Press release
Massive Margin Growth Strikes Again In Battery Technology Market during 2021-2028
Global battery technology market includes primary batteries used in electronic keys, watches, remote controls, toys etc. and secondary batteries used in automotive & aviation and portable & stationery batteries. The global advanced energy storage system market is expected to attain market revenue of $10.8 billion by 2018 at a CAGR of 10% between 2013 and 2018.The battery technology market is a key constituent of the advanced energy storage system market; therefore, the market is expected to have a sustainable growth rate. It is estimated that there would be 40% increase in demand for electricity between 2010 and 2040. The ever increasing demand for electricity is one of the prime drivers for the market as power can be efficiently stored in the batteries.
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However, some legislation such as the EU Batteries Directive limits the use of some substances such as mercury, lead and cadmium as these substances are not environmentally friendly. This is a major restraint for the market growth as manufacturers have limited resources to explore and produce new and better batteries. Manufacturers are trying to overcome this challenge by engaging in research and development to use other substances for batteries.
Lithium-Ion batteries are used mainly for automotive applications; in consumer electronics, such as smartphones, laptops, tablets, wearable devices, and other home applications. Electric vehicles are perceived as the future of the automobile industry and transportation system. The growing use of PHEVs is likely to drive the Li-ion battery market during the forecast period. Li-ion batteries are also used in a wide range of portable devices and industrial applications.
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Some of the companies profiled in this report are Hitachi Maxell Corp., Exide Corp., American Battery Charging Inc., Honda Inc., China Bak Battery, Inc., Sony Corp., Fujitsu Ltd, General Electric Co., Google Inc., and Honeywell Batteries.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
This Market Research/Analysis Report Contains Answers To Your Following Questions:
• Who are the global key players in this global battery technology market?
• What is the current market status of the industry?
• What’s market competition in this industry, both company, and country-wise?
• What are projections of the global battery technology industry considering capacity, production, and production value?
• What is market chain analysis by upstream raw materials and downstream industry?
• What are the market dynamics of the market? What are challenges and opportunities?
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