|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
2.08 billion
|
|
CAGR
(2023-2028)
|
4.19%
|
|
Fastest
Growing Segment
|
Automotive
|
|
Largest
Market
|
Asia-Pacific
|
Market Overview
Global
Nickel Metal Hydride (NiMH) Battery Market was valued at USD 2.08 billion in
2022 and is anticipated to project robust growth in the forecast period with a
CAGR of 4.19% through 2028.
The Nickel Metal
Hydride (NiMH) Battery market refers to the global industry dedicated to the
production, distribution, and utilization of Nickel Metal Hydride batteries.
These rechargeable batteries are a type of electrochemical energy storage
device that stores electrical energy by employing a chemical reaction involving
nickel, a positive electrode made of nickel oxide hydroxide (NiOOH), and a
negative electrode that contains a metal hydride alloy. The NiMH battery market
encompasses a wide range of applications across various industries, including
consumer electronics, automotive, renewable energy, telecommunications, and
medical devices. NiMH batteries have gained prominence due to their attributes,
including reliability, safety, cost-effectiveness, and environmental
sustainability. They find extensive use in portable electronic devices like
cordless phones, digital cameras, and flashlights, as well as in hybrid
electric vehicles (HEVs), where they serve as an energy storage solution for
electric propulsion. The NiMH battery market is influenced by factors such as
technological advancements, environmental regulations, consumer demand for
longer-lasting and eco-friendly power sources, and the need for energy storage
solutions in renewable energy systems. As industries continue to seek efficient
and sustainable energy storage options, the NiMH battery market plays a pivotal
role in meeting these demands.
Key Market Drivers
Strong Demand in
Portable Electronics and Gadgets
The global NiMH
battery market is significantly driven by the escalating demand for portable
electronic devices and gadgets. These batteries are extensively used in a
myriad of consumer electronics, ranging from remote controls and flashlights to
cordless phones and digital cameras. The appeal of NiMH batteries in these
applications lies in their ability to provide a reliable, cost-effective power
source. NiMH batteries offer a favorable combination of attributes, including
moderate energy density, affordability, and safety. They are renowned for
delivering consistent power to these devices, resulting in extended usage
periods. Additionally, NiMH batteries are rechargeable, a feature that aligns
with the growing trend of sustainable and eco-friendly solutions. As the global
consumer electronics market continues to expand, NiMH batteries remain a staple
power source, propelling the overall growth of the NiMH battery market.
Sustained
Relevance in Electric Vehicles (EVs) and Hybrid Vehicles (HEVs)
The global
transition toward cleaner and more sustainable transportation solutions,
including electric vehicles (EVs) and hybrid electric vehicles (HEVs), serves
as a significant driver for the NiMH battery market. While lithium-ion
batteries have gained prominence as the primary choice for pure EVs, NiMH
batteries maintain a substantial presence in the HEV segment. HEVs,
characterized by their combination of internal combustion engines and electric
propulsion, rely on batteries for energy storage. NiMH batteries have a proven
track record of reliability and safety in HEV applications. Their enduring
appeal is partly due to their lower cost compared to lithium-ion alternatives,
making them a cost-effective choice for manufacturers and consumers. As the
automotive industry continues its transition toward electrification, NiMH
batteries are anticipated to retain their pivotal role in HEVs. This continued
demand in the automotive sector contributes significantly to the sustained
growth of the global NiMH battery market.
Renewable Energy
Storage Solutions
The increasing
adoption of renewable energy sources, such as solar and wind power,
necessitates efficient and sustainable energy storage solutions. NiMH batteries
have emerged as a compelling choice for energy storage systems designed to
harness the intermittent energy generated by these sources. NiMH batteries
offer several advantages for renewable energy storage. They are renowned for
their reliability, longevity, and ability to withstand frequent charge and
discharge cycles. This makes them ideal for storing excess energy generated
during periods of high renewable energy production and releasing it during
times of high demand or low energy generation. In both residential and
industrial settings, NiMH batteries contribute to a more stable and sustainable
energy grid. They provide a dependable means of storing renewable energy for
later use, reducing reliance on fossil fuels and bolstering the integration of
clean energy into the global energy landscape.
