Rising Demand for Energy Storage Solutions: A Deep Dive into the $136.6 Billion Battery Technology Market by 2027

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MarketsandMarkets Presents
The Global Battery Technology Market Size is
estimated to be USD 95.7 billion in 2022 and is
projected to reach USD 136.6 billion by 2027, at
a CAGR of 7.4. The increasing demand for
battery-operated electric vehicles and rising
adoption of various batteries in renewable energy
industry are responsible for the growth of
Battery Technology Market. Additionally, the
installation of batteries is increasing rapidly
in utility sector, which is also responsible for
the growth of the market.
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MarketsandMarkets Presents
Lithium-ion battery is expected to hold the
largest growth rate during the forecast
period. Global demand for lithium-ion batteries
is growing, propelled by the increase in demand
for electric vehicles, strict government mandates
on fuel economy, rising demand for smart devices
and other consumer electronics, and enhancement
of lithium-ion batteries. Reduction in the price
of lithium-ion batteries is also encouraging
automobile manufacturers to invest more in
electric vehicles. Besides, lithium-ion batteries
also find applications in many portable devices
and industrial equipment. Get PDF Brochure _at_
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MarketsandMarkets Presents
Automotive is expected to hold the largest CAGR
by 2027. There is a rise in the demand for
electric vehicles owing to environmental concerns
and awareness about clean and sustainable fuel.
Government initiatives and environmental norms
and emission regulations support the adoption of
electric vehicles around the world. This has
resulted in increased demand for lithium-ion and
nickel metal-air battery, which provide high
thermal stability, high energy, and power density
and are safe to be used in electric vehicles.
Increasing adoption and awareness of electric
vehicles thus supports the growth of the battery
technology market.
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MarketsandMarkets Presents
The Battery Technology Market in Europe is the
second-dominating region in 2021. Europe is the
second leading regions in the battery technology
market. The region is home to some of the largest
battery manufacturers, such as Saft (France) and
FIAMM (Italy). Batteries have major applications
as clean, sustainable, and compact power sources
in the automotive and consumer electronics
sectors. Automotive is an advanced sector in the
region, with the leanest production processes and
optimized water and energy use. European
environmental and carbon emission policies
promote renewable energy and increase the need
for energy storage. Extensive investments in RD
for battery production and an increase in the use
of renewable energy, which requires batteries for
storing energy, are the key factors driving the
growth.
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MarketsandMarkets Presents
Key Players Major companies operating in this
Battery Technology Market includes LG Chem (South
Korea), Hitachi Ltd. (Japan), SAMSUNG SDI CO.
LTD. (South Korea), GS Yuasa International Ltd.
(Japan), Enersys (US), Panasonic Holdings
Corporation (Japan), and Contemporary Amperex
Technology Co., Ltd. (China). Browse For More
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