Energy storage is a key factor leading towards technological advancements primarily in energy and power sector. Thus, demand for batteries, which are efficient, low cost and safe is anticipated to record significant growth in the coming years.
This is further supported by investments by public as well as private sector for projects on energy storage.Advance battery technologies are majorly used in power-intensive applications.
Technological advancements have led towards development of advance batteries including metal hydride, lithium-ion and zinc-air designs. Advance battery technologies are expected to witness upsurge in wind-power energy storage, utility-load leveling systems and plug-in vehicles.
Advance battery technologies are anticipated to have a significant transformation in the transportation industry as well as energy markets globally. In addition, development of combination batteries equipped with renewable sources of energy might lead towards a shift from non-renewable sources such as coal, gas and oil.
Thus, leading towards attainment of energy efficiency across the globe. Battery manufacturers are focused towards development of high performance products, which cater to the demand for high energy storage, better speed and energy optimaisation.
Advance Battery Technologies Market Segmentation:
Advance Battery Technologies market is segmented on the basis of battery type and applications. On the basis of battery type, the segmentation includes nickel-cadmium batteries, lead acid batteries, lithium-ion batteries, lithium-polymer batteries, metal-air batteries, nickel-zinc batteries, silver cadmium secondary batteries, silver-zinc secondary batteries, nickel-hydrogen secondary batteries and others.
On the basis of application, the advance battery technologies market segmentation includes automotive, UAV, wearable electronics, hybrid and electric bus, military/aerospace batteries, residential energy storage, industrial electric and others. Military/aerospace industry is expected to witness upsurge in adoption of advance battery technologies in the next five to six years, which is further anticipated to lead towards high competition among players in this sector.
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Geographically, the advance battery technologies market is segmented into seven regions namely North America, Western Europe, Japan, Asia Pacific Excluding Japan, Middle East and Africa and Latin America.
Advance Battery Technologies Market Dynamics:
Demand for better speed, reliability and energy is expected to fuel the demand for advance batteries and thus, growth of advance battery technologies market. In addition, battery manufacturers need to focus on development of batteries catering to the need of specific application.
For instance, in case of hybrid vehicles, high-power lithium batteries are used to offer better electricity stability when compared to other conventional batteries. Increasing demand for electric boats, aircrafts, wearable electronic devices and other consumer electronics have led towards development of advance battery technologies for the same.
This is further expected to fuel the advance battery technologies market growth in the near future. However, increasing number of manufacturers in the battery technologies is a concern for development of efficient products, which is restricting the advance battery technologies market growth.
In order to achieve competitive advantage, key areas for manufacturers to focus and invest in for battery manufacturers comprise battery life, cost, range, power density, charging time and battery thermal management. Moreover, commercialisation of certain advance batteries is at nascent stage, which ultimately restricts adoption of advance battery technologies among end users.
Advance Battery Technologies Market Key players:
Some of the players in the battery market include Exide Corp., Hitachi Maxell Corp., Honda Inc., American Battery Charging Inc., Sony Corp., China Bak Battery, Inc., General Electric Co., Fujitsu Ltd and Honeywell Batteries. Players on the advance battery technologies are engaged in continuous research and development in order to offer better and efficient battery solutions across the varied end use applications worldwide.
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