Global Battery Market Is Anticipated To Witness Growth Due To Increasing Demand For Battery Energy Storage Systems And Increasing Technological Advancements

 Overview:

 Batteries are used for storing electricity. Various devices like electronic appliances, mobile phones, radios, and medical equipment use batteries to store energy. They are also used for backup power in case of an electric outage. Battery technology is currently under a technical revolution. There is a great need for battery storage to meet growing global energy needs. It is also important to have a sustainable battery supply chain. Some of the most popular uses of batteries include portable electronics, hearing aids, ECGs, digital cameras, and mobile phones. They are also used in emergency equipment such as flashlights and radios. Electric cars and electric vehicles rely on battery power to power the motors and other electrical components. Lithium-ion batteries are used in most modern car batteries. Batteries are available in a variety of sizes and shapes. These include cylindrical, prismatic, and pouch cells. The most common battery pack type is the cylindrical cell, which is able to withstand high internal pressure.

Market Dynamics:

 Growing technological advancements is estimated to fuel growth of the global Battery Market during the forecast period. For instance, SK Innovation declared the use of pouch cells into the lithium iron phosphate (LFP) battery in December 2021. The company is estimated to initiate production of pouch-type LFP battery for electric vehicles in the second half of 2022. Moreover, decreasing prices of lithium ion batteries is estimated to hamper growth of the global battery market over the forecast period.

 Impact of COVID-19:

The pandemic had an enormous effect on economy all over the world. This was mainly due to the sudden decline in the economic activities all around the world, as many businesses were shut down due to the imposition of lockdown in many nations. Several manufacturing units were shut down. Many automobile and electronic companies were forced to shut down their operations owing to the lookdowns. Many production units were facing shortage of raw materials and lack of skilled labor. The pandemic resulted in hampering the supply chains as travel restrictions were also imposed in many regions. Import and export activities were also banned in many parts of the world. All these restrictions restrained the growth of the global battery market during the pandemic.

Key Takeaways:

The global battery market is estimated to witness robust growth, exhibiting CAGR of XX% during the forecast period, owing to increasing expansion by key players. For instance, CATL started the construction of new lithium ion battery plant the Xiamen in December 2021. The total expenditure is estimated to be CNY 7 billion, and this plant will help in the expansion of the company.

Asia Pacific is anticipated to witness significant growth in the global battery market during the forecast period, due to the increasing production of automobiles and rapid growth in the industrial sector in the region.

Major players operating in the global battery market are Contemporary Amperex Technology Co., GS Yuasa International Ltd., Eveready Industries, BYD Company Ltd., Sony Corporation, A123 Systems LLC, Saft, Hitachi Chemical Co., Ltd., LG Chem Ltd., Duracell, Toshiba Corporation, Johnson Controls, Samsung SDI Co., Ltd., NEC Corporation, and Panasonic Corporation.