|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
14.91 Billion
|
|
CAGR
(2023-2028)
|
12.06%
|
|
Fastest
Growing Segment
|
Lithium-ion
Battery Technology
|
|
Largest
Market
|
Asia
Pacific
|
Market Overview
Global Portable Battery Market was valued at USD
14.91 Billion in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 12.06%through 2028. The global Portable Battery
market is a dynamic and growing market, but it is also facing a number of
challenges. Battery manufacturers and governments are working to address these
challenges, but it is important to be aware of the potential impact on industry
and consumers.
Key Market Drivers
Rising Demand for Electric Vehicles (EVs):
The surge in the adoption of electric vehicles
(EVs) is a prominent driver of the Portable Battery market. As the world shifts
towards cleaner and more sustainable transportation solutions to mitigate the
impact of climate change, lithium-ion batteries have emerged as the primary
energy storage solution for EVs. Lithium-ion batteries offer the high energy
density, longer cycle life, and fast charging capabilities necessary for
electric vehicles. The growth of the EV market directly fuels the demand for Portable
batteries, driving technological advancements and economies of scale, which, in
turn, reduce costs and make batteries more accessible to consumers.
Renewable Energy Integration:
The integration of renewable energy sources, such
as solar and wind power, into the electricity grid is another significant
driver. To manage the intermittency of renewables and ensure a stable energy
supply, energy storage systems (ESS) are required. Secondary batteries play a
crucial role in ESS by storing excess energy when supply exceeds demand and
releasing it when demand surpasses supply. This integration not only promotes
the utilization of clean energy but also enhances grid resilience and reliability,
thereby driving the demand for Portable batteries.
Consumer Electronics and Portable Devices:
The proliferation of consumer electronics and
portable devices is a long-standing driver of the Portable Battery market.
Smartphones, laptops, tablets, and wearables all rely on rechargeable
lithium-ion batteries, which have become lighter, more efficient, and
longer-lasting over time. Consumer demand for longer battery life and increased
device portability continues to fuel innovation in battery technology, leading
to the development of more advanced and energy-dense batteries.
Energy Storage for Utilities:
Portable batteries are increasingly used by utility
companies for grid-scale energy storage. These large-scale energy storage
projects are instrumental in stabilizing power grids, improving load
management, and facilitating the integration of renewable energy sources. As
utilities strive to reduce reliance on fossil fuels and transition to cleaner
energy options, the demand for Portable batteries in utility-scale energy
storage projects continues to grow.
Government Regulations and Incentives:
Government policies and regulations play a pivotal
role in driving the Portable Battery market. Many countries have implemented
regulations to reduce greenhouse gas emissions and promote the adoption of
electric vehicles and renewable energy sources. These regulations often include
incentives such as tax credits, subsidies, and emissions targets that encourage
the development and adoption of Portable batteries. Additionally, regulations
regarding the disposal and recycling of batteries have led to increased
research into sustainable battery materials and recycling technologies.
Advancements in Battery Technology:
Continuous advancements in battery technology are a
fundamental driver of the Portable Battery market. Researchers and
manufacturers are constantly working to improve battery performance, energy
density, safety, and cost-effectiveness. Innovations such as solid-state
batteries, which promise higher energy density and enhanced safety, have the
potential to revolutionize various industries, including EVs and consumer
electronics.
Global Push for Energy Independence:
The desire for energy independence and reduced
reliance on fossil fuels is a global driver that promotes the use of Portable
batteries. Individuals and businesses are investing in solar panels and other
distributed energy generation systems coupled with energy storage solutions to
reduce their dependence on centralized power grids and traditional energy
sources.
Electrification of Portable Processes:
Industries are increasingly electrifying their
processes to reduce carbon emissions and improve efficiency. This trend spans
various sectors, including manufacturing, agriculture, and mining.
Electrification often involves the use of Portable batteries to power electric
machinery and equipment, leading to increased demand for robust and
long-lasting battery solutions.
