When the electricity generated is more than what is demanded, the surplus power is stored in the form of batteries.Energy storage systems (ESS) store surplus electricity and facilitate the use of batteries, which is supplied to the customers when the demand exceeds the supply. Hence, to overcome the irregularities in the power supply, companies invest heavily in producing grid infrastructures, and this is expected to drive the growth of the battery market.
The best performing battery in terms of specific energy and specific power is the secondary lithium-metal (Li-metal).Also, lead acid being a robust and cost-effective power source for bulk use has increasing demand. The applications of these are starter batteries for automotive (20%), stationary batteries for power backup (8%), and deep-cycle batteries for wheeled mobility (5%) such as golf cars, wheelchairs and scissor lifts.
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The lifestyle of a modern consumer and rising demand and dependency onportable consumer electronics like smart phones, LCD displays, tablets and wearable devices such as fitness bands is expected to drive the demand for high lithium ion batteries over the forecast period. Technological advancements in terms of product innovation, enhanced efficiency, and cost-effectiveness will account for significant growth in the market.
Also, the growth in transportation needs is a key driver for battery market. The transportation industry globally has significantly grown since the past few years. The ever increasing population and consequent demand for vehicle are the main reasons behind the blooming market for batteries. Also, the growth in traffic of international transportation has resulted in the increased demand for marine and aviation transport which has ultimately led to the growth for the global battery market.
The rising trend in electric powered vehicles is also driving the growth for batteries. Electric power being cheaper, more readily available and cleaner than the conventional fuel, helping in reduction of CO2 emissions, is promoted as an alternative fuel vehicle to reduce the dependency on oil imports. This can prove to be a major driver for batteries in the coming times.
Thus, rapid urbanization, technological advancements and increased per capita income collectively propel battery market growth.
Diminishing fossil fuel reserves along with high cost and increasing CO2 emissions, and encouraging government initiatives are expected to boost battery market in the next eight years.
During 2014, Li-ion batteries dominated the global battery market followed by the sodium-based segment. However, it is estimated that the sodium based sector will lose its market share to the Li-on batteries during the forecast period.
The North Americaled the battery market for energy storage systems. The US and Canada dominate the market due to encouraging government policies, consumer-driven interest to reduce CO2 emissions leading to the rise in battery development.Emerging markets of Asia Pacific and Middle East are anticipated to propel battery demand in electric bicycles and storage applications.
The leading players in the market are –
AES Energy Storage, A123, Axion Power, BYD, LG Chem, NGK Insulators, SAFT, Samsung, UniEnergy, GE, Mitsubishi
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
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Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage