Batteries are an important component of electronics and power storage devices. They play a crucial role in storing energy and powering various portable and stationary devices. Advances in lithium-ion battery technology have improved energy density and lifespan of batteries. Batteries are used across industries like consumer electronics, automotive, industrial, grid storage and more. The global demand for batteries is driven by the expanding market for electric vehicles and need for energy storage solutions.
The global Battery Market is estimated to be valued at US$ 192.47 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for energy storage applications is expected to drive growth of the battery market. Renewable energy production from solar and wind sources is intermittent in nature. Efficient energy storage helps in managing the variability in energy generation from renewables. Battery storage helps in capturing excess renewable energy produced and supplying it when the demand is higher. This balances energy supply and demand. As adoption of renewable energy increases globally to meet sustainability goals, the battery energy storage market is projected to witness significant growth to support shifting energy storage needs. Utility scale battery installations are being set up across regions to support renewable integrated grids. The expanding renewable energy sector relies on battery storage to address intermittency issues, offering lucrative opportunities for battery manufacturers.
Porter's Analysis
Threat of new entrants: High capital requirements for battery production and r&d acts as a barrier. Established players have economies of scale.
Bargaining power of buyers: Large automotive manufacturers have significant bargaining power driving down battery prices. Growing consumer demand increases their power.
Bargaining power of suppliers: Battery component suppliers like cathode material producers have some influence over battery makers but new suppliers constantly emerge.
Threat of new substitutes: Continuous research into new battery chemistries like lithium-sulfur pose a threat but widespread infrastructure built around existing battery technologies provides stability.
Competitive rivalry: Intense competition between tech giants and newer startups to capture market share as the battery market rapidly expands globally.
SWOT Analysis
Strengths: Growing demand for electric vehicles driving the battery industry. Established players have economies of scale and vertically integrated supply chains.
Weaknesses: High manufacturing costs, resources intensive production. Range anxiety and long charging times still hinder mass adoption.
Opportunities: Emerging markets for grid storage, consumer electronics extending total addressable market. Advancements in battery materials and designs promising higher energy density.
Threats: Supply chain disruptions, trade tensions and raw material price volatility. Stringent environmental regulations raise production costs.
Key Takeaways
The Global Battery Market Share is expected to witness high growth over the forecast period driven by rapid adoption of electric vehicles worldwide as countries aim for carbon neutrality.
Regional analysis shows Europe is also expanding battery production capacity to fulfil its zero-emissions vehicle targets. While Europe and North America are investing in local production, Asia is likely to maintain its lead given established supply chains and manufacturing expertise in China, South Korea and Japan.
Key players operating in the battery market include DSM, CP Kelco, H&A Canada Inc., Nanjing Joyfulchem Co., Ltd., Dancheng Caixin Sugar Industry Co. Ltd., Zhengzhou Cinogel Biotech Co., Ltd., Hangzhou Gellan Solutions Biotec Co., Ltd., DuPont, Hebei Xinhe Biochemical Co. Ltd, and Nutricorn Co., Limited. The competitive landscape is consolidating as large automotive groups acquire battery startups to ensure supply and technology leadership in the long run.
Get More Insights Here
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https://www.ukwebwire.com/battery-market-size-share-growth-outlook-2023/