Medical Devices
and Healthcare Applications
The healthcare
industry relies heavily on battery-powered medical devices and equipment to
deliver critical care and diagnostics. NiMH batteries have established
themselves as a reliable power source in this sector due to their longevity,
consistent performance, and ability to provide dependable power in critical
healthcare scenarios. A wide array of medical devices, such as implantable
medical devices, portable diagnostic tools, and mobility aids like electric
wheelchairs, depend on NiMH batteries to ensure uninterrupted functionality.
These batteries offer peace of mind in situations where power failure is not an
option, ensuring that medical professionals can rely on the consistent
performance of their equipment. The healthcare sector's growing demand for
advanced medical devices and the need for reliable power solutions contribute
to the sustained demand for NiMH batteries in healthcare applications. This
segment represents a vital driver in the global NiMH battery market.
Remote and
Off-Grid Power Solutions
NiMH batteries
have found a strong foothold in remote and off-grid power solutions, where
access to a stable power grid is limited or nonexistent. These batteries are
invaluable in various applications, including remote telecommunications
equipment, off-grid residential power systems, and remote monitoring devices. In
such environments, NiMH batteries serve as dependable energy storage solutions.
They can store energy from intermittent power sources such as solar panels or
wind turbines and release it when needed. This ensures a consistent power
supply in remote and off-grid locations, supporting essential services and
communications. NiMH batteries contribute to enhancing the quality of life in
off-grid communities and enabling remote operations in diverse industries.
Their ability to provide reliable power in challenging conditions makes them a
vital driver in the global NiMH battery market.
Sustainability
and Environmental Considerations
Growing
environmental consciousness and a heightened focus on sustainability have
spurred interest in eco-friendly battery technologies. NiMH batteries have
positioned themselves as a favorable choice in this regard, given their
relatively lower environmental impact and safety profile compared to certain
other battery chemistries. NiMH batteries are less susceptible to thermal
runaway events, enhancing their safety and making them an attractive option for
applications where safety is paramount. Furthermore, NiMH batteries do not
contain toxic heavy metals such as cadmium, which aligns with environmental
regulations and guidelines. This heightened emphasis on environmental
responsibility has led to the adoption of NiMH batteries in various
applications where sustainability and safety considerations are central. As
industries and consumers alike prioritize eco-friendly solutions, NiMH
batteries continue to drive progress in the global battery market.
Government
Policies are Likely to Propel the Market
Environmental
Regulations and Sustainability Initiatives
Governments
around the world have implemented environmental regulations and sustainability
initiatives to reduce the environmental impact of batteries, including NiMH
batteries. These policies are designed to promote responsible battery
manufacturing, usage, and disposal. One key policy is the enforcement of
recycling and disposal regulations. Many governments require battery
manufacturers to establish collection and recycling programs to ensure that
used NiMH batteries are properly disposed of or recycled. This helps prevent
hazardous materials from entering landfills and minimizes the environmental
footprint of NiMH batteries. Additionally, some governments provide incentives
or subsidies to encourage the development and adoption of sustainable battery
technologies, including NiMH batteries. These policies promote research and
innovation in battery chemistry and recycling methods.
Safety Standards
and Certification
To protect
consumers and ensure the safe use of NiMH batteries, governments have
established safety standards and certification requirements. These policies
mandate that NiMH battery manufacturers adhere to specific safety guidelines
and obtain certification for their products. For example, batteries must meet
safety standards related to thermal stability, overcharge protection, and
short-circuit prevention. Compliance with these standards is often a
prerequisite for selling NiMH batteries in domestic and international markets. Governments
also conduct regular inspections and quality control checks to ensure that NiMH
batteries on the market meet safety and performance requirements. These
policies aim to build consumer trust in NiMH battery products by providing
assurance of their safety and reliability.
Research and
Development Funding
Many governments
allocate funding for research and development (R&D) in the field of energy
storage, including NiMH battery technology. These R&D policies encourage
collaboration between government agencies, research institutions, and private
companies to advance the state of NiMH battery technology. Funding is often
provided in the form of grants, subsidies, or partnerships to support projects
aimed at improving NiMH battery performance, energy density, and durability.
These policies drive innovation in NiMH battery chemistry, manufacturing
processes, and recycling methods. By investing in R&D, governments aim to
enhance the competitiveness of NiMH batteries in the global market, making them
a more attractive and sustainable option for various applications.
