Batteries Market to Double in 10 Years, Says Navigant
The batteries industry is in the midst of a dramatic transformation, according to Navigant Research. Long ruled by the lead-acid and primary alkaline chemistries, a new wave of advanced battery chemistries is starting to significantly penetrate the stationary, portable and transportation markets.
Advanced battery chemistries include lithium ion (Li-ion), redox flow, sodium metal halide and advanced carbon lead-acid (ACLA). In its report “Materials for Advanced Batteries,” Navigant Research predicts the overall advanced batteries industry will grow from a $20.1 billion market in 2014 to a $46.5 billion market in 2023. And, as the industry transforms, the supply chain of materials going into those batteries is also in the process of developing and maturing.
Overall, Navigant Research expects that the primary component materials for advanced batteries will increase from a $7.3 billion market in 2014 into a $19.3 billion market in 2023. The growth of the supply chain is even more stunning when viewed through the lens of the weight of materials shipments. Total materials shipments are anticipated to increase from 304,516 MT in 2014 to 846,891 MT in 2023. The vast majority of those materials will likely be going into Li-ion batteries, which are expected to have a leading market share in all three of the major application areas: stationary, portable devices, and transportation. It is also expected that other chemistries will be making vast leaps in growth over the next 10 years, primarily vanadium oxide and iron chromium flow batteries.
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