Low Carbon Battery Market Size, Share, Analysis, Trends, Growth, Forecast (2022-2028)

Low Carbon Battery Market Size, Share, Analysis, Trends, Growth, Forecast (2022-2028)

According to a new report published by UnivDatos Markets Insights, the Low Carbon Battery Market was valued at more than USD 400 million in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Product Type (Flooded Battery and Valve-Regulated Battery); Capacity (Less than 500 kW, 500 kW to 2 MW, and Above 2 MW); Vehicle Type (Hybrid Propulsion Electric Vehicle (HEV), Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV)); Region/Country.

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The low carbon battery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the low carbon battery market. The low carbon battery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the low carbon battery market at the global and regional levels.

Market Overview

Low Carbon Battery means fewer carbon dioxide batteries. As carbon dioxide is the major greenhouse gas that drives global climate change which is a major restraint in the market. In recent years, the low carbon battery had major applications such as power wheelchairs, the standard power source in sailplanes, uninterruptible power supply (UPS) as a backup when the electrical power goes off, US Nuclear Submarine fleet, due to their power density, elimination of gassing, reduced maintenance and enhanced safety. For instance, in Oct 2022, Dassault Systèmes and Verkor Signed MoU to advance next-generation low-carbon battery development and manufacturing in electric vehicles and stationary batteries team up to accelerate the sustainable innovation of lithium-ion batteries.

Factors such as an increasing electric vehicle demand coupled with the growing adoption of low carbon battery in the automobile sector, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.

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Some of the major players operating in the market include Enevate Corporation; Siemens; Next Hydrogen; Cummins Inc.; InoBat; McPhy Energy S.A.; Contemporary Amperex Technology Co., Limited.; Northvolt AB; Morrow Batteries ASA; Freyr AS.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted industries and has transformed the way industries are delivered. The low carbon battery market has been significantly affected during these times owing to the delay in the supply chain, manufacturing during the pandemic.

The global low carbon battery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        Based on product type, the market is bifurcated into flooded battery and valve-regulated battery. Valve-regulated battery category is to witness higher CAGR during the forecast period owing to the immobilized elimination of the hazards of spills and leakage and which facilitates an oxygen recombination cycle. In addition, the valve-regulated battery is used in various products such as power wheelchairs, the standard power source in sailplanes, and an uninterruptible power supply (UPS) as a backup when the electrical power goes off. Also, In U.S. Nuclear Submarine fleet due to their power density elimination of gassing reduced maintenance, and enhanced safety, the use of the valve-regulated battery is growing in demand in the market.

·        On the basis of capacity, the market is categorized into less than 500 kW, 500 kW to 2 MW, and above 2 MW. Among these, less than 500 kW to hold a significant share of the market in 2020. This is mainly due to the ongoing trend of increasing battery capacity. According to IEA, by 2030, battery electric vehicles are assumed to reach an average driving range of 350-400 km corresponding to battery sizes of 70-80 kWh. In today’s scenario, many of the batteries in electric trucks, of which the models are in various stages of commercialization, range from 70-300 kWh for medium freight trucks and from 200 kWh to 1 megawatt-hour (MWh) for heavy freight trucks. Recharging batteries for daily operations in a considerable amount of time, electric trucks require fast, ultra-fast, and/or mega-charging technologies.

·        Based on vehicle type, the low carbon battery market has been classified into hybrid propulsion electric vehicle (HEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). The battery electric vehicle (BEV) category is to witness the highest adoption of low carbon battery during the forecast period. This is mainly due to the rising expansion of battery manufacturing capacity will largely be driven by electrification in the car market. Also, BEV models are offered in most vehicle segments in all regions. For instance, according to IEA sustainable development scenario by 2030, BEVs will likely account for approx 170 million of all new EVs sold. Furthermore, Li-ion batteries have been the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). For instance, As per the IEA, Passenger EV sales are set to increase sharply in the next few years, rising from 3.1 million in 2017 to 125 million in 2030.

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Low Carbon Battery Market Geographical Segmentation Includes:

·        North America (U.S, Canada, and Rest of North America)

·        Europe (Germany, U.K., France, Spain, Italy, and Rest of Europe)

·        Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·        Rest of the World

Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing presence of major battery manufacturers. For instance, in 2018, China already accounts for 45% of EVs on the road in the world which is 2.3 million. In addition, the availability of cheap raw materials and skilled labor coupled with the number of schemes and incentives provided by governments to promote the growth of the low carbon battery industry is fueling the market in the region. Moreover, public and private investment in the companies to increase the production capacity and lower the cost and new product launches is further expected to support the market growth. Also, major players in the market are working towards new technological advancements in the market to enhance the durability and ideal of the products. For instance, on 20 Feb 2020, GS Yuasa launched the SNS-TN Series of Valve-Regulated Stationary Lead-Acid Batteries. To enhance durability and ideal for applications with a high discharge frequency as well as for applications requiring the float charge*1 feature delivered by GS Yuasa’s previous long-life MSE*2 batteries in the original SNS series.

The major players targeting the market include

·        Enevate Corporation

·        Siemens

·        Next Hydrogen

·        Cummins Inc.

·        InoBat

·        McPhy Energy S.A.

·        Contemporary Amperex Technology Co., Limited.

·        Northvolt AB

·        Morrow Batteries ASA

·        Freyr AS.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the low carbon battery market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the low carbon battery market?

• Which factors are influencing the low carbon battery market over the forecast period?

• What are the global challenges, threats, and risks in the low carbon battery market?

• Which factors are propelling and restraining the low carbon battery market?

• What are the demanding global regions of the low carbon battery market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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