
Global Battery Markets: Unveiling the Latest Trends and Developments | EN
The battery industry is experiencing a paradigm shift with continuous advancements in technology, particularly in the realm of new energy vehicle (NEV) batteries. According to recent data from 2022-2023, the global demand for both primary and secondary batteries is projected to surge by 8.1% annually, reaching a staggering $156 billion by 2024, as reported by The Freedonia Group, a leading industry research firm based in Cleveland.
Intriguingly, the growth is predominantly attributed to secondary (rechargeable) batteries, accounting for a significant 76.4% of the global market, a figure expected to climb to 82.6% by 2015, according to Frost & Sullivan. The surge in demand is fueled by the ubiquity of mobile phones and tablets, highlighting the evolving landscape of consumer electronics. Interestingly, initial projections for electric vehicle demand have been recalibrated downward, emphasizing the industry's responsiveness to market dynamics.
Battery Types: Evolving Chemistry and Market Share
Batteries are classified by chemistry, with lithium-ion (Li-ion), lead-acid, and nickel-based systems being the most prevalent. As depicted in Figure 1, Li-ion dominates with a commanding 37% revenue share, establishing itself as the preferred battery for portable devices and electric powertrains. Notably, there is no current contender threatening Li-ion's dominance.
Lead-acid batteries maintain their robust standing as an economical power source, finding applications in automotive starter batteries (20%), stationary power backup (8%), and deep-cycle batteries for wheeled mobility (5%). Despite Li-ion encroaching into the lead-acid market, the demand for lead-acid batteries continues to rise.
Alkaline batteries, known for high specific energy and long storage, have eclipsed older carbon-zinc variants. Nickel-metal-hydride (NiMH) serves as a vital player, replacing nickel-cadmium (NiCd), albeit with a declining 3% market share.
Electric Powertrain and Emerging Markets
A notable trend in battery usage is the rise of electric powertrains for personal transportation. Factors such as battery cost, longevity, and environmental considerations shape the pace of adoption in the automotive sector. While fossil fuels remain a convenient and cheap alternative, electric powertrains gain traction, particularly with incentives and advancements in battery technology.
New markets contributing to battery growth include electric bicycles and storage systems for renewable energy. Homeowners, businesses, and developing nations benefit from large grid storage batteries that collect surplus energy during peak times, bridging gaps in low input periods or high user demand.
Advancements in Battery Technology
Batteries are advancing on two fronts: increasing specific energy for longer runtimes and enhancing specific power for high-current load requirements. Achieving one characteristic often involves a compromise with the other.
The standout performer in both specific energy and specific power is the secondary lithium-metal (Li-metal) battery. Although early versions faced instability issues in the 1980s, recent developments show promise. Innovations include mixing metallic lithium with tin and silicon, experimenting with graphene as an improved separator, and utilizing multi-layer separators to prevent dendrite penetration. Experimental Li-metal batteries now achieve 300Wh/kg, with potential for further improvement, making them particularly enticing for electric vehicles.
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