Advanced Battery Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on February 2nd, 2021

The global advanced battery market size is expected to reach USD 121.38 billion by 2027, escalating at a CAGR of 8.0% over the forecast period, according to a new report by Grand View Research, Inc. The implementation of favorable government policies regarding the usage of energy-efficient products is likely to augment the market growth over the forecast period.

The market is primarily driven by the growing demand for battery energy storage systems across various end-use segments including residential, commercial, and industrial sectors. Moreover, the rising demand for renewable power generation infrastructure requiring energy storage for later use is estimated to propel the market growth over the next seven years.

Industry participants are focusing on research and development activities to develop advanced battery cells and modules that provide longer life, better performance, and lower battery cost when compared to traditional batteries. Moreover, market players follow several strategic initiatives, such as diversifying their product offerings, to enhance their foothold in end-use markets.

Trade disputes among the top economies including the U.S. and China along with the growing impact of COVID-19 are expected to disrupt the market supply chain that includes raw material suppliers, battery pack manufacturers, electrode material producers, and others. This, in turn, is projected to have a negative impact on market growth.

Technological advancements, such as bipolar construction of advanced batteries, offer fast charging and lower product price when compared to conventional batteries. Moreover, industry participants are focusing on developing a commercially viable manufacturing process to reduce product costs and enhance the penetration rate of advanced batteries.

Advanced Battery Market Report Highlights

• Lithium-ion polymer battery occupied the largest market share in 2020 owing to its extensive usage in the electronic devices sector
• Sodium sulfur battery is projected to register the highest CAGR over the forecast period. It serves as large-scale stationary storage during renewable energy power generation
• Automotive battery application segment is expected to register the fastest CAGR over the forecast period owing to the growing penetration of advanced batteries in Electric Vehicles (EVs)
• Consumer electronics segment occupied the largest market revenue share in 2020 owing to the increased demand for electronic devices
• Europe led the market in 2020 and will retain its dominant position over the coming years owing to the implementation of favorable government policies regarding the deployment of EVs and battery energy storage systems across the region
• Asia Pacific accounted for the second-largest market share owing to high demand for enhanced battery capacity in developing economies, such as China and India

The impact of COVID-19 on the industry along with trade disputes among the top economies is expected to hamper the market growth. The supply chain including raw material suppliers, electrode material producers, and battery pack manufacturers suffered a major setback due to the growing effect of coronavirus pandemic and estimated to take a significant amount of time to achieve pre-covid sale levels.

The consumer electronics segment accounted for the maximum market share of over 25% in 2020 owing to the increased demand for electronic devices across the globe. The growing complexity of electronic devices requires smaller, thinner, and more efficient battery packages. This trend is estimated to boost product demand in the consumer electronics segment.

The automotive battery segment is expected to register the highest CAGR over the forecast period owing to the growing penetration of advanced batteries in EVs. Increasing government funding and incentives to enhance the deployment of passenger and commercial level EVs are expected to boost the segment growth over the forecast period.

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Industry participants are emphasizing research and development activities to manufacture advanced battery cells and modules that offer better performance, longer life, and lower battery cost when compared to conventional batteries. Market players follow several strategic initiatives, such as diversifying their product offerings, to enhance their foothold in various end-use markets. Some of the prominent players in the advanced battery market include:

• GS Yuasa Corporation
• Pathion Inc.
• PolyPlus Battery Company Inc.
• Oxis Energy Ltd
• Samsung SDI Co. Ltd.

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global advanced battery market report on the basis of product, application:

• Product Outlook (Revenue, USD Billion, 2016 - 2027)
  • Lithium-Ion Polymer Battery
  • Sodium Sulfur Battery
  • Sodium Metal Halide Battery
  • Advanced Lead Acid Battery
  • Smart Nano Battery
  • Others
• Application Outlook (Revenue, USD Billion, 2016 - 2027)
  • Consumer Electronics
  • Automotive Battery
  • Energy Storage Systems
  • Industrial Battery

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com