Global Next Generation Advanced Batteries Market to Reach $2.5 Billion by 2026
Amid the COVID-19 crisis, the global market for Next Generation Advanced Batteries estimated at US$137 Million in the year 2020, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 60.5% over the analysis period. Lithium Sulfur, one of the segments analyzed in the report, is projected to grow at a 63.3% CAGR to reach US$1.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Magnesium Ion segment is readjusted to a revised 61.4% CAGR for the next 7-year period. This segment currently accounts for a 24.9% share of the global Next Generation Advanced Batteries market.

The U.S. Market is Estimated at $72.9 Million in 2021, While China is Forecast to Reach $367.6 Million by 2026

The Next Generation Advanced Batteries market in the U.S. is estimated at US$72.9 Million in the year 2021. The country currently accounts for a 33.96% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$367.6 Million in the year 2026 trailing a CAGR of 71.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 50.7% and 57.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 57% CAGR while Rest of European market (as defined in the study) will reach US$571.3 Million by the close of the analysis period.

The market for next generation advanced batteries is expected to grow at a healthy rate led by rapidly escalating demand for economical and efficient batteries for an increasing number of applications. A large part of this growth is coming from higher disposable income of consumers, especially in developing nations, wherein greater consumer purchasing power is leading to greater demand for electronic gadgets and electric vehicles, which represent important end-users of next-generation batteries. The move towards highly efficient and advanced next generation batteries is supported by growing awareness about the clean energy benefits and rising interest in renewable sources of energy. The need for batteries that can be recharged quickly is growing at an unprecedented rate leading to the development and production of highly advanced batteries that are inevitable for the efficient functioning of smart homes, smart wearables, smartphones, which also reflects the extensive penetration of internet. At the same time, the availability of higher efficiency, higher capacity and higher durability next-generation grid-scale storage batteries is pushing demand for their application in consumer electronics and automotive industries. The revenue growth is also contributed by the ability of these advanced batteries to charge, recharge and discharge at a rapid rate.

The research and development for highly advanced and highly efficient batteries has been record high over the recent years, owing to continued and growing investments from OEMs, encompassing BMW Group, Daimler and Volkswagen to name a few. Persistent R&D efforts helped deliver batteries with quick charge rates, longer lifespan and improved fire protection. While this has helped support the adoption increase for smart devices and gadgets, the thirst for extracting more out of batteries remains unquenched. A case in point is the electric vehicles industry that demands the next-generation batteries to fulfil the need for high energy density (necessary to achieve greater range), safety, fast charge time and cost-effectiveness. Another sector that is looking up to next-generation batteries is the energy industry that intends to leverage the capability of advanced batteries to provide the grid with renewable energy storage.

Solid Electrodes Segment to Reach $390.1 Million by 2026

In the global Solid Electrodes segment, USA, Canada, Japan, China and Europe will drive the 58.4% CAGR estimated for this segment. These regional markets accounted for a combined market size of US$18.5 Million in the year 2020. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$44 Million by the year 2026.