As per Inkwood Research, the Global Battery Market is expected to progress at a CAGR of 16.45% in terms of revenue during the forecasting period of 2024-2032.
An electric battery is characterized as an electric power source possessing one or more electrochemical cells with external connections to power electronic or electrical devices. The device stores chemical energy, converting it into electrical energy. Moreover, chemical reactions within batteries entail electron flow from one electrode to another through an external circuit.
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Surging Demand for Portable Electronics to Augment Market Growth
The increasing demand for portable electronics, such as smartphones, tablets, laptops, and wearable devices, is expected to drive significant growth in the battery market. Consumers’ reliance on these devices for communication, work, entertainment, and health monitoring fuels the need for longer-lasting, more efficient batteries. This surge in demand has spurred research and development into advanced battery technologies, including lithium-ion and solid-state batteries, aimed at enhancing energy density, lifespan, and safety. As industries continue to innovate and consumers seek more portable and powerful devices, the battery market is poised for substantial expansion in the coming years.
Secondary Battery Dominated the Global Market in 2023
A secondary battery or cell, also termed a rechargeable battery or storage battery, can be recharged electrically following usage to its original pre-discharge condition. This is done by passing current through the circuit in the direction opposite to the current during discharge. Such batteries comprise one or more electrochemical cells and are manufactured in various shapes and sizes. These range from megawatt systems to button cells, connected for the stabilization of the electrical distribution network. In addition, market players across the globe are undertaking numerous strategic initiatives associated with secondary batteries. This factor is anticipated to have a positive impact on the global battery market over the forecasted period.
North America: Highest Revenue Generating Region by 2032
North America continues to remain one of the largest consumers of various types of batteries. Furthermore, the integration of renewables with energy storage systems represents a significant opportunity for the battery market in North American over the upcoming years. Other important factors propelling the regional market include the rising adoption of electric vehicles, the decreasing prices of lithium-ion batteries, the developments within the renewable energy sector, as well as the growing sale of consumer electronics.
Since the global market is highly fragmented, the presence of various leading players in different regions encourages a greater level of competition. Some of the key firms operating in the global battery market are LG Chem Ltd, A123 Systems LLC, Exide Technologies, GS Yuasa International Ltd, etc.
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