Consumer Awareness and Environmental Concerns:
Growing consumer awareness of environmental issues,
coupled with concerns about pollution and climate change, has a significant
influence on the Portable Battery market. Consumers are increasingly opting for
products and technologies that align with their values, choosing electric
vehicles and renewable energy solutions over traditional alternatives.
Supply Chain Considerations:
The global supply chain, particularly for critical
raw materials like lithium, cobalt, and nickel, significantly impacts the
Portable Battery market. Geopolitical factors, mining regulations, and the
availability of these materials can affect battery production and pricing.
Efforts to diversify the supply chain and explore alternative materials are
ongoing to mitigate supply chain risks.
In summary, the global Portable Battery market is
driven by a confluence of factors that include the rise of electric vehicles,
the integration of renewable energy, the proliferation of consumer electronics,
utility-scale energy storage, government regulations and incentives,
technological advancements, the pursuit of energy independence, Portable
electrification, consumer awareness of environmental concerns, and supply chain
considerations. These drivers are interconnected and collectively shape the trajectory
of the Portable Battery market, making it a dynamic and rapidly evolving
industry with profound implications for sustainability and the global economy.
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Key Market Challenges
Energy Density and Capacity Limitations:
One of the primary challenges in the Portable
Battery market is the limitation in energy density and capacity of current
battery technologies. Despite advancements in recent years, lithium-ion
batteries, which dominate the market, still struggle to match the energy
density of fossil fuels. This limitation impacts the range and efficiency of
electric vehicles (EVs) and the duration of energy storage in grid-scale
applications. Researchers are actively working on improving energy density
through innovations such as solid-state batteries, but these technologies are
not yet widely available and face their own set of challenges.
Cycle Life and Degradation:
Portable batteries degrade over time, leading to
reduced capacity and performance. This cycle life issue is especially critical
in applications where batteries are cycled frequently, such as in EVs and
portable electronics. Battery degradation not only affects the user experience
but also contributes to increased costs as batteries need to be replaced more
frequently. Research into extending battery cycle life and minimizing capacity
fade is ongoing, but it remains a significant challenge.
Safety Concerns
Safety is a paramount concern in the Portable
Battery market, particularly for lithium-ion batteries. These batteries can be
prone to thermal runaway, which can lead to fires or explosions under certain
conditions, including physical damage or overheating. Ensuring the safety of
battery technologies is a constant challenge, necessitating the development of
effective thermal management systems, improved electrolytes, and advanced
safety features. Addressing these safety concerns is essential to building consumer
trust and facilitating the broader adoption of Portable batteries.
Raw Material Availability and Price Volatility:
The Portable Battery industry relies heavily on
critical raw materials like lithium, cobalt, nickel, and graphite. The
availability and price of these materials can be volatile due to factors like
geopolitical tensions, mining regulations, and supply chain disruptions. As
demand for batteries continues to grow, there are concerns about potential
material shortages and price spikes, which can impact the overall cost and
availability of Portable batteries. Research into alternative materials and
recycling techniques is ongoing to mitigate these supply chain risks.
Environmental Impact and Recycling:
While Portable batteries are seen as a more
environmentally friendly alternative to fossil fuels, they are not without
environmental challenges. Battery production, particularly for lithium-ion
batteries, can have significant environmental impacts, including resource
extraction, energy-intensive manufacturing processes, and waste disposal
concerns. Additionally, the recycling rates for batteries are relatively low,
and improper disposal can lead to environmental contamination. The industry
faces the challenge of developing more sustainable battery materials, improving
recycling methods, and establishing a closed-loop supply chain to minimize its
environmental footprint.
Cost and Affordability:
The cost of Portable batteries remains a barrier to
widespread adoption in various applications. Electric vehicles, for instance,
still have a higher upfront cost compared to traditional internal combustion
engine vehicles, largely due to the cost of the battery pack. Reducing the cost
of batteries is a critical challenge, as it would make electric vehicles and
renewable energy storage more affordable and accessible to consumers. Economies
of scale, technological advancements, and innovations in manufacturing
processes are all contributing to cost reduction efforts.
