Nano Battery Market to Reach $28.1 Bn, Globally, by 2030 at 18.6% CAGR: Allied Market Research
PORTLAND, Ore., Sept. 27, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nano Battery Market by Technology (Nano Phosphate, Nano Pore, and Lithium-ion), and Application (Consumer Electronics, Military, Power Tools & Industrial, Renewables & Grid Energy, Transport and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030B." As per the report, the global nano battery industry generated $5.1 billion in 2020, and is estimated to reach $28.1 billion by 2030, growing at a CAGR of 18.6% from 2021 to 2030.
Major determinants of the market growth
Surge in demand for nano batteries from end-use industries and the benefits of nanotechnology in the manufacturing of batteries have boosted the growth of the global nano battery market. However, difficulties in manufacturing nanomaterials used in batteries hinder the market growth. On the contrary, increase in investment and R&D toward nano-scale components in battery technology would unlock new opportunities for market players in the future.
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- The Covid-19 outbreak resulted in a temporary ban on import & exports and manufacturing & processing activities, which hampered the demand for nano batteries from these consumers.
- Moreover, the prolonged lockdown disrupted the supply chain and increased prices of raw materials.
- However, the market is expected to recover due to rise in vaccination across European and Asian countries.
The Li-ion segment dominated the market
By type, the Li-ion segment held the largest share in 2020, accounting for nearly half of the global nano battery market, due to rise in demand for Li-ion batteries from several applications such as power tools, consumer electronics, aerospace & defense, and automotive. However, the nano phosphate segment is projected to manifest the highest CAGR of 19.7% during the forecast period, owing to increase in demand for nano batteries from consumer electronics, power tools, and automotive industries.
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The transport segment to portray the highest CAGR through 2030
By end user, the transport segment is expected to portray the highest CAGR of 19.5% during the forecast period, due to growth in vehicle electrification and rise in awareness about benefits of electric vehicles. However, the military segment held the largest share in 2020, contributing to more than one-fourth of the global nano battery market, owing to rise in need for efficient power electronics devices because of the surge in digitalization of battlefield and reduction in size & weight of military equipment.
North America held the lion's share
By region, the global nano battery market across North America dominated the market in 2020, accounting for more than two-fifths of the market, due to presence of huge consumer base and key market players in the region coupled with the growth of military, renewable energy, and electric vehicles. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 19.2% during the forecast period, owing to growth of the automotive industry, diverse nature of the consumer electronics industry, and robust industrialization.
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Major market players
- Naxin New Energy Technology Co., Ltd.
- Front Edge Technology
- mPhase Technologies
- A123 Systems LLC
- US Photonics Inc.
- Amprius Technologies
- Sicona Battery Technology
- California Lithium Battery
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