Batteries Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Batteries Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 300 pages •
  • Report ID: 6027711 •
  • Format: PDF
Major companies in the batteries market include Panasonic Corporation; Johnson Controls Inc; GS Yuasa Corporation; East Penn Manufacturing Co Inc and EnerSys Ltd.

The global batteries market is expected to grow from $82.95 billion in 2020 to $90.24 billion in 2021 at a compound annual growth rate (CAGR) of 8.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $126.85 billion in 2025 at a CAGR of 9%.

The batteries market consists of sales of batteries by entities (organizations, sole traders and partnerships) that produce primary and storage batteries. Examples of primary batteries include disposable flashlight batteries, dry cells, primary (e.g., AAA, AA, C, D, 9V), lithium batteries, primary, and watch batteries. Examples of storage batteries include lead acid storage batteries, lithium storage batteries, and rechargeable nickel-cadmium (NICAD) batteries. The batteries market is segmented into primary batteries and secondary batteries.

Asia Pacific was the largest region in the global batteries market, accounting for 39% of the market in 2020.North America was the second largest region accounting for 22% of the global batteries market.

Africa was the smallest region in the global batteries market.

Flow batteries are gaining prominence due to low energy density than normal lithium ion batteries.Flow batteries are rechargeable batteries where chemical energy is provided by the two chemical components dissolved in liquids which are contained within a system.

It doubles the maximum voltage and yields high storage capacity of renewable power.They have the advantage of supplying power to a large network of electric grid by storing a huge amount of energy than traditional batteries.

For instance, some of the major companies manufacturing flow batteries include Sumitomo Electric Industries, UniEnergy Technologies, Dalian Rongke Power and Gildemeister.