The global battery market is expected to reach USD 132.55 billion by
2024, according to a new report by Grand View Research, Inc. Majorly consisting
of primary and secondary batteries, the growth will be attributed to growing
demand for secondary batteries that are rechargeable on account of rising
demand for smart gadgets and electronics such as tablets, smartphone and other
portable devices including the digital camera and laptop.
Technological advancements in
terms of cost reduction and enhanced efficiency are expected to open new
avenues for the global market over the forecast period. Rising use in aircraft
emergency systems in case of non-availability of APU’s for braking, ground
operations and restarting the APU is expected to fuel high capacity battery
demand. Low cost and high density of lead acid battery will encourage use in an
emergency power supply and grid storage applications thus supplementing the
market growth.
Full research report on
battery market: http://www.grandviewresearch.com/industry-analysis/battery-market
Further key findings
from the report suggest:
·
Li-ion based
batteries are expected to emerge as the most dominant segment owing to the
growing demand in the automotive industry coupled with portable devices and
electric power trains. The auto industry is experiencing high growth in plug-in
hybrid and electric vehicles segment which is expected to propel demand. In
addition, successful commercialization and lucrative incentives have been
encouraging OEMs to introduce new hybrid and electric models in the market.
·
Ni–Cd batteries
find applications in portables devices such as wireless & cordless
telephones and emergency lighting, rising use for which will drive market
demand. Growing application scope in railways for emergency braking, locomotive
starting, air-conditioning, coach lighting and power for signaling will further
propel growth.
·
Industrial
application accounted for over 30.0% of the global market in 2015. The
industrial application includes wheelchairs, golf carts, aviation, satellites,
grid storage, forklifts and power tools. Rising energy requirements have
resulted in increased use of storage applications on grid and off grid which
has directly impacted demand for battery storage systems. Rapid
industrialization in emerging economies of Asia Pacific and Latin America will
utilize batteries in UPS devices, material handling systems, and power tools
thus fueling market demand.
Get more information on battery market or request for TOC of this
research report at: http://www.grandviewresearch.com/industry-analysis/battery-market/toc
·
Asia Pacific
dominated the global battery market with revenue over USD 23.00 billion in 2015
on account of the presence of a majority of manufacturers in Japan and South
Korea. Budding consumer electronics industry in India, Malaysia, Singapore and
Thailand is expected to result in high demand for lithium-ion batteries in the
next eight years. Increasing automobile production in India and China is
projected to propel demand for lead acid batteries in the near future. In
addition, laxity for regulations in these countries regarding automotive
emissions and fuel efficiency is expected to provide immense potential for
market growth.
·
The global
industry includes major conglomerates such as Hitachi, Sony, LG, Panasonic and
GS Yuasa. Companies are moving towards lithium ion battery manufacturing owing
to high potential in consumer electronics and electric vehicle market. Key
companies are engaged in manufacturing of batteries with varying capacities
suitable for different applications. Automotive Energy Supply Corporation and
Panasonic are major shareholders in the lithium-ion electric vehicle segment.
In February 2016, Johnson Controls Inc. made investments in its facility in
Germany to improve its production capacity.
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@ http://www.grandviewresearch.com/industry-analysis/battery-market/request
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
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