Charging Infrastructure:
In the case of electric vehicles, the lack of a
comprehensive charging infrastructure is a significant challenge. Range
anxiety, or the fear of running out of battery power without access to
charging, remains a concern for potential EV buyers. Developing a robust and
widespread charging network is essential to the mass adoption of electric
vehicles. Governments and private companies are working to address this
challenge by investing in charging infrastructure, but it remains a work in
progress.
Key Market Trends
Rise of Lithium-ion Dominance:
The most prominent trend in the Portable Battery
market is the continued dominance of lithium-ion batteries. These batteries are
favored for their high energy density, long cycle life, and reliability, making
them the go-to choice for a wide range of applications, from electric vehicles
to consumer electronics and grid-scale energy storage. As lithium-ion
technology continues to improve, it reinforces its position as the industry
standard.
The significance of this trend lies in the fact
that lithium-ion batteries have become the de facto choice for energy storage,
which has led to economies of scale, reduced costs, and accelerated
technological advancements. However, it also highlights concerns about the
supply of critical materials like lithium, cobalt, and nickel, as well as the
need for sustainable and safe recycling methods.
Advancements in Solid-State Batteries:
Solid-state batteries are a promising technology
that represents a major trend in the Portable Battery market. These batteries
replace the liquid or gel electrolyte in traditional lithium-ion batteries with
a solid electrolyte, offering advantages such as higher energy density, faster
charging, longer cycle life, and improved safety. Solid-state batteries have
the potential to revolutionize various industries, including electric vehicles,
consumer electronics, and renewable energy storage.
The significance of this trend lies in the
potential of solid-state batteries to address some of the limitations of
traditional lithium-ion batteries, particularly in terms of safety and energy
density. However, commercializing solid-state batteries at scale remains a
challenge, and overcoming manufacturing and cost barriers is crucial for their
widespread adoption.
Increased Focus on Sustainability:
Sustainability is a growing trend in the Portable
Battery market, driven by environmental concerns and regulatory pressure.
Manufacturers are increasingly emphasizing the use of sustainable materials in
battery production, as well as improving recycling processes to reduce the
environmental impact of batteries. This trend is particularly relevant given
the massive quantities of batteries used in electric vehicles and renewable
energy storage.
The significance of this trend is twofold. First,
it addresses the environmental concerns associated with battery production and
disposal, aligning with global efforts to reduce carbon emissions. Second, it
helps ensure a stable and sustainable supply chain for critical battery
materials by promoting recycling and responsible sourcing.
Segmental Insights
Lithium-ion Battery
Technology Insights
Among different types of
battery technologies, lithium-ion battery (LIB) is expected to dominate the
Portable Battery market in the latter part of the forecast period, majorly due
to its favourable capacity-to-weight ratio. Also, other factors that play an
important role in boosting the LIB adoption include better performance, higher
energy density, and decreasing price. Due to its high energy density, the price
of lithium-ion batteries decreased considerably from USD 668/kWh in 2013 to USD
123/kWh in 2021, making it a lucrative choice among all batteries. Lithium-ion
batteries have traditionally been used in consumer electronic devices, such as
mobile phones, notebooks, and PCs. However, they are increasingly being
redesigned for use as the power source of choice in hybrid and the complete
electric vehicle (EV) range, owing to factors such as low environmental impact,
as EVs do not emit any CO2, nitrogen oxides, or any other greenhouse gases. LIB
manufacturing facilities are majorly located in Asia-Pacific, North America,
and Europe. Major market players, such as BYD Company Limited and LG Chem Ltd,
have plans to set up new manufacturing facilities in the Asia-Pacific region,
primarily in India, China, and South Korea. Therefore, based on such factors,
lithium-ion battery technology is expected to dominate the Portable Battery
market during the forecast period.
