Dublin, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The "Global Next Generation Advanced Battery Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
This comprehensive market research delves into the rapidly evolving landscape of the Global Next Generation Advanced Battery Market. With a record valuation of USD 1.74 billion in 2022 and an anticipated robust Compound Annual Growth Rate (CAGR) of 7.44% through 2028, the sector demonstrates significant potential amidst increasing environmental concerns and technological progress.
Safety Innovations Propel Market Growth
Dual Carbon Technology emerges as a key pillar underpinning the market's expansion due to its superior safety profile when compared to traditional lithium-ion batteries. With a lesser tendency for thermal runaway, industries are progressively turning to this technology as a more secure energy storage solution.
Asia-Pacific Region Leads with Strategic Investments in Battery Technology
An in-depth analysis of regional growth shows the Asia-Pacific market taking a leading position, spurred by substantial investments in energy storage projects and a boost from government initiatives. Countries like China, India, Japan, and South Korea are at the forefront, with research such as IIT Hyderabad's development of a cost-effective and environment-friendly advanced battery adding to the regional industry's momentum.
Notable Market Trends Indicate Shift Towards Enhanced Energy Solutions
- Strides in Material Science: Cutting-edge research is unlocking the potential of new carbon-based materials, significantly boosting the efficiency and energy density of batteries.
- High-Power End Users Driving Demand: The automotive and energy sectors are increasingly reliant on dual carbon batteries for their fast charging and high-power requirements.
- Government and Regulatory Body Influence: Supportive policies and incentives continue to fuel advancements and adoption of cleaner, more sustainable battery technologies.
Challenges in Cost and Safety Addressed by Market Innovators
While the industry continues to tackle challenges related to cost, resource availability, and safety, market players are actively pursuing innovations to overcome these barriers. The focus remains on enhancing energy density, developing robust charging infrastructure, and establishing rigorous safety standards.
Key Players Shape the Competitive Landscape
The report highlights the activities of major companies revolutionizing the energy storage domain. Industry giants are leading the charge, with Tesla, Panasonic Corporation, LG Chem, Samsung SDI, and others spearheading developments that are reshaping the market dynamics. The Global Next Generation Advanced Battery Market report offers a granular view across various segments, including technology, end-user applications, and regional distribution.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $1.74 Billion |
| Forecasted Market Value (USD) by 2028 | $2.7 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Tesla, Inc.
- Panasonic Corporation
- LG Chem
- Samsung SDI
- BYD Company Limited
- CATL
- A123 Systems
- Enphase Energy
- NEC Energy Solutions
- Saft Group
For more information about this report visit https://www.researchandmarkets.com/r/t6p7vv
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