Low Carbon Battery Market: Current Analysis and Forecast (2022-2028)

Report Description

Global 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. Low Carbon Battery is fewer carbon dioxide batteries with low carbon content. There are since carbon dioxide is the main greenhouse gas responsible for global climate change, it is the major market restraint. Due to their power density, elimination of gassing reduced maintenance, and improved safety, low carbon batteries have seen significant applications recently, including power wheelchairs, the standard power source in sailplanes, uninterruptible power supplies (UPS), and the US nuclear submarine fleet. 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.

Enevate Corporation; Siemens; Next Hydrogen; Cummins Inc.; InoBat; McPhy Energy S.A.; Contemporary Amperex Technology Co., Limited.; Northvolt AB; Morrow Batteries ASA; Freyr AS are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product type, Valve-regulated battery category is to witness higher CAGR during the forecast period”

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 due to the immobilized removal of spill and leakage risks, which also makes an oxygen recombination cycle easier. The valve-regulated battery is also utilized in a variety of goods, including power wheelchairs, sailplanes, and an uninterruptible power supply (UPS) that acts as a backup in case the power cuts out. Additionally, the use of valve-regulated batteries is becoming more and more popular in the market due to the U.S. nuclear submarine fleet’s increased safety, power density, elimination of gassing, and reduced maintenance requirements.

“Amongst capacity, less than 500 kW to hold a significant share in the market in 2020”

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. Recently, several electric truck batteries, whose models are in various phases of commercialization, ranging from 70 to 300 kWh for medium-sized freight trucks and from 200 kWh to one megawatt-hour (MWh) for heavy-duty freight trucks. Electric vehicles need rapid, ultra-fast, and/or mega-charging technologies to recharge batteries quickly enough for daily operations.

“Amongst vehicle type, battery electric vehicle (BEV) category is to witness the highest adoption during the forecast period”

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 electrification of the automotive industry. Additionally, BEV vehicles are available globally in most vehicle sectors. For instance, according to IEA sustainable development scenario by 2030, BEVs will likely account for approx 170 million of all new EVs sold. In addition, Li-ion batteries have been the main options used by automakers to power battery and plug-in hybrid electric vehicles (PHEVs) (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.

“Asia-Pacific to hold a significant share in the market”

In 2020, 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.

Low Carbon Battery Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Global Low Carbon Battery Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Low Carbon Battery Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global low carbon battery market were the three major steps undertaken to create and analyze the adoption of low carbon battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global low carbon battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the low carbon battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the low carbon battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, capacity, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the low carbon battery market. Further, we conducted factor analysis using dependent and independent variables such as various product type, capacity, and vehicle type of low carbon battery. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the low carbon battery market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global low carbon battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the low carbon battery market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global low carbon battery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global low carbon battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, capacity, and vehicle type in the global low carbon battery market.

The main objective of the Global Low Carbon Battery Market Study

The current & future market trends of the global low carbon battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the low carbon battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, capacity, and vehicle type
• Define and analysis of the regulatory framework for the low carbon battery
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the low carbon battery market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the low carbon battery market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team