Battery
Lead acid batteries, renowned for their reliability and cost-effectiveness, have traditionally dominated critical applications. However, the forecast indicates a significant market share shift towards lithium-ion batteries, attributed to their lower energy density and lightweight.
The global battery market is poised for substantial growth, anticipating a robust compound annual growth rate (CAGR) of approximately 16% from 2023 to 2030. The surge is primarily fuelled by the widespread use of Uninterruptible Power Supply (UPS) devices in critical sectors such as healthcare, chemicals, and oil & gas, where continuous power supply is paramount.
The automotive battery segment is expected to undergo remarkable expansion, driven by declining lithium-ion battery prices and the escalating adoption of electric vehicles. Despite these positive trends, challenges such as raw material supply-demand imbalances pose potential hurdles. The intermittent nature of solar energy has spurred interest in coupling off-grid solar power with energy storage, creating a lucrative opportunity for the battery market, especially in developed nations.
Asia-Pacific is slated to dominate the battery market, with key contributors being China, India, Japan, and South Korea. The shift from internal combustion engine (ICE) vehicles to electric vehicles is a noteworthy industry transformation, with lithium-ion batteries emerging as the preferred choice for their superior energy density, low maintenance, and environmental benefits. Drivevinci’s strategic entry into the battery market aligns seamlessly with the broader industry shift towards cleaner and sustainable energy sources, particularly in the context of the growing emphasis on electric vehicles.
- Automobile
- Aerospace
- Electronic
- Energy Storage
- Military & Defence