Nickel-Metal Hydride Battery Market: Overview
Nickel-metal hydride batteries are made of standardized cylindrical forms, which are interchangeable with nickel-cadmium batteries. Nickel-metal hydride batteries are made with the reaction between nickel and cadmium. Electricity plays a vital role in modern life. Nickel-metal hydride battery is used in a broad range of applications. Demand for electricity has been rising exponentially across the globe. Therefore, governments of various countries are undertaking modernization and developing the power generation infrastructure. Nickel-metal hydride battery is a vital component of the power source in appliances. Therefore, increase in demand for electricity, especially in the electronics sector, is expected to boost the demand for nickel-metal hydride battery.
Nickel-Metal Hydride Battery Market: Key Segments
The nickel-metal hydride battery market can be segmented based on component, application, and region. Based on component, the nickel-metal hydride battery market can be divided into positive electrode, negative electrode, and others. The positive electrode exchanges a proton in the charge-discharge reaction. This results in a small change in size, leading to a high level of mechanical stability. Negative electrode in the nickel-metal hydride battery has an active material – hydrogen. However, it is not physically possible to utilize hydrogen directly. Therefore, hydrogen is stored in the nickel-metal hydride battery as a metal hydride, which serves as the negative electrode. Concentration of electrolyte is the primary contributor to the resistance of nickel-metal hydride battery. Nickel-metal hydride battery is used in power supplies. It is installed in electronics, hybrid vehicles, and electric cars.
Manufacturers of nickel-metal hydride battery are increasingly focusing on developing batteries with better energy efficiency and longer life. Technological advancements are emerging in order to lower the manufacturing cost of nickel-metal hydride battery with an aim to provide environment friendly and safe electrical solutions. Consumer spending has increased substantially across the globe due to the rise in urbanization and new employment opportunities. The nickel-metal hydride battery market is capital intensive. This is one of the major restraints of the nickel-metal hydride battery market.
Nickel-Metal Hydride Battery Market: Regional Outlook
In terms of region, countries Asia Pacific, especially India, China, and Japan, is investing significantly in the development of nickel-metal hydride batteries. These batteries are widely used in electric vehicles to store electricity. North America offers high potential for the nickel-metal hydride battery market. The usage of nickel-metal hydride battery is expected to increase in North America due to the rise in demand for electric cars and hybrid vehicles. Countries in Europe such as Germany, France, Sweden, and the U.K. are increasingly focusing on reducing the usage of crude oil in transportation. These countries are investing significantly in the development and improvement of nickel-metal hydride batteries for electric vehicles. The European Union has pledged to recycle disposable nickel-metal hydride batteries. This is anticipated to lower environmental pollution. The nickel-metal hydride battery market in Middle East & Africa is estimated to expand in the near future. Countries such as Saudi Arabia, Kuwait, Bahrain, and Qatar have invested significantly in nickel-metal hydride battery market for the development of infrastructure. Consumers in these countries are also increasingly spending on electrical appliances. This is projected to boost the nickel-metal hydride battery market in Middle East & Africa.
Nickel-Metal Hydride Battery Market: Key Players
Key players operating in the nickel-metal hydride battery market include Duracell, Energizer Holdings, Panasonic, Primearth EV Energy, and Spectrum Brands.
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