Albany, NY -- (SBWIRE) -- 06/15/2018 -- Highly sophisticated battery technologies will be indispensable in the near future due to the increasing need for more efficient, durable, and cost-effective technologies to meet the soaring demand for energy worldwide. Advanced battery technologies such as lead-acid batteries, sodium sulfur batteries, advanced flow batteries, lithium ion, lithium polymer, and sodium metal halide batteries can be some of the key segments based on technology.
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Global Advanced Batteries Market: Drivers and Restraints
The advanced batteries market is driven by growing concerns about carbon emissions and increased awareness about using energy efficient devices. An increase in activities such as combustion of oil, natural gas, and coal, deforestation, and industrial activities such as cement production are responsible for the atmospheric concentration of carbon dioxide. This is a key factor fuelling the demand for advanced batteries.
Moreover, the increasing application of advanced batteries across diverse industries has been fuelling the growth of the advanced batteries market. Advanced batteries are deployed in locomotives, lift trucks, EVs, PHEVs, and HEVs, submarines, cars, wheel chairs, trucks, buses, power tools, and toys.
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Global Advanced Batteries Market: Regional Outlook
Based on geography, the global market for advanced batteries has been broadly segmented into Europe, Asia Pacific, North America, and the Rest of the World. North America, led by the U.S., is expected to exhibit considerable growth over the forecast period. With increased public investments in grid modernization and zealous carbon reduction goals, Europe has also been exhibiting a steadily rising demand for advanced batteries.
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The region of Asia Pacific is slated to prosper to achieve significant share in the global advanced batteries market as the costs of advanced batteries are gradually going downhill. The growth in this region can be attributed to the growing demand from countries such as Japan, India, and China.