May 05, 2022 00:40 ET | Source: Precedence Research Precedence Research
Tokyo, May 05, 2022 (GLOBE NEWSWIRE) -- The demand for the battery technology market is expected to increase at the significant rate owing to the growing applications of batteries in various digital and automated equipment and devices. The rising applications of battery technology across various end-use verticals such as medical equipment, automotive,aviation, and consumer electronics is expected to drive the growth of the global battery technology market. The rapidly surging popularity of electric vehicles among the global population due to the increasing government initiatives to shift towards the sustainable commute solutions is positively impacting the market demand.
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Furthermore the increasing adoption of battery technology in the global renewable energy sources industry is expected to foster the growth of the battery technology market during the forecast period. The strict government regulations pertaining to the adoption of green and clean energy is encouraging the corporates and various government organizations to completely shift towards the renewable energy sources, which will have a significant and positive impact on the battery technology market growth.
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The Asia Pacific battery technology market witnessed largest revenue share in 2020. The presence of top battery manufacturers such as Samsung and Panasonic have significant contributions in the growth of the market. China is the leading consumer and the leading producer of electric vehicles across the globe. The higher demand for electric vehicles in the region is expected to boost the demand for battery technology during the forecast period. Moreover the presence of top leading consumer electronics manufacturers in the region is expected to further fuel the demand for the battery technology. The demand for the automated and digital technologies is high in the region which is significantly propelling the growth of the battery technology market. Further, the rising government initiative to deploy the renewable energy sources across the region is positively driving the battery technology market.
Europe is expected to be the fastest growing battery technology market during the forecast period. The strict government norms and regulations pertaining to the adoption of renewable energy sources and electric vehicles to restrict carbon emission and promote sustainability is expected to drive the growth of the battery technology market. The demand for the battery technology is growing significantly in Europe owing to the growing adoption of automated and digital technologies across various Industries such as aviation, healthcare, manufacturing, and medical equipment. Furthermore, the rising consumer awareness regarding the benefits of sustainable products is significantly fueling the adoption of batteries in different advance electronics products.
Rising adoption of BEVs and PHEVs
The governments in various nations such as Japan, Canada, India, and Thailand are offering subsidies to the consumers on purchasing battery electric vehicles and plug-in hybrid electric vehicles in order to boost the adoption of the eco-friendly electric vehicles. The surging demand for the BEVs and PHEVs among the consumers is expected to boost the demand for the battery technology especially the lithium-ion and lead acid batteries during the forecast period.
Safety issues with the batteries
The lithium-ion batteries are highly used in the EVs across the globe. However, it is highly reactive to the water and hence becomes vulnerable. The highly reactive nature of the lithium-ion batteries may increase the risks of accidents and may give rise to the safety issues. Furthermore, the high costs of the lithium-ion batteries is another major concern among the consumers. These factors may restrict the market growth during the forecast period.
Rising demand for consumer electronics
The rising adoption of smart and digital technologies has given rise to various advanced and innovative devices that uses battery technology to operate. The rising demand for the advanced consumer electronics devices among the global population may provide lucrative growth opportunities to the market players in the foreseeable future.
Financial limitations of the underdeveloped economies
The adoption of renewable energy sources and the electric vehicles is a costly affair. The lack of proper infrastructure and the low financial capabilities of the government and consumers in the underdeveloped economies may restrict the adoption of the renewable energy technologies and electric vehicles, which are the major consumers of battery technology. This is a major challenge that may limit the market growth.
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