Transportation is Expected to Dominate the Global Next Generation Advanced Battery Market.
The development
of manufacturing facilities for next-generation advanced batteries is likely to
create lucrative growth opportunities for the Next-Generation advanced battery
market in the forecast period.
According to
TechSci Research report, “Global Next Generation Advanced Battery Market -
By Country, Competition, Forecast & Opportunities, 2028”. The Global Next Generation
Advanced Battery is anticipated to project robust growth in the forecast period
with a CAGR of 7.44 % through 2028. Electric vehicles are becoming increasingly
popular, and they require high-performance batteries that can store a lot of
energy. Next generation advanced batteries offer the potential to meet this
demand, with higher energy densities than traditional lithium-ion batteries. Renewable
energy sources, such as solar and wind power, are becoming increasingly
popular. However, these sources are intermittent, so they require energy
storage solutions to store energy when it is produced and release it when it is
needed.
Next generation
advanced batteries offer the potential to be used in these energy storage
solutions. Traditional lithium-ion batteries have been known to catch fire,
which can be a safety hazard. Next generation advanced batteries offer the
potential to be safer and more sustainable than traditional lithium-ion
batteries. Governments around the world are increasingly regulating the use of
traditional lithium-ion batteries due to their environmental impact. This is
creating a demand for next generation advanced batteries, which are seen as
being more environmentally friendly.
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market data Figures spread through 180 Pages and an in-depth TOC on " Global Next Generation Advanced Battery Market"
Based on End
User, Transportation Segment Expected to Dominate the Market. In April 2022,
Honda Motors announced that it would invest USD 39.84 billion in
electrification and software technologies to accelerate its business globally
for the next ten years. It will also build a demonstration production line for
all-solid-state batteries in North America, allocating approximately USD 342.65
million. The investment company plans to launch two mid-to-large-scale electric
vehicles (EV) models by 2024 with a partnership with General Motors.
According to
the International Energy Agency (IEA), the global electric vehicle stock
increased from 1.25 million in 2015 to about 10.2 million in 2020. In 2020,
battery-electric vehicles accounted for most of the electric vehicles at about
6.85 million, and plug-in hybrid electric vehicles were about 3.35 million.
Furthermore,
aluminium-air batteries have an advantage over the conventional lithium-ion
battery as the aluminium acts as a fuel where air reacts with the metal via an
electrolyte to produce power. It has a travel range similar to gasoline-powered
cars and a higher energy density than the lithium-ion battery. However, it
lacks government policy support and attention from automakers to make it a
popular battery energy storage system for electric vehicles. In December
2021, Mercedes Benz, a German car manufacturer, announced to invest of USD 100
million in a wide range of electric cars. The company also intends to integrate
solid-state battery technology into a limited number of vehicles within the
next five years. Mercedes Benz plans to invest tens of millions into Factorial
Energy, a battery company to develop solid-state batteries. In April 2022,
Nissan Motor Company planned to bring laminated solid-state batteries to the
market by 2028, with the beginning of a prototype production facility. It is a
part of Nissan’s Ambition 2030 strategy, plus an investment of USD 17 billion
for the four new electric vehicle concepts. Overall, automobile manufacturers
are investing heavily in developing solid-state batteries and metal-air
batteries, making automobiles one of the major sectors of the next-generation
advanced battery market.
Key market
players in the Global Next Generation Advanced Battery Market include:
- Tesla, Inc
- Panasonic
Corporation
- LG Chem
- Samsung SDI
- BYD Company
Limited
- CATL
- A123 Systems
- Enphase Energy
- NEC Energy
Solutions
- Saft Group
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“As of 2021,
China, India, and Japan were the potential markets for the next generation
advanced battery technology in the Asia-Pacific region. As of March 2022, China’s
battery energy storage capacity reached 3 GW, representing an increase of 76.5%
compared to 1.7 GW in 2019. Furthermore, the Chinese Government is expected to
increase its battery storage capacity to 100 GW by 2030. Such scenarios are
creating vast opportunities for various next-generation advanced battery
developers in the region. According to the China Energy Storage Alliance
(CNESA), the refinement of policy related to grid ancillary services – energy
storage’s primary application – as well as policy developments in regions
including Qinghai, Guangdong, Jiangsu, inner Mongolia, and Xinjiang, have
created a wave of energy storage construction and development in China. Such
government policies will likely boost the demand for advanced battery technologies
during the forecast period.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Next Generation Advanced Battery Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented By Technology (Solid Electrolyte
Battery, Magnesium Ion Battery, Next-generation Flow Battery, Metal-air
Battery, Lithium-Sulfur Battery, and Other Technologies), By End User (Consumer
Electronics, Transportation, Industrial, Energy Storage, and Other End Users),
By Region, Competition 2018-2028 has evaluated the future growth potential of Portable
Next Generation Advanced Battery Market and provides statistics and information
on market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Portable Next Generation Advanced Battery Market.
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