Home Press Releases Battery Market Size Worth $326.01 Billion By 2028 | CAGR: 14.0%

Battery Market Size Worth $326.01 Billion By 2028 | CAGR: 14.0%

The global battery market size is expected to reach USD 326.01 billion by 2028 according to a new study by Polaris Market Research. The report “Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Lead Acid, Lithium-Ion, Nickel Metal Hydride, Nickel Cadmium, Others); By End-Use; By Region; Segment Forecast, 2021 – 2028gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The UPS market is expected to witness substantial growth over the forecast period, in light of the growing demand for high power range systems. The increasing trend towards the adoption of UPS systems as an essential power backup device is expected to favorably impact the industry growth for batteries over the forecast period.

 

The increasing demand for energy storage systems (ESS) is expected to augment the industry demand over the forecast period. ESS utilizes batteries considering recyclability, high power delivery, and economic nature. Lead-acid batteries are the most commonly used battery types for ESS owing to applications.

 

These applications include stand-alone systems with PV, emergency power supply systems, and battery systems for mitigation of output fluctuations from wind and solar power. Furthermore, lead-acid batteries are lower in cost when compared with other alternatives and are expected to witness industry growth over the upcoming years.

 

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The battery value chain consists of raw material manufacturers, producers, distributors, and end-use industries. Batteries are commercially available for easy and direct application in various sectors including automotive, UPS, telecom, and industrial.

 

There are two types of batteries including primary and secondary. Primary batteries are the ones that can be used only once whereas secondary batteries can be charged and reused. Various batteries include lead-acid, nickel-cadmium, lithium-ion, nickel-metal hydride, and alkaline.

 

Several characteristics of nickel-metal hydride batteries including high energy density, longer lifetimes, and ease of recharging ability, its utilization is expected to increase significantly during the forecast period. Furthermore, nickel-metal hydride batteries are considered as one of the key substitutes to nickel-cadmium batteries, owing to the environmental hazards resulted due to the presence of cadmium.

 

The Asia Pacific is expected to witness significant growth mainly in China, Japan, India, and various other countries on account of the expansion of the manufacturing base. In addition, the presence of big market players including Toyota Industries, Komatsu Limited, and Nissan Motor Company is expected to create immense industry potential over the forecast period.

 

Polaris Market Research has segmented the battery market report on the basis of type, end-use, and region:

 

Battery by Type Outlook (Revenue – USD Million, 2016 – 2028)

  • Lead Acid
  • Lithium-Ion
  • Nickel Metal Hydride
  • Nickel Cadmium
  • Others

Battery by End-Use Outlook (Revenue – USD Million, 2016 – 2028)

  • Automotive
  • Industrial
  • Consumer Goods
  • Others

Battery by Regional Outlook (Revenue – USD Million, 2016 – 2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • Middle East & Africa

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  • Industry outlook
  • Competitive landscape
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