Incentives for
Electric Vehicles (EVs) and Hybrid Vehicles
To promote the
adoption of electric vehicles (EVs) and hybrid vehicles (HEVs), governments
often offer incentives and subsidies that indirectly benefit the NiMH battery
market. NiMH batteries are commonly used in HEVs, making them an essential
component of these eco-friendly vehicles. Government policies may include tax
credits, rebates, reduced registration fees, and access to carpool lanes for EV
and HEV owners. These incentives make EVs and HEVs more affordable and
attractive to consumers, ultimately increasing the demand for NiMH batteries in
the automotive sector. By supporting the growth of the electric vehicle market,
governments contribute to the expansion of the NiMH battery market.
Energy Storage
Initiatives
The integration
of renewable energy sources, such as wind and solar power, into the energy grid
has prompted governments to develop energy storage initiatives. NiMH batteries
play a role in these initiatives by providing reliable and cost-effective energy
storage solutions. Government policies may include incentives for the
installation of energy storage systems that use NiMH batteries. These systems
help balance the intermittency of renewable energy generation and contribute to
grid stability. Additionally, some governments invest in research and pilot
projects to explore the potential of NiMH batteries for grid-scale energy
storage. These initiatives aim to leverage NiMH battery technology to enhance
the efficiency and reliability of renewable energy integration.
Trade and
Import/Export Regulations
Government
policies related to trade and import/export regulations impact the NiMH battery
market, especially concerning the global supply chain. These policies can
include tariffs, trade agreements, and quality standards that affect the import
and export of NiMH batteries and their components. For example, trade policies
may influence the cost of importing raw materials necessary for NiMH battery
manufacturing. Tariffs on these materials can impact production costs and,
subsequently, the pricing of NiMH batteries in domestic and international
markets. Government policies can also establish quality and safety standards
for NiMH batteries that must be met to facilitate cross-border trade.
Compliance with these standards is essential for manufacturers to access global
markets and ensure product quality and safety.
In conclusion,
government policies significantly influence the global NiMH battery market by
addressing environmental sustainability, safety standards, R&D funding,
incentives for electric vehicles and renewable energy, and trade and
import/export regulations. These policies collectively shape the production,
adoption, and sustainability of NiMH batteries in various applications.
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Key Market
Challenges
Competition
from Lithium-ion Batteries
One
of the primary challenges facing the global Nickel Metal Hydride (NiMH) battery
market is fierce competition from lithium-ion batteries. Lithium-ion batteries
have become the dominant choice for various applications due to their high
energy density, lightweight nature, and superior performance characteristics.
The
challenge arises because lithium-ion batteries offer several advantages over
NiMH batteries:
Higher
Energy Density: Lithium-ion batteries typically have a higher energy density,
which means they can store more energy in a smaller and lighter package. This
characteristic is especially important in applications where size and weight
constraints are critical, such as smartphones, laptops, and electric vehicles
(EVs).
Faster
Charging: Lithium-ion batteries can charge more quickly than NiMH batteries.
This feature is highly desirable for consumer electronics and EVs, where users
want rapid charging to minimize downtime.
Longer
Cycle Life: Lithium-ion batteries often have a longer cycle life, which means
they can withstand more charge and discharge cycles before experiencing a
significant decline in performance. This makes them appealing for applications
that require extended battery lifespan.
Reduced
Self-Discharge: Lithium-ion batteries have a lower self-discharge rate compared
to NiMH batteries, which means they can retain their charge for more extended
periods when not in use.
Due
to these advantages, lithium-ion batteries have gained widespread adoption in
consumer electronics, EVs, energy storage systems, and renewable energy
applications. This competition has posed a significant challenge for the NiMH
battery market, particularly in applications where lithium-ion batteries excel.
To
address this challenge, manufacturers in the NiMH battery market must focus on
improving the performance and energy density of NiMH batteries while
maintaining their advantages in terms of safety, cost-effectiveness, and
environmental sustainability. Additionally, targeting niche markets where NiMH
batteries offer unique benefits, such as high-reliability applications and
specific medical devices, can help mitigate this competitive challenge.
