Northbrook, IL 60062 -- (SBWIRE) -- 11/09/2022 -- The global battery technology market size is expected to grow from USD 95.7 billion in 2022 to USD 136.6 billion by 2027, at a CAGR of 7.4%. The growth of the market is attributed to the rising demand for battery-operated material-handling equipment and automation in various industries as well as increasing installation of batteries in utility sector. However, rising concern regarding storage and transportation of spent batteries is restraining the market growth.
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The battery technology market has promising growth potential due to several factors such as the rising requirement for advanced batteries in data centers and development in wearable devices.
Based on technology type, the market is segregated into lead-acid batteries, lithium-ion batteries, nickel-metal hydride batteries, and other batteries. Lead-acid batteries hold major share of battery technology market in 2021. These batteries are highly utilized as a backup power source in telecommunication systems, automobiles, marine, forklifts, and uninterrupted power supplies (UPS). The easy recyclability of lead-acid batteries compared with lithium-ion batteries, developments in the automotive vertical, and increasing demand for UPS systems are responsible for the growth of the lead-acid battery segment.
Based on verticals, the market is segmented into aerospace, automotive, commercial, consumer electronics, healthcare, industrial, marine, power and utility, residential, transportation, and others. The demand for batteries is increasing because of the growing need for power in electric vehicles, portable devices, medical equipment, commercial aircraft, and industrial equipment. Transportation segment hold the largest share of battery technology market in 2021. The growth of the segment is attributed to the rising adoption of low-cost and easily rechargeable batteries, such as lead-acid batteries, in passenger cars, light commercial vehicles, and heavy commercial vehicles. These factors make them an efficient option for the transportation sector, which is capital-intensive and looking to reduce costs.
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The battery technology market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2021, Asia Pacific held the largest share of the battery technology market with only China capturing more than 32% of the overall market. The presence of a large number of consumer electronics manufacturers and an attractive automotive market have increased the adoption of batteries in various countries of the region as they offer various advantages, such as high-power capacity, increased safety, and reduced pollution. In the electric vehicle market, China and Japan are the world's second- and third-largest countries. Continuous developments in consumer electronics and the automotive sector have increased the application of safe, non-polluting batteries with high power capacity.