Advanced Battery: Introduction
- Advanced battery is a next generation battery that can easily be integrated into a power grid to make an energy storage system. It has longer lifespan and high energy density. It offers lower GHG emissions. Advanced battery is also being used in the transportation industry.
- Commonly available advanced batteries in market are lithium-based batteries and nickel-based batteries. These batteries are used in several applications such as consumer electronics, mobile phones, and electric vehicles.
Key Drivers and Restraints of Advanced Battery Market
- Increase in demand for economical, compact, and energy efficient batteries in various end-use industries such as electrical vehicles and consumer electronics in developing and developed economies is expected to drive the global advanced battery market during the forecast period. Advanced battery is economical and offers fast charging when compared to conventional batteries. These features of advanced battery make its adoption preferable over alternate technologies.
- Rise in investment in development of renewable energy infrastructure is projected to boost the global advanced battery market between 2020 and 2030
- Technological innovation in design of battery to optimize efficiency and reduce cost is projected to propel the global advanced battery market between 2020 and 2030. However, high availability of substitute batteries is hampering the advanced battery market.
COVID-19 Impact Analysis
Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, production facilities of automobile and electronic industries halted their production temporarily. Disruption in operation of production facilities adversely affected the demand for advanced batteries, as these batteries are used in electrical vehicle and consumer electronics to provide continuous power supply for their proper functioning.
Automotive & Industrial Application Segment Expected to Hold Prominent Share of Global Market
- The global advanced battery market can be segmented based on product, application, and region
- Based on application, the global advanced battery market can be segregated into consumer electronics, automotive, energy storage systems, industrial, and others. Advanced battery is extensively used in automotive applications. Increase in government funding and incentives to promote the deployment of commercial and passenger electric vehicles is anticipated to boost the automobile segment of the market during the forecast period.
- Based on product, the global advanced battery market can be segregated into lithium ion polymer battery, sodium sulfur battery, sodium metal halide battery, advanced lead acid battery, smart nano battery, and others. The lithium ion polymer battery is anticipated to expand significantly during the forecast period due to the wide application of these batteries in the consumer electronics sector. Lithium ion battery possesses several unique properties such as compact size, efficient performance, and high-power density. As a result, demand for these batteries is higher than that for traditional batteries.
North America Expected to Constitute Major Share of Global Advanced Battery Market
- In terms of region, the global advanced battery market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America is projected to hold vital share of the global advanced battery market during the forecast period due to rise in awareness about the benefits of energy efficient products. The U.S. Government provides funding for the development of durable, lightweight, and energy efficient batteries for applications across commercial, residential, and industrial establishments.
- Europe is likely to be a stable region of the global advanced battery market during the forecast period. This can be ascribed to ongoing investment in development of energy efficient buildings. Furthermore, stringent government regulations to reduce GHG emissions by enhancing the utilization of renewable technologies is a key factor augmenting the advanced battery market in Europe.
- The advanced battery market in Asia Pacific is expected to expand at a significant pace during the forecast period due to increase in demand for electrical vehicles, primarily in developing countries such as China and India
- The advanced battery market in Latin America and Middle East & Africa is estimated to expand during the forecast period due to rise in demand for consumer electronics in these regions
Key Players Operating in Global Market
Leading companies operating in the global advanced battery market include:
- GS Yuasa Lithium Power
- Pathion Inc.
- LG Chem Ltd
- Enerdel, Inc.
Global Advanced Battery Market: Research Scope
Global Advanced Battery Market, by Product
- Lithium Ion Polymer Battery
- Sodium Sulfur Battery
- Sodium Metal Halide Battery
- Advanced Lead Acid Battery
- Smart Nano Battery
Global Advanced Battery Market, by Application
- Consumer Electronics
- Energy Storage Systems
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.