The Global Battery Market to generate a Revenue of $132.474 Billion by 2027

According to a report by Triton Market Research, the global battery market, which accounted for $73.071 billion in 2018, will exhibit a CAGR of 6.91% by the year 2027.

A recent study by Triton Market Research titled 'Global Battery Market,' covers the Global Analysis and Forecast for 2019-2027 by Battery Type (Lead-Acid, Lithium-Ion, Nickel-Metal Hydride, Nickel-Cadmium, Others), Application (Automotive, Industrial, Portable), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

Batteries are used for energy storage purposes, so that they can later be used in cases of power shortages, blackouts, or when there is a high demand for power. It is made up of a cathode, an anode, and an electrolyte. It consists of electrochemical cells that convert chemical energy into electrical energy.

Request Free Sample of the Global Battery Market Report @ https://www.tritonmarketresearch.com/reports/battery-market#request-free-sample

Triton's report suggests that the industry would grow at a CAGR of 6.91% during the forecasted period 2019-2027, generating $132.474 billion by the year 2027. The increasing demand for energy storage systems, the increased trend of adopting UPS systems as an essential power back-up, rising demand from the automobile sector, and the rise in the number of electric vehicles are driving the market growth. However, this growth is being restrained owing to factors such as issues regarding compliance with battery standards and the negative impact of lead-acid batteries on the environment.

Based on the battery type, the market is categorized into lead-acid batteries, lithium-ion batteries, nickel-metal hydride batteries, nickel-cadmium batteries, and other batteries. Whereas, according to application, the market can be segmented into automotive, industrial, and portable.

Asia-Pacific is forecasted to hold the largest share of the market by 2027. Besides, the region is expected to showcase the fastest growth during the forecast period. The rise in R&D by research institutions, increased adoption & use of electric vehicles, as well as efforts by MNCs to develop batteries, are primarily encouraging growth in this market. Besides, private organizations have been making investments for further development in this market.

The countries of China, India, and Japan have a strong manufacturing sector, which is helping them produce batteries on a large scale. The automotive industry has also shown growth, which requires substantial utilization of batteries. Besides, the efforts made by the governments in this region for infrastructure development is helping to augment market growth.

The primary competitors profiled in the report are Eveready Industries India Ltd, BYD Company Ltd, Exide Technologies, Murata Manufacturing Co Ltd, C&D Technologies Inc (acquired by KPS Capital Partner), NEC Corporation, Samsung SDI Co Ltd, A123 Systems LLC, Duracell International Inc, EnerSys, East Penn Manufacturing Company Inc, Johnson Controls, Toshiba Corporation, Hitachi Ltd, LG Chem Ltd, Panasonic Corporation, GS Yuasa Corporation, Crown Battery Manufacturing Company, Shenzhen BAK Battery Co Ltd, and Saft Groupe SA.

Purchase this Report @ https://www.tritonmarketresearch.com/reports/battery-market#purchase-option

Question & Answer: Battery Market

Question 1: What factors are helping the battery market to grow?
Answer: The increasing demand for energy storage systems, the increased trend of adopting UPS systems as an essential power back-up, rising demand from the automobile sector, and the rise in the number of electric vehicles are driving the market growth.

Question 2: What factors are restraining the growth of the battery market?
Answer: The market growth is being restrained owing to factors such as issues regarding compliance with battery standards and the negative impact of lead-acid batteries on the environment.

Question 3: What impact has the Asia-Pacific region had over the global battery market?
Answer: Asia-Pacific is forecasted to hold the largest share of the market by 2027. Besides, the region is expected to showcase the fastest growth during the forecast period. The rise in R&D by research institutions, increased adoption & use of electric vehicles, as well as efforts by MNCs to develop batteries, are primarily encouraging growth in this market. Besides, private organizations have been making investments for further development in this market.

The countries of China, India, and Japan have a strong manufacturing sector, which is helping them produce batteries on a large scale. The automotive industry has also shown growth, which requires substantial utilization of batteries. Besides, the efforts made by the governments in this region for infrastructure development is helping to augment market growth.

Question 4: Which are the essential players in the battery market?
Answer: The primary competitors profiled in the report are Eveready Industries India Ltd, BYD Company Ltd, Exide Technologies, Murata Manufacturing Co Ltd, C&D Technologies Inc (acquired by KPS Capital Partner), NEC Corporation, Samsung SDI Co Ltd, A123 Systems LLC, Duracell International Inc, EnerSys, East Penn Manufacturing Company Inc, Johnson Controls, Toshiba Corporation, Hitachi Ltd, LG Chem Ltd, Panasonic Corporation, GS Yuasa Corporation, Crown Battery Manufacturing Company, Shenzhen BAK Battery Co Ltd, and Saft Groupe SA.

Related Report:
Global Lead-Acid Battery Market

The global lead-acid battery market is expected to garner $62603 million by 2027, growing at a compound annual growth rate of 3.10% during the forecast period 2019-2027.

Lead-acid batteries are affordable as compared to other types of batteries. Besides, they are highly sustainable, compared to their alternatives. Furthermore, there is a growing demand for hybrid electric vehicles, which largely make use of these batteries. These factors are essentially helping the lead-acid market to grow. Moreover, the increase generation of off-grid renewable energy and the enhanced use of SLA batteries in data centers create several growth avenues.

Triton Market Research
196, wards wharf approach
London E16 2EQ
Phone: +44 7441 911839
Email: sales@tritonmarketresearch.com
Website: https://www.tritonmarketresearch.com/

We are a leading market research company with offices in the UK, providing the best online market research and data search reports to our clients.

This release was published on openPR.