Limited
Energy Density and Weight Constraints
Another
significant challenge faced by the global NiMH battery market is the limited
energy density of NiMH batteries, which can be a hindrance in applications
requiring high energy storage capacity in compact and lightweight packages. Energy
density refers to the amount of energy that a battery can store per unit of
volume or weight. NiMH batteries typically have lower energy density compared
to lithium-ion batteries. This limitation can be problematic in applications
like EVs and portable consumer electronics, where users demand longer operating
times and smaller, lighter devices. Weight constraints are particularly
relevant in the aerospace and aviation industries, where every additional
kilogram of weight has a significant impact on fuel efficiency and overall
performance. NiMH batteries may struggle to meet the stringent weight
limitations of these applications. Additionally, energy density affects the
range and performance of electric vehicles. As the demand for EVs continues to
grow, consumers and manufacturers seek batteries that can offer longer driving
ranges without compromising on weight and size. While NiMH batteries have many
advantages, including safety and cost-effectiveness, addressing the energy
density challenge is crucial to expanding their market reach and competing
effectively with lithium-ion batteries. Research and development efforts are
ongoing to improve the energy density of NiMH batteries and make them more
suitable for high-energy applications.
To
overcome this challenge, stakeholders in the NiMH battery market should invest
in R&D to enhance the energy density of NiMH batteries while maintaining
their other strengths, such as safety, reliability, and recyclability.
Targeting specific applications where these advantages are more critical, such
as backup power systems and grid storage, can also help mitigate the energy
density challenge.
Segmental Insights
Small-Sized
Ni-MH Battery for Consumer Electronics Insights
The
Small-Sized Ni-MH Battery for Consumer Electronics segment had the largest
market share in 2022 & expected to maintain in the forecast period. One
of the primary drivers behind the dominance of small-sized Ni-MH batteries is
the widespread proliferation of consumer electronics. These devices include
cordless phones, digital cameras, remote controls, flashlights, portable gaming
devices, and a multitude of other portable gadgets. In today's tech-savvy
world, consumers rely heavily on these devices for communication,
entertainment, and convenience. As a result, there is a consistently high
demand for reliable power sources to keep these devices operational. Small-sized
Ni-MH batteries are rechargeable, which aligns perfectly with the preferences
of modern consumers. Unlike disposable batteries, rechargeable Ni-MH batteries
can be used repeatedly, significantly reducing the long-term cost of powering
consumer electronics. This cost-efficiency appeals to budget-conscious
consumers and contributes to the segment's dominance. Ni-MH batteries are
renowned for their reliability and stable performance. In consumer electronics,
consistency in power supply is critical. Whether it's powering a cordless phone
for uninterrupted communication or a digital camera for capturing precious
moments, consumers expect their devices to work reliably. Small-sized Ni-MH
batteries meet these expectations by providing consistent and dependable power.
In an era of growing environmental awareness, small-sized Ni-MH batteries stand
out as an eco-friendly choice. They are rechargeable, reducing the number of
batteries that end up in landfills. Additionally, NiMH batteries do not contain
toxic heavy metals like cadmium, aligning with environmental regulations and
guidelines. Many regions and consumers prioritize environmentally responsible
choices, further boosting the popularity of Ni-MH batteries. Government and
industry initiatives promoting battery recycling have played a significant role
in the dominance of small-sized Ni-MH batteries. Many regions have introduced
battery recycling programs, making it convenient for consumers to recycle their
used Ni-MH batteries. This responsible approach to battery disposal encourages
the use of Ni-MH batteries in consumer electronics. Small-sized Ni-MH batteries
find applications in a diverse range of consumer devices, from everyday
household items to specialized gadgets. This diversity ensures a constant and
broad market for these batteries, contributing to their dominance.
Automotive
Insights
The
Automotive segment had the largest market share in 2022 and is projected to
experience rapid growth during the forecast period. NiMH batteries played a
crucial role in HEVs as they provided the energy storage needed for electric
propulsion alongside an internal combustion engine. HEVs, such as the Toyota
Prius, were among the early adopters of NiMH battery technology. Their
popularity and adoption in the automotive market contributed to the growth of
NiMH batteries. NiMH batteries have a track record of reliability and safety,
which is a paramount consideration in the automotive sector. Consumers expect
consistent performance and longevity from their vehicles, and NiMH batteries
were known for meeting these expectations. Compared to some other advanced
battery technologies like lithium-ion, NiMH batteries were relatively
cost-effective. This cost advantage made them a preferred choice for automakers
looking to produce more affordable hybrid vehicles. NiMH batteries were widely available and had
an established manufacturing infrastructure, making them readily accessible to
automakers for integration into their vehicles. NiMH batteries, while not as
energy-dense as lithium-ion batteries, are relatively more environmentally
friendly. They do not contain toxic heavy metals like cadmium, making them a
safer and greener option.
