Sarasota, FL -- (SBWire) -- 08/28/2018 --Batteries are the devices consisting of one or more electrochemical cells with external connections provided to power electrical devices and other applications. They are present in different shapes and sizes, from small cells used in smartphones, hearing aids, and wristwatches, to large batteries used in cars and trucks, and industries such as computer data centers and telecommunication companies for power backup. Next generation batteries include rechargeable solid-state batteries, flow batteries, thin film batteries, poly-lithium-ion batteries, and advanced lead-acid. These batteries provide some remarkable properties like being compact, lightweight, and enhanced with safety features. Furthermore, the next-generation batteries have proved to be safe under harsh conditions, along with major improvements in terms of overall performance and are eco-friendly as compared to conventional Li-ion batteries.
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Increasing demand for high storage and efficient batteries in the automotive industry and the growing consumption of consumer electronics are factors driving the growth of the next generation battery market. In addition, factors such as high demand from the consumer electronics sector coupled with a rising need for less power usage and less heat production, among others are supporting the growth of the next generation batteries market. Furthermore, increasing popularity for the battery-operated vehicles around the world is spurring the demand for the long-lasting batteries for better fuel economy. These are some of the factors which are increasing the demand for next generation batteries in the market. However, high initial costs of the batteries are considered to be one of the major factors restraining the market growth. In addition, lack of awareness regarding green initiatives is another factor which could cause hindrance in the growth of next generation battery market.
Based on technology, the global next generation battery market is fragmented into Lithium-ion, advanced lead-acid batteries, molten salt batteries, flow batteries, and others. Lithium-ion is again classified into advance Li-ion, lithium sulfur, and lithium solid state. Transportation, stationary energy storage, and others are the application segment of the global next generation battery market. All the segments are analyzed based on the present and the future trends and the market is projected from 2018 to 2024. Based on regions, the global next generation battery market is segmented into the Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa with its further categorization into the U.S., UK, Germany, France, China, India, Japan, and Brazil.
North America and Europe held the majority of the market share of the global next generation battery market in 2017 and is set to dominate the world marketplace within the forecast period. Presence of significant market player in both the regions is predicted to shape the next generation battery market massively. Asia Pacific is expected to hold the remarkable market share and is expected to grow with the highest CAGR during the analysis period. The growth in this region is due to the high demand for electric vehicles and consumer electronics appliances in China, Japan, India, and Korea.
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The major players of next generation batteries market include Samsung, Saft Group, Panasonic Corporation, Sion Power, Envia Systems Inc., Ambri Inc., Lockheed Martin, Hitachi, Fluidic Energy, LG Chemicals, Phinergy, Amprius Inc., Mitsubishi Chemical, Seeo, Uniross Batteries, PolyPlus Transfection, and OXIS Energy.
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Global Next Generation Battery Market Is Set for a Rapid Growth and Is Anticipated to Reach USD 2046.88 Million by 2024
Next Generation Battery Market by Technology (Lithium-ion, Advanced Lead-Acid Batteries, Molten Salt Batteries, Flow Batteries, and Others), and by Application (Transportation, Stationary Energy Storage, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024