CHICAGO, Feb. 25, 2020 /PRNewswire/ -- The report "Battery Technology Market by Technology Type (Lithium-Ion Battery, Lead Acid Battery, Nickel Metal Hydride Battery, Other Battery Technologies), Application (Power & Utilities, Transportation, Consumer Electronics) and Region - Global Forecast to 2025", published by MarketsandMarkets™, global battery technology market size is projected to grow from USD 92.0 billion in 2020 to USD 152.3 billion by 2025, at a CAGR of 10.6%. Major factors fueling the market growth include rising adoption of battery technology in the renewable energy industry, surging demand for automation and battery-operated material-handling equipment in industries, the growing use of electric and hybrid electric vehicles, increasing deployment of batteries in the utilities sector.
"Lithium-Ion battery to lead battery technology market by 2025".
The growing use of PHEVs is likely to drive the Li-ion battery market during the forecast period. Li-ion batteries are used in a wide range of portable devices and industrial applications. Furthermore, Li-ion battery technology increases efficiency and improves device customizability. Moreover, continuous development in the consumer electronics sector has boosted the growth of the Li-ion battery market.
"Transportation to hold the largest share of the battery technology market during the forecast period".
The increase in the production of electric vehicles and the subsequent demand for lithium-ion batteries is driving the battery technology market in transportation. Electric vehicles are perceived as the future of the automobile industry and transportation system. More automobile companies are involved in the development of new and improved EVs. The rise in demand for electric vehicles and hybrid electric vehicles will consequently raise the demand for batteries.
"Asia Pacific to hold the largest market share for battery technology during the forecast period."
The adoption of battery technology is high in APAC as the region mainly comprises developing economies such as China and India, which have a huge potential for many application areas within the battery technology market. Moreover, recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for the battery technology market in APAC. Further, the increase in the production of electric vehicles and batteries used in vehicles is driving the battery technology market in the APAC.
Major players in the battery technology market are Clarios (US), Panasonic Corporation (Japan), Samsung SDI (South Korea), Chaowei Power (China), Contemporary Amperex Technology (China), Enersys (US), LG Chem (South Korea), BYD Company (China), and Hitachi Chemical (Japan).
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