SECONDARY BATTERY MARKET ANALYSIS

Secondary Battery MarketSize and Trends

Figure 1. Global Secondary Battery Market Share (%), By Region, 2022

The global secondary battery market size is valued at USD 94,160.00 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.94% from 2023 to 2030.  The global Secondary Battery market is expected to gain substantial growth during the forecast period. The growth of the global market is attributed to numerous factors, including technological advancements, a surge in end-user industries, government policy-level support to promote energy storage infrastructure, and increased demand for EVs.

Global Secondary Battery Market Trends:

Renewable power is gaining traction in the market

Renewable power generation is increasingly being adopted across several regions around the world. Countries such as Germany and France used to at the forefront of deployment of renewable energy, these countries are however also depend on the net electricity exporters. Several emerging countries are also deploying renewable energy and also are net importers of electricity, as the need for electricity is increasing in these countries. Moreover, the lower grid infrastructure of these countries will create more critical demand for energy storage systems for maintaining the constant supply of electricity. Thus, this trend is likely to drive growth of the global secondary battery market over the forecast period.

Rise in demand for data processing is a growing trend

The use of internet has increased globally, along with rise in data collection and use of technologies such as IoT, and artificial intelligence. This in turn is creating strong demand for data processing. Due to this, several companies in the data center market are heavily investing in data centers, which in turn is boosting the capacity of data centers. The newer data centers offer greater processing capacities. Thus, this trend is likely to drive the demand for secondary batteries, which is expected to propel the market growth in the coming future.