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Regional Insights
Asia
Pacific:
Asia
Pacific held the largest market for NiMH batteries in 2022. The growth of the
market in this region is driven by the following factors:
The
rapid growth of the portable electronics market in Asia Pacific: Asia Pacific
is home to some of the largest economies in the world, such as China, India,
and Japan. These economies are also experiencing rapid growth in the portable
electronics market. This is driving the demand for NiMH batteries in the
region.
The
increasing adoption of hybrid electric vehicles in Asia Pacific: Asia Pacific
is also a leading market for hybrid electric vehicles. The increasing adoption
of these vehicles is driving the demand for NiMH batteries in the region.
The
rising demand for backup power in Asia Pacific: Asia Pacific is also a major
market for backup power. The rising demand for backup power is driving the
demand for NiMH batteries in the region.
North
America:
North
America held the second-largest market for NiMH batteries in 2022. The growth
of the market in this region is driven by the following factors:
The
large and mature portable electronics market in North America: North America is
home to some of the largest and most mature portable electronics markets in the
world. This is driving the demand for NiMH batteries in the region.
The
increasing adoption of hybrid electric vehicles in North America: North America
is also a leading market for hybrid electric vehicles. The increasing adoption
of these vehicles is driving the demand for NiMH batteries in the region.
The
rising demand for backup power in North America: North America is also a major
market for backup power. The rising demand for backup power is driving the
demand for NiMH batteries in the region.
Recent Developments
- In June 2023,
EnerSys announced that it had invested USD 100 million in a new NiMH battery
manufacturing facility in Mexico. The facility is expected to start production
in 2024 and will create 200 new jobs.
- In May 2023, GS
Yuasa International announced that it had invested USD 50 million in a new NiMH
battery manufacturing facility in China. The facility is expected to start
production in 2024 and will create 100 new jobs.
- In April 2023,
Saft Groupe SA announced that it had invested USD 21.82 million in a new NiMH
battery manufacturing facility in France. The facility is expected to start
production in 2024 and will create 50 new jobs.
- In March 2023,
Hitachi Maxell Ltd. announced that it had invested USD 68 million in a new NiMH
battery manufacturing facility in Japan. The facility is expected to start
production in 2024 and will create 30 new jobs.
- In February
2023, Primearth EV Energy Co., Ltd. announced that it had invested USD 10
million in a new NiMH battery manufacturing facility in China. The facility is
expected to start production in 2024 and will create 20 new jobs.
Key Market Players
- Johnson Controls International PLC
- Sony Corporation
- Panasonic Corporation
- Saft Groupe SA
- Hitachi Maxell Ltd.
- Energizer Holdings, Inc.
- Varta AG
- GS Yuasa International Ltd.
- Primearth EV Energy Co., Ltd.
- GP
Batteries International Limited
|
By Type
|
By Application
|
By Component
|
By Region
|
- Small-Sized
Ni-MH Battery for Consumer Electronics
- Large-Sized
Ni-MH Battery for HEV
|
- Automotive
- Cordless Phone
- Dust Collector
- Personal Care
- Lighting Tools
- Electric Tool
|
- Positive Electrode
- Negative Electrode
- Others
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report
Scope:
In
this report, the Global Nickel Metal Hydride (NiMH) Battery Market has been
segmented into the following categories, in addition to the industry trends
which have also been detailed below:
- Nickel Metal Hydride (NiMH) Battery
Market, By Type:
o Small-Sized Ni-MH Battery for Consumer
Electronics
o Large-Sized Ni-MH Battery for HEV
- Nickel Metal Hydride (NiMH) Battery
Market, By Application:
o Automotive
o Cordless Phone
o Dust Collector
o Personal Care
o Lighting Tools
o Electric Tool
- Nickel Metal Hydride (NiMH) Battery
Market, By Component:
o Positive Electrode
o Negative Electrode
o
Others
- Nickel Metal Hydride (NiMH) Battery
Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Global Nickel Metal Hydride
(NiMH) Battery Market.
Available
Customizations:
Global
Nickel Metal Hydride (NiMH) Battery market report with the given market
data, Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Global
Nickel Metal Hydride (NiMH) Battery Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]