Report Highlights
The global market for residential energy storage systems (RESSs) should grow from $3.0 billion in 2018 to $11.2 billion by 2023 at a compound annual growth rate (CAGR) of 30.0% for the period of 2018-2023.
The global market for lithium batteries should grow from $22.7 billion in 2018 to $47.4 billion by 2023 at a CAGR of 15.8% for the period of 2018-2023.
The global market for batteries used in portable battery-powered products should grow from $1.0 trillion in 2019 to $1.5 trillion by 2024 at a CAGR of 7.6% for the period of 2019-2024.
As everything is becoming energy efficient and all industries are on the verge of using renewable energy for creating a sustainable future, fuel cells and efficient batteries have gained healthy demand in the global market. Automotive is one of the major sectors, where energy-efficient batteries are in strong demand due to a surge in the production of electric vehicles and charging stations.
In terms of geographical trends, more than 70% of the world’s automotive lithium-ion batteries are made in China, by both homegrown Chinese producers and foreign-investment companies. China has become the main market for advanced battery and fuel cell material suppliers from all around the world, including Japan, South Korea, the U.S., and Germany. Other Asia-Pacific countries are second, with the most advanced fuel cell materials consumed in Japan and South Korea. This region is also dominated by advanced material suppliers and consumers.
As per the competitive landscape of vendors, contracts were the most adopted strategy by market players. Having a large customer base is of the highest priority in this market with a high concentration of global and regional suppliers. Product launch and partnership were also the most critical strategies followed by many leading players, as continual improvement of products helps companies stay competitive in an extremely competitive market.
Acquisitions, joint ventures, and collaborations were also some of the most followed strategies in the market. For example, in April 2019, ABB signed a contract with Electrify America for providing its high-power electric vehicle chargers across the United States. These chargers can charge the vehicle in 15 minutes and would be deployed around 17 metropolitan areas.
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Source: BCC Research