San Francisco, July 21, 2016 (GLOBE NEWSWIRE) -- 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.
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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.
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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.
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- 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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