Market Analysis
Market Research Future (MRFR) predicts the global next generation batteries market to reach USD 20200 million at a CAGR of 5.4% from 2019 to 2027 (forecast period).
As the need for next generation batteries grows, the electronics and semiconductor sectors have taken steps to provide longer and more durable batteries for commercial usage. These batteries are widely utilized in consumer electronics, electric vehicles, and the stationary storage industry. Long-lasting battery production necessitates a significant amount of effort and huge investment in order to conduct tests in conjunction with the power and energy sectors.
Nickel-metal hydride, ultracapacitors, lithium Sulphur (Li-S), magnesium ion, lithium-ion (Li), nickel-cadmium (Ni-Cd), solid electrodes, and metal-air are all used in global next generation batteries. Many commercial industries choose Li-ion batteries, which are expected to account for a sizable market share during the forecast period. Li-ion batteries are becoming more popular as they are combined with higher-capacity active materials, such as silicon-containing elements, and provide higher-voltage cathodes and electrolytes. Lithium-ion batteries, which are made of the lightest metal, are another option. It keeps more charge and is utilized in many electronic devices such as laptops, mobile phones, and cameras. Furthermore, market growth for lithium Sulphur is predicted to be slow over the projection period.
Nowadays, the customer requirement for improved drone flying time has increased next-generation battery growth. The rising electric vehicle market, increasing consumption of consumer electronic appliances, and expanding adoption of the e-mobility industry are the major main drivers in the global market. These primary driving forces have raised the demand for efficient power storage systems across the board.
COVID-19 Impact on the Global Next Generation Batteries Market
The ongoing pandemic has touched practically all marketing sectors, with the next generation battery market being one of them. The revenue generation of the next generation battery market has also come to a halt as a result of the lockdown for the first half of 2020. Many clients were hesitant to engage in battery services for a variety of reasons. Furthermore, the COVID-19 outbreak created a slew of new obstacles for the next-generation batteries sector, including health and safety concerns, labor shortages, manufacturing material shortages, and a slew of other issues.
The next generation battery industry leaders intend to use cutting-edge technologies to meet increased customer demand for battery services while also increasing worldwide revenue generating. Despite the fact that the pandemic situation has hampered the global market's economic growth, leading market participants have taken appropriate efforts to revive the situation for more profitable outcomes from battery services.
Regional Analysis
According to the regional analysis, the global next generation batteries market has been segmented into North America, Europe, Asia Pacific, and other parts of the world.
North America is expected to be the most profitable region for the next generation batteries industry, owing to the region's high demand.
Market Segmentation
The global next generation batteries market has been segmented into type and application.
By type, the global next generation batteries market has been segmented into Li-ion, Ni-Cd, Ni-metal hydride, Lithium Sulphur, Magnesium Ion, Solid Electrodes, Metal-Air, and Ultra-capacitors.
By application, the global next generation batteries market has been segmented into automotive, transportation, aerospace defense, industrial, and oil gas.
Summary
The global next generation batteries market is set to reach USD 20200 million at a CAGR of 5.4% from 2019 to 2027 (forecast period). The rapid growth of the electric mobility industry, the adoption of consumer electronic goods, and a preference for alternative energy sources are expected to drive the global next generation batteries market.
Key Players
LG Chemicals (South Korea), Phinergy (Israel), Amprius Inc. (U.S.), Mitsubishi Chemical (Japan), Seeo (U.S.), Panasonic Corporation (Japan), Sion Power (U.S.), Envia Systems Inc. (U.S.), Ambri Inc. (U.S), Hitachi (Japan), Fluidic Energy (U.S.), Lockheed Martin (U.S.), Samsung (South Korea), Saft Group (France), Uniross Batteries (South Africa), PolyPlus Transfection (France), OXIS Energy (U.K).
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