LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global next-generation battery market is expected to grow at a CAGR of more than 71% during the forecast period.
This research report titled ‘Global Next-generation Battery Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
One of the key drivers responsible for the amazing growth of this market is the growing investments in renewable energy production. Increasing demand for energy and proactive governments pushing for green energy initiatives are the main reason for these investments. Renewable sources of power are not constant, and require the most technologically advanced battery technologies to harness the complete power generated. This has resulted in the large-scale adoption of next-generation batteries in the renewable energy segment.
The other important drivers for this market are the increased government support for electric vehicles (EVs) and market-driven innovations to find a balance between energy efficiency and renewable energy. These drivers are expected to push the market valued at USD 95 million in 2015, to almost USD 1.4 billion by 2020.
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Based on application, the report categorizes next-generation batteries into the following segments:
- Grid storage
- Consumer electronics
Countries all over the world are shifting their focus from vehicles powered by fossil fuels to energy-efficient EVs. The global EV market is expected to post a CAGR of over 42% through 2020, which is a good indicator for the next-generation battery market. The popularity of EVs is due to their high frequency, instant torque, and smooth acceleration. As a result, though 2014-2015 saw a decline in gasoline prices, this did not significantly impact the adoption of EVs. By adopting next-generation batteries in hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) support environmental sustainability.
“Some governments are implementing policies to accelerate the use of EVs as a step toward controlling greenhouse gas emissions. For instance, the US government is increasingly adopting emission reduction mandates and alternative vehicle programs to reduce emissions. This has called for a heightened focus on developing larger EVs to replace normal fossil-fuel powered vehicles,” says Thanikachalam Chandrasekaran, one of the lead analysts at Technavio for energy storage research.
With increased adoption of smart grids and growth in renewable energy production, the demand for grid energy storage has increased. These storage systems store excess power, and this stored power is made available to the consumer during peak hours of demand. This ensures a cleaner and low-cost supply of power, even when the renewable energy systems are not producing continuous power.
Li-ion batteries are the most commonly used batteries for energy storage in present times. As lithium is one of the lightest elements, it results in the production of batteries that are lightweight and compact, while maintaining high energy density. The widespread adoption of this technology has raised questions about its sustainability in the long run. This has led to several types of research, funding, and partnerships for the development of the next-generation batteries such as Li-air, Li/S, and sodium-ion batteries. These next-generation batteries are still at a nascent stage of development and are being tested in small applications. Their transition to full-scale grid storage is expected to take place during the forecast period, leading market growth.
The consumer electronics market is one of the markets that are constantly undergoing drastic changes and advancements to keep up with the consumer demands. Some of the major markets for the consumer electronics include laptops, notebook PCs, tablets, cell phones, and digital cameras. Major drivers for this market are the phenomenon of urbanization in emerging countries, strengthening of the global economy, and increasing demand for in-car entertainment.
“The above-mentioned products in the consumer electronics are all powered by compact batteries. The innovations to these devices in the 21st century have brought forth a demand for longer lasting devices. Traditional batteries cannot stand up to the demands of the modern consumer, which has driven for the innovation and development of next-generation batteries, which can last longer, are more durable, safer,” says Thanikachalam.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Sion Power
- OXIS Energy
- Fluidic Energy
- GS Yuasa
Browse Related Reports:
- Global Primary Battery Market 2016-2020
- Global Solar Batteries Forecast 2016-2020
- Global Grid Scale Energy Storage Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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