Significant development of the end-use industries such as consumer electronics, medical devices, portable power tools, automotive is fueling the market growth.
PORTLAND, OREGON, UNITED STATES, August 8, 2022 /EINPresswire.com/ — The global nano battery market size was valued at $5.1 billion in 2020, and is projected to reach $28.1 billion by 2030, growing at a CAGR of 18.6% from 2021 to 2030. 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 nano materials 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.
Significant development of the end-use industries such as consumer electronics, medical devices, portable power tools, automotive, and others, is fueling the growth of the nano battery market during the forecast period. In addition, increase in demand for nano battery from renewable energy and grid energy storage applications is further anticipated to propel the growth of the market, globally. However, high cost and difficulties associated with manufacturing of nano batteries are the key factors hampering the growth of the global nano battery market in the upcoming years.
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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.
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.
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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.
The global nano battery market analysis covers in-depth information about the major nano battery industry participants. The key players operating and profiled in the report include Naxin New Energy Technology Co., Ltd., mPhase Technologies, Front Edge Technology, A123 Systems LLC, Altairnano, Amprius Technologies, US Photonics Inc., California Lithium Battery, Sicona Battery Technology, and Kokam.
Other players operating in the value chain of the global nano battery market are Asystems, Ecolocap Solutions, EnerG2, Zpower, Genesis Nanotech, In Step Nano Power and others.
COVID-19 impact on the market
The global nano battery market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including mobiles, laptops, vehicles, construction equipment, and others. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for raw materials used in nano battery production. In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the global nano battery market growth.