According to the latest market research study released by Technavio, the global next-generation battery market is expected to grow at a tremendous CAGR of more than 71% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global next-generation battery market based on application:
Global next-generation battery market shares by application 2015
|
Transportation |
46.36% |
|
Grid storage |
28.22% |
|
Consumer electronics |
21.18% |
|
Others |
3.53% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global next-generation battery market by transportation 2015-2020
In 2015, the transportation segment occupied the largest market share and dominated the global market. Countries globally are focusing on EVs as an energy-efficient alternative to fossil fuel-based vehicles. The global EV market is growing substantially worldwide due to the extended government support across countries.
“EVs are gaining popularity owing to their high frequency, instant torque, and smooth acceleration. Some governments are employing policies to accelerate the use of EVs as a step toward controlling greenhouse gas (GHG) emissions. For instance, the US government is increasingly adopting emission reduction mandates and alternative vehicle programs to reduce emissions. These initiatives compel automobile manufacturers to adopt greener technologies such as EVs, which subsequently require advanced battery systems,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on energy storage.
Global next-generation battery market by grid storage 2015-2020
The global next-generation battery market by grid storage application is expected to grow at a CAGR of around 72% during the forecast period. The demand for grid energy storage has increased over the years owing to the high adoption of smart grid and growth in renewable energy production, especially in the wind and solar energy, in the past few years. Battery energy storage systems store excess power and make this stored power available during peak hours of demand. The most commonly used technology for energy storage is the Li-ion battery. As lithium is the third-lightest element, it leads to the production of batteries that are lightweight and compact with high energy density. However, the increased smart grid adoption is leading to utilize advanced energy storage to enhance grid stability, flexibility, and management of electricity.
Global next-generation battery market by consumer electronics 2015-2020
During the historical period, the consumer electronics market has grown at a fast pace with rapid advances in technology. Some of the major markets for the consumer electronics include notebook PCs, laptops, cell phones, tablets, and digital cameras. The global consumer electronics market has several major drivers that contribute to its development, a major one being the increasing launch of new product lines and new product categories. Consumer electronics is one area where innovations take place at a very fast pace, which renders the previous versions outdated. Li-ion batteries account for 98% of the consumer electronics market and have proven themselves as the ideal choice of power source. The changing lifestyle has led to the increased use of these devices, which have necessitated the need for longer lasting devices and has driven the need for the development of next-generation batteries.
The top leading vendors operating in the global next-generation battery market are:
- Sion Power
- Seeo
- OXIS Energy
- Fluidic Energy
- GS Yuasa
Other prominent vendors in the market include 24M, Ambri, Hitachi, TESLA, Samsung, Panasonic, Sakti3, Primus Power, EnerSys, AES Energy Storage, Alevo, BYD, and Samsung SDI.
A more detailed analysis is available in the Technavio report titled, ‘Global Next-Generation Battery Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Primary Battery Market 2016-2020
- Global Solar Batteries Market 2016-2020
- Global Grid Scale Energy Storage Market 2016-2020
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