Next Generation Batteries Market Scenario:
Next-generation batteries market 2020 will retain its dominance for the next decade, but the time is ripe for investment in rising COVID 19 cases all over the world, says Market Research Future in its recent study. The market would surpass its current valuation during the period (2017-2027) at a substantial growth rate, as expected.
Next-generation batteries such as lithium-ion are being developed, and some are currently in the marketplace, which can double the capacity of current batteries and last up to 20 years. Due to this reason, the market for next-generation batteries is touching sky heights in valuation. But, due to sudden COVID-19 outbreak impacted the global economy in several ways as the pandemic has forced the halting of the production and other operations in the industrial sector. Despite the huge loss of worldwide economy and business losses, advanced, or Next Generation Batteries Market are being developed today to maintain the position of the market and making ways for future expansion as well, especially after worldwide lockdown.
Enhancement of technology has momentously encouraged the electronics & semiconductor industries to furnish longer and durable batteries for commercial use in consumer electronics and electric vehicles and the market for stationary storage. Creating an elongated durable battery is a tough task and requires a considerable investment to conduct tests combined with energy & power sectors. Next-generation batteries such as nickel-cadmium (Ni-Cd), lithium-ion (Li), lithium Sulphur (Li-S), nickel-metal hydride, solid electrodes, magnesium ion, ultra-capacitors, and metal-air have gained immense popularity. These have made the market of next-generation batteries more valuation in the current situation amid SARS-CoV-2, globally.
To understand more about aspects of market growth, MRFR has further analyzed that Li-ion batteries are widely used in the commercial sector and are anticipated to gain a massive market share over the assessment period. This is attributed to the rising innovations such as higher-voltage cathodes and electrolytes, corresponding with higher-capacity active materials such as silicon-containing elements. Lithium-ion batteries are broadly used in electronic gadgets such as mobile phones, cameras, and laptops.
Furthermore, the foremost growth driver of next-generation batteries market also includes rising adoption of the e-mobility industry, mounting electric vehicle market, and upward consumption of consumer electronic appliances. All these are building demand for efficient power storage systems, among others.
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Top Market Players:
The top players of next-generation batteries market are listed as Sion Power (U.S.), Panasonic Corporation (Japan), Hitachi (Japan), Ambri Inc. (U.S), LG Chemicals (South Korea), Fluidic Energy (U.S.), Samsung (South Korea), Phinergy (Israel), Mitsubishi Chemical (Japan), Amprius Inc. (U.S.), Lockheed Martin (U.S.), Seeo (U.S.), PolyPlus Transfection (France), and OXIS Energy (U.K).
Segmentation of Market:
The next-generation batteries market is further differentiated by type and applications.
In terms of the type segment, the next-generation batteries market has included Ni-Cd, Li-ion, lithium-sulfur, Ni-metal hydride, solid electrodes, magnesium ion, ultra-capacitors, and metal-air.
In terms of the application segment, the next-generation batteries market has included consumer electronics, automotive, aerospace & defense, transportation, oil & gas, and industrial.
Geographically, the next-generation batteries market has been studied over various vital regions, namely Asia Pacific, North America, Europe, and the Rest of the World.
North America is presumed to be a leading region in the next-generation batteries market. The U.S. and Canada are the foremost countries as attributed to the rising awareness of electric vehicles, and regulation of government policies to persuade the use of an electric vehicle is likely to compel the market over the forecast period.
The European region is likely to expand a substantial growth in the next generation batteries market. The Asia Pacific is presumed to have considerable growth in next-generation batteries over the forecast period. Countries such as India, Japan, China, and the Republic of Korea are the leading countries in the region. Mounting the need for cost-effective and efficient batteries is anticipated to compel the market over the forecast period.
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