Lithium-ion Battery Technology Segment is Expected to Dominate the Global Portable Secondary Battery Market at CAGR 15.21%.
Developing
new and advanced battery chemistries will likely create immense opportunities
for the overall Portable Secondary Battery market.
According to TechSci
Research report, “Global Portable Secondary Battery Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Portable Secondary
Battery is anticipated to project robust growth in the forecast period with a
CAGR of 15.21% through 2028. The trend toward electrification is extending
beyond transportation and consumer electronics to Portable sectors such as
manufacturing, agriculture, and mining. These industries are increasingly
adopting electric machinery and equipment powered by secondary batteries to
reduce carbon emissions and improve efficiency. The significance of this trend
lies in its potential to create new markets and applications for secondary
batteries. It also aligns with global efforts to decarbonize Portable processes
and reduce the environmental impact of these sectors. Collaboration and
partnerships between governments, research institutions, and private companies
are on the rise in the Portable Secondary Battery market. These collaborations
facilitate knowledge sharing, research funding, and the development of
standardized testing methods and safety protocols. The significance of this
trend is its potential to accelerate advancements in battery technology and
streamline regulatory processes. It promotes a global ecosystem that supports
innovation and ensures the safety and reliability of secondary batteries. While
lithium-ion batteries dominate the market, there is a growing trend toward
diversifying battery chemistries. This includes exploring alternative materials
such as sodium-ion, potassium-ion, and even lithium-sulfur batteries.
Diversification aims to address limitations in cost, resource availability, and
energy density associated with lithium-ion technology. The significance of this
trend lies in its potential to offer alternative solutions and reduce reliance
on a single battery chemistry. It also encourages competition and innovation in
the industry.
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Figures spread through 188 Pages and an in-depth TOC on " Global
Portable Secondary Battery Market"
Based on region, Asia-Pacific
is expected to be the largest market, with the majority of the demand coming
from China, Japan, and India. The Asia-Pacific region has multiple growing
economies with substantial natural and human resources, with China and India
expected to be major investment hotspots for Portable Secondary Battery companies
in the coming years due to policy-level support from governments for both
renewables and EVs and a growing middle-class population creating demand for
consumer electronics.
India has been witnessing a
surge in manufacturing batteries locally due to the government's push toward
e-mobility. The Indian government aims to achieve a 30% electric fleet by 2030
and has been formulating policies and programs to achieve the target. For
example, in 2021, the government amended the ongoing FAME-II (Faster Adoption
and Manufacturing of Electric Vehicles-II) scheme to increase the subsidy rate
for electric vehicles from INR 120/kWh to INR 180/kWh to reduce the gap between
petrol-powered two-wheelers and electric powered.
China was the largest
electric car market and sold more than 3.3 million electric vehicles,
accounting for almost 16% of the global electric car sales in 2021. It is
expected to remain the world's largest EV market in the future. The development
of charging infrastructure is further propelling EV adoption in the country.
Apart from EVs, the increasing penetration of telecommunication services
indicates a high demand for secondary batteries.
Similarly, in Japan, 5G
services started in 2020, and an increasing number of subscribers are likely to
switch to 5G during the forecast period, thus resulting in a surge in the
demand for 5G towers and secondary batteries.
Therefore, based on such
factors, Asia-Pacific is likely to dominate the Portable Secondary Battery market
during the forecast period.
Key market players in the Global
Portable Secondary Battery Market are following:-
- Umicore
- Retriev Technologies
- American Battery Technology
Company (ABTC)
- Li-Cycle
- Aqua Metals
- Battery Solutions
- Recupyl
- Gopher Resource
- Glencore Recycling
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“In conclusion, the global Portable
Secondary Battery market is characterized by several prominent trends,
including the continued dominance of lithium-ion technology, advancements in
solid-state batteries, an increased focus on sustainability, the proliferation
of electric vehicles, grid-scale energy storage, innovation in energy density
and fast charging, electrification of industries, global collaboration and
partnerships, diversification of battery chemistries, and consumer demand for
longer battery life. These trends collectively shape the direction of the Portable
Secondary Battery market, influencing technological developments, regulatory
frameworks, and market dynamics. As the world seeks cleaner and more
sustainable energy solutions, secondary batteries will play a central role in
powering the future..” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Portable
Secondary Battery Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented By Technology
(Lead-acid Batteries, Lithium-ion Batteries, and Others), By Type (Consumer
Electronics, Others), By Region, By Competition 2018-2028F” has evaluated the future
growth potential of Global Portable Secondary 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 Global Portable Secondary Battery Market.
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