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Next-Generation Battery Market to Reach $3.4 Billion, Globally, by 2033 at 7.2% CAGR: Allied Market Research

The rise in adoption of sustainable energy solutions and the surge in demand for efficient and high-performance energy storage systems are synergistically driving the demand for next-generation batteries. As the global energy sector increasingly prioritizes environmental stewardship, there is a growing need for alternatives to traditional energy storage technologies with high environmental impacts, such as sodium- ion and conventional lithium-ion batteries

WILMINGTON, Del., Aug. 26, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Next-Generation Battery Market by Battery Type (Lithium-ion, Sodium-ion, Graphene Battery, Flow Battery, Metal Air Battery, Zinc-ion Battery and Others), Application (Electric Vehicles, Consumer Electronics, Renewable and Uninterruptible Power Supply (UPS) , Data Centers and Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the next-generation battery market was valued at $1.7 billion in 2023, and is estimated to reach $3.4 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.

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Prime determinants of growth

The growing demand for electric vehicles stands as a compelling and transformative driver for the next-generation batteries market. According to the International Energy Agency (IEA) , more than 10 million electric cars have been sold worldwide in 2022, and sales are projected to grow by another 35% this year, reaching a total of 14 million. As the automotive industry undergoes a profound shift towards sustainability, there has been a significant uptick in consumer interest and adoption of electric vehicles. This surge is primarily fueled by concerns over environmental impact, government incentives, and technological advancements in battery technologies.

Report coverage & details:

Report Coverage Details Forecast Period 2024–2033 Base Year 2023 Market Size in 2023 $1.7 billion Market Size in 2033 $3.4 billion CAGR 7.2 % No. of Pages in Report 320 Segments Covered Type, Application, and Region. Drivers • Increasing Demand for Electric Vehicles • Rising Need for Energy Storage Solutions Opportunity • Increased Renewable Energy Adoption Restraint • Technological Challenges and Limitations

The lithium-ion segment maintains its dominance by 2033

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The electric vehicles segment is expected to lead the trail by 2033

Asia-Pacific was the fastest growing region in terms of revenue in 2023

Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Asia-Pacific region is asserting its dominance in the next-generation batteries market, driven by a confluence of economic, industrial, and technological factors. One of the primary drivers is the region's rapid industrialization and urbanization, which necessitates reliable and efficient energy storage solutions. Countries such as China, India, Japan, and South Korea are heavily investing in infrastructure development, smart cities, and advanced manufacturing facilities. These projects require robust energy storage systems to manage energy efficiently and ensure uninterrupted power supply, thereby boosting the demand for next-generation batteries.

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Leading Market Players: -

BYD Company Ltd.

SAMSUNG SDI CO., LTD.

AESC GROUP LTD.

Toshiba Corporation

Hitachi High-Tech India Private Limited

Solid Power Inc.

SES AI Corporation.

ESS Tech, Inc.

24M .

. Poly Plus.

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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