Enhancement of technology has encouraged the electronics & semiconductor industries to furnish longer and durable batteries for commercial use in electric vehicles, consumer electronics, and in the market for stationary storage. Creating a long durable battery is a tough task and requires a huge investment to conduct test combined with energy & power sectors.
Next generation batteries generally consist of lithium ion (Li), nickel cadmium (Ni-Cd), nickel metal hydride, lithium Sulphur (Li-S), magnesium ion, solid electrodes, metal air, and ultra-capacitors.
Li-ion batteries are widely used in the commercial sector and expected to gain a huge market share over the forecast period. This is due to increasing innovations such as higher-voltage cathodes and electrolytes, paired with higher-capacity active materials like silicon-containing elements. Lithium ion batteries are extensively used in electronic gadgets such as mobile phones, laptops, and cameras. Lithium ion being the lightest metal and more likely to store a large amount of charge by weight than nickel is considered to be a major advantage for the Li-ion next generation battery market to grow over the forecast period.
However, magnesium ion batteries are anticipated to have a substantial growth over the next few years. Magnesium ion is in abundance in nature and offers higher density than lithium ion that eventually allows the magnesium led devices are cheap and easy to manufacture on a large scale and . On the other hand, Lithium sulfur is anticipated to have a slow growth of the market over the forecast period.
The major growth driver of Next Generation Batteries Market include growing adoption of e-mobility industry, growing electric vehicle market, and growing consumption of consumer electronic appliances which is building demand for efficient power storage systems among others.
On the other hand, technological limitation and high initial cost are some of the major factors which are hindering the growth of next generation batteries market.
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Major Key Players:
The top players of Next Generation Batteries market include Panasonic Corporation (Japan), Sion Power (U.S.), Envia Systems Inc. (U.S.), Ambri Inc. (U.S), Hitachi (Japan), Fluidic Energy (U.S.), LG Chemicals (South Korea), Phinergy (Israel), Samsung (South Korea), Saft group (France), Amprius Inc. (U.S.), Mitsubishi Chemical (Japan), Seeo (U.S.), Lockheed Martin (U.S.), Uniross Batteries (South Africa), PolyPlus Transfection (France), and OXIS Energy (U.K).
The Next Generation Batteries is differentiated by type and applications.
Based on the type the next generation batteries is sub segmented into Li-ion, Ni-Cd, Ni-metal hydride, lithium sulfur, magnesium ion, solid electrodes, metal-air, and ultra-capacitors.
On the basis of application next generation batteries segment is further divided into automotive, consumer electronics, transportation, aerospace & defense, industrial, oil & gas, among others.
Geographically, the Next Generation Batteries is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is presumed to be a dominating region in next generation batteries market. The U.S. and Canada are the leading countries in the region attributed to rising awareness of electric vehicle and regulation of government policies to encourage the use of electric vehicle are anticipated to drive the market over the forecast period.
Europe is anticipated to gain a substantial growth in the next generation batteries market. Asia Pacific is presumed to have a significant growth in next generation batteries over the forecast period. China, Japan, India, and Republic of Korea are the leading countries in the region. Rising need for cost-effective and efficient batteries are anticipated to drive the market over the forecast period.
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