BATTERY MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The constant evolution of digital technologies and increasing usage of smart devices have heightened the importance of uninterrupted access to electricity. Power outages remain a persistent problem in many parts of the world, owing to aging electrical infrastructure, natural calamities and grid failure risks. To safeguard against unexpected disruptions in power supply, industrial facilities, telecom towers, data centers and buildings have been strengthening their dependency on battery backup reserves. Lithium-ion batteries are the technology of choice for such backup power applications due to their high energy density, long service life and relatively lower self-discharge rates compared to lead-acid alternatives. In remote and off-grid areas lacking access to centralized power networks, batteries play a vital role in energizing essential needs through micro-grid and solar-plus-storage solutions. The growing energy needs of a digitally connected world along with instability in conventional grids is propelling the battery storage industry. As reliance on backup power grows, there will be a corresponding rise in demand for advanced battery packs that can effectively deliver on reliability, performance and long-term cost viability.

For instance, in June 2020, Tesla announced plans to manufacture next-generation electric vehicle batteries, designed to eliminate the rare, costly, and controversial element cobalt from batteries. This breakthrough technology is poised to enable cars to travel 400 miles or more between charges.