- Asia-Pacific is driving the market demand
- Over the forecast period, there will be expanded use of plug-in hybrid electric vehicle (PHEVs)
The battery technology market size will be worth around $194 billion by 2027 as per a report by Acumen Research and Consulting. The report titled, “Battery Technology, By Control Technologies, By Application- Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027” also said that it will grow with a compound annual growth rate (CAGR) of 11 per cent.
The report said that Asia-Pacific is driving market demand. It has several development economies with substantial natural and human capital. It also said that India and China are projected to be major battery manufacturers invested during the forecast period by governments, supporting the manufacturing companies.
As per the report, EV development and the construction of solar power stations in China and India are rising exponentially. China is one of the biggest electric vehicles markets and in 2018 and its growth was nearly 30 times higher than in 2017. The report added, “Asia Pacific is expected to be the leading player in the battery technology market due to rapid urbanization and consumption spending in countries such as India and China, which are projected to increase demand for advanced technology, due to the current opportunities to grow the market during forecast period.”
High demand from the energy utility sector
The major factors that will drive the market growth include growing demand for electric and hybrid-electric cars, strong demand for clean energy storage technology. It also includes rising demand for factory automation and storage-operated material handling equipment and high demand from the energy utility sector. It stated that another major factor is the advancement, in the near future, of new battery control technologies like the power control technology. It is used in different end-user sectors like the automobile, the traction, the stationary and acceleration technologies that have contributed to the production of powerful battery systems.
The report also said that the future of the automotive industry and transport infrastructure will be electric vehicles. It also said that over the forecast period, there will be expanded use of plug-in hybrid electric vehicle (PHEVs). This will possibly boost the Li-ion battery market