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Regional Insights
Asia Pacific is expected to dominate the market
during the forecast period. The
Asia-Pacific battery market as a whole is expected to grow significantly over
the coming decade due to increased electrification activities in the region.
Battery Recycling has not yet penetrated the market on a significant level. The
battery market in this region is mainly driven by developments in the
electronics manufacturing, power generation, communication, and information
industries in countries like India, China, Japan, and South Korea. Developing
countries, like India, lack a firm grid infrastructure, which causes power cuts
and blackouts frequently, mostly in rural areas. Thus, the lack of grid
infrastructure, high demand for steady power, and the need for power backup
solutions are expected to drive the demand for Portable dual carbon batteries.
Moreover, the governments of various countries have taken initiatives to
finance energy storage projects to fulfill the energy requirements in their
countries. China and a few South Asian countries are coming up with new
business models and associated financing instruments to invest capital in
battery energy storage projects. In a short-term scenario, however, the region
is likely to witness challenges from rising prices of graphite carbon, which is
a major raw material used in the Battery Recycling manufacturing process.
Rising prices of graphite carbon are majorly a result of a sharp cut in the
supply of graphite electrodes from China. In the present scenario, the demand
for graphite electrodes is significantly higher compared to the supply. Research on Battery Recycling technology is
also underway in the region. For instance, in April 2021, researchers at IIT
Hyderabad, India, developed a Battery Recycling that can cut the overall
battery cost by as much as 20-25%, along with being environment friendly.
Further research is underway to increase the energy density of the battery.
Therefore, based on the above-mentioned factors, Asia-Pacific is expected to
witness significant growth during the forecast period.
Recent Developments
- In December 2021, Reliance New Energy Solar Limited
entered an agreement with Faradion to acquire 100% of the equity shares for a
total value of USD 117 million. Faradion is a UK-based leading battery
technology company with an extensive IP portfolio covering many aspects of
sodium-ion technology.
- In December 2021, Northvolt produced its first
lithium-ion battery cell at its factory in Skelleftea, Sweden. The facility is
expected to have a yearly output of 60 GWh, which is enough to supply batteries
for around 1 million EVs. It had planned to begin commercial delivery in 2022.
- In April 2021, researchers at IIT Hyderabad, India,
developed a 5V Battery Recycling utilizing self-standing carbon fiber mats as
both electrodes (cathode and anode). This new model sets aside the requirement
for toxic, costly, and heavy transitional metals.
Key Market Players
- Umicore
- Retriev
Technologies
- American
Battery Technology Company (ABTC)
- Li-Cycle
- Aqua
Metals
- Battery
Solutions
- Recupyl
- Gopher
Resource
- Glencore
Recycling
- Retech
Recycling Technology AB.
|
By
Technology
|
By Type
|
By Region
|
|
Lead-acid
Batteries
Lithium-ion
Batteries
Other
Technologies
|
Consumer
Electronics
Others
|
North
America
Europe
South America
Middle East
& Africa
Asia Pacific
|
|
Report Scope:
In this report, the Global Portable Battery Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Global Portable Battery Market, By Technology:
o
Lead-acid
Batteries
o
Lithium-ion
Batteries
o
Other
Technologies
- Global
Portable Battery Market, By Type:
o Consumer Electronics
o Others
- Global Portable Battery Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Asia-Pacific
§ China
§ India
§ Japan
§ South Korea
§ Indonesia
o Europe
§ Germany
§ United Kingdom
§ France
§ Russia
§ Spain
o South America
§ Brazil
§ Argentina
o Middle East & Africa
§ Saudi Arabia
§ South Africa
§ Egypt
§ UAE
§ Israel
Competitive Landscape
Company Profiles: Detailed analysis of the major companies presents in the Global
Portable Battery Market.
Available Customizations:
Global Portable 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 Portable 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]