Potential Opportunity of More than USD 150 Bn Opening Up in Battery Space - Exclusive Research Published by MarketsandMarkets™

CHICAGO, Feb. 15, 2022 /PRNewswire/ -- Disruption – A potential opportunity of more than USD 150 Bn is being created in the battery space, owing to the batteries with newer and innovative chemistry and its applications in electric vehicle, which is the next big trend. The growth of battery market could be attributed to the rising demand from various sectors, such as electric vehicles, data centers, electric utilities, and in other renewable sectors.

According to MarketsandMarkets™ analysis,

• There is an opportunity of more than USD 90 Bn opening up in the ecosystem of lithium-ion battery, with majority of its demand coming from consumer and electric vehicle application.
• The global battery market is estimated to grow at a CAGR of more than 10% in the coming 5-6 years, with R&D activities expected to offer new and improved version of batteries with higher battery specification.
• Transportation and industrial applications are some of biggest applications in the battery market.
• The consumer electronics application is expected to grow at a high CAGR in next 5-6 years.

Unknowns and Adjacencies

Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –

• Adoption levels of newer enabling technologies is low. However, it is being implemented at various industries slowly, both as green and brown field projects. Before COVID-19, implementation of enabling technology was just a pilot project but after that, it has become a mandatory technology to be implemented in the factory shop floor.
• Increased focus on monitoring using various technology and equipment is driving the market.
• Markets such as Electric Vehicle, Smart Grid, Renewable Energy, Solar Inverter Battery, and Telecom Network Infrastructure along with 5G are in huge demand in the ecosystem of smart manufacturing.
• Most of the demand for the implementation of newer enabling technologies is expected to come from the APAC region.
• Increasing emphasis on new and innovation battery chemistry with improved energy density is expected to create huge opportunity in the ecosystem of battery market.

Some of the growth problems encountered by battery companies are:

Customer prioritization and assessing unmet needs:

• What are the disruptions in our clients' businesses? How can we support them for our own growth?
• Who are the most potential customers going forward? Should we prioritize consumer electronics, healthcare, transportation, or industrial applications companies?
• What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new chemistry should be adopted for the development of battery?

Where to play:

• Which applications and chemistry should we focus on? Should it be lithium ion, solid state battery or any other?
• Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?

Building a compelling Right-to-Win (RTW):

• For M&A, which are the right targets for us?
• Should we target lithium-ion battery manufacturer or battery start-up companies having different battery chemistry? Should we enter new markets directly or through partners?

Key uncertainties/perspectives which industry leaders seek answers to:

For battery companies:

• Which battery chemistry will be relevant and redundant in the next 5 years?
• Can new and advanced battery become affordable?
• How can companies optimize the manufacturing processes of new battery which have higher specification?
• What regulatory policies can help strategize and achieve higher sales?

For Companies in Adjacent markets:

• What are the regulations surrounding battery recycling?
• How renewable energy is dependent on new and advanced battery technology to store the energy when not needed
• How are companies handling the availability of raw material for battery?
• What will be the impact of implementation of hydrogen fuel cell in battery market?

Therefore, MarketsandMarkets™ research and analysis focuses on high-growth markets and emerging battery technologies, which will become ~80% of the revenues of battery players in the next 5–10 years.

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