn can pose a challenge to the advanced battery industry growth. Nevertheless, ongoing developments are expected to help in manufacturing energy-efficient electric vehicles in the future.
Growing awareness of using energy-efficient products in developed economies such as the U.S. and European regions is expected to impel the advanced battery industry growth. The U.S. government and other venture capitalists from the region are observed to be offering funding for the development of an affordable, durable, lightweight advanced battery for applications across various segments. Government subsidies and tax rebates over the adoption of HEV in these regions have shown positive effects on the advanced battery market. Countries such as China, Japan, and India from the Asia Pacific region are expected to follow similar trends.
Some of the prominent advanced battery market players include China BACK Battery, GS Yuasa Corporation, Honda, Hitachi Maxell, Kodak, Panasonic Corporation, LG Chem, Saft Groupe SA, Samsung, Ener Del, Sony Corporation, and Siemens.
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