Modular Battery: Introduction
- Modular batteries are advanced energy solutions that help increase capacities and voltage by connecting them in parallel or series.
- Modular batteries offer various advantages such as high efficiency, reliability, flexibility, and multi-technology energy storage systems. These batteries can be easily replaced if any of the module fails. The entire battery system need not be scrapped, as the failure of one battery module does not impact the whole battery system.
Key Drivers and Restraints of Modular Batteries Market
- Increase in demand for energy efficient, compact, and economical battery systems in various end-use industries such as automobile, telecommunication, BFSI, and manufacturing in developing and developed economies is expected to drive the global modular battery market. Modular battery is economical. Various beneficial features of modular battery make its adoption preferable over alternate technologies in end-use industries.
- Modular battery requires minimal service and maintenance over traditional battery, as the former can be easily replaced without scrapping the entire battery system. These features of modular batteries are projected to boost their between 2020 and 2030.
- Increase in demand for light electric vehicles in developed countries has encouraged battery manufacturers to develop modular batteries to increase the performance efficiency of vehicles
- Technological innovation in design of modular battery in order to optimize efficiency is projected to propel the global modular battery market between 2020 and 2030. However, lack of awareness about the benefits associated with modular battery systems in developing countries may hamper the market in the near future.
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns as part of measures to limit the spread of the COVID-19 pandemic. During the lockdown, several restrictions have been placed on movement of individuals. Furthermore, several end-user industries such as automobile industries have halted their production facilities.
- Electric vehicle manufacturers are one of the major end-users of modular battery. Restriction on manufacturing activities due to lockdowns has negatively impacted the modular battery market. This, in turn, is expected to hamper the demand for modular batteries in the near future.
- In September 2020, Cleantron, a battery manufacturer based in the Netherlands, developed a powerful battery system for electric vehicles such as electric scooters and minicars. This battery system can generate higher capacity without the need of any extra charging infrastructure. Energy of 2 kWh to 2.5 kWh per battery can be generated.
- In November 2020, Shenzhen Grepow Battery Co. Ltd. launched 12.8V, 7Ah version modular battery. The modular battery is light weight. It offers high compatibility at economical cost.
Automobile End-user Segment Expected to Hold Major Share of Global Market
- The global modular battery market can be segmented based on end-user and region
- Based on end-user, the global modular battery market can be segregated into automobile, industrial, telecommunication, commercial, infrastructure, and others. Modular batteries are used extensively in the automobile industry. Rise in sale of electric vehicles is anticipated to propel the demand for modular battery in the automobile industry.
Europe Expected to Constitute Major Share of Global Modular Battery Market
- Based on region, the global modular battery market can be segregated into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
- Europe is expected to hold vital share of the global modular battery market during the forecast period due to increase in sales of electric vehicles in the region. Modular batteries are extensively used in electric vehicles, as they help boost the performance efficiency.
- Asia Pacific is also projected to hold marginal share of the global modular battery market during the forecast period
- The modular battery market in North America is likely to expand at a stable pace, owing to the increase in demand for low-cost and energy-efficient batteries in the region
- The modular battery market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period. Ongoing demand for uninterrupted power supply is anticipated to propel the modular battery market in these regions during the forecast period.
Key Players Operating in Global Market
Leading companies operating in the global modular battery market are:
- A123 Systems
- Automotive Energy Supply Corporation
- Shenzhen Grepow Battery Co. Ltd.
- Samsung SDI
- TYVA Moduloo
- Blue Energy
- BYD Auto
Global Modular Battery Market: Research Scope
Global Modular Battery Market, by End-user
Global Marine Pump Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.