Renewable Energy Expansion Fuels the Finland Battery Market Growth

According to the Next Move Strategy Consulting, the Finland battery market is valued at USD 107.7 million in 2023, and is expected to reach USD 582.8 million by 2030, with a CAGR of 25.1% from 2024 to 2030. 

The growth of battery market is being driven by the expansion of renewable energy projects as Finland increasingly relies on intermittent energy sources such as wind and solar power, the demand for effective energy storage solutions rises. Major companies, such as Fortum and VSB, are advancing battery technologies and infrastructure to meet this need. 

For example, Fortum launched its first solar power project in Virolahti in June 2023, that supports the transition to renewable energy and addresses the growing demand. Additionally, VSB Finland’s 450 MW hybrid project initiated in 2024, that aims to boost renewable energy production and reinforce Finland’s commitment to sustainable energy. These initiatives highlight the essential role of advanced energy storage in supporting renewable energy projects and fuelling the growth of the battery market.

Furthermore, the expanding electric vehicle (EV) sector is driving increased demand for advanced battery technologies that offer higher energy density, faster charging, and longer driving ranges. According to a recent report from the Finnish Information Centre of the Automobile Sector, the EV market in Finland is projected to reach 42% by 2025 and 70% by 2030. 

This surge in demand is encouraging battery manufacturers to innovate and scale up production, leading to significant Finland battery market growth. Furthermore, the ambition to reduce carbon emissions and transition to cleaner transportation enhances the need for advanced battery solutions, further supporting the market's expansion.

However, the high cost of advanced battery technologies poses a major challenge to market growth, especially for price-sensitive consumers, smaller businesses, and emerging markets. These costs are driven by expensive raw materials, complex manufacturing, and the need for continuous research and development. As a result, many potential users opt for more affordable but less efficient alternatives, slowing market expansion. 

On the contrary, the innovations in battery technology, especially graphene-based batteries, present significant growth opportunities for the market. Graphene’s superior conductivity and strength allow for better energy storage, faster charging, and longer battery life compared to traditional lithium-ion batteries. For example, Skeleton Technology’s SuperBattery uses Curved Graphene, offers high power, excellent safety, and a longer lifespan. As graphene technology continues to advance, it is expected to drive growth in industries for electric vehicles, portable electronics, and renewable energy, attracting substantial investment and fostering further Finland battery market expansion.

Request a Sample here: https://www.nextmsc.com/finland-battery-market/request-sample  

According to the report, leading key players in the Finland battery industry include Celltech Group, Valmet Automotive, BroadBit Batteries Oy, Geyser Batteries Oy, SAFT, Northvolt AB, Varta AG, Freyr AS, Murata Electronics Oy, Skeleton Technologies GmbH, and others.

These market players are adopting strategies such as business expansion and collaboration across various regions to maintain their dominance in the Finland battery market. For instance, in December 2023 Skeleton Technologies expanded into Finland by acquiring European Batteries Oy's assets. This move involves launching pilot production at a 9,400 square meter facility in Varkaus, aimed at boosting manufacturing capacity and speeding up product development.

Also, in October 2023, Celltech Solutions Oy partnered with Fortum to set up a new factory in Pirkkala, Finland, dedicated to manufacturing industrial battery systems. This facility aims to meet the rising demand for sustainable energy solutions across Europe and support the shift toward electric mobility.

In addition, in July 2023, Northvolt collaborated with Stora Enso to create wood-based batteries using lignin-based hard carbon from Nordic forests, with production taking place in Finland. Moreover, in January 2022, FREYR Battery expanded its operations by opening a new battery cell production plant in Vaasa, Finland. This facility aims to build a large-scale manufacturing base to address the growing demand for localized and decarbonized battery solutions in Europe.

Key Insights from the Finland Battery Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Finland battery market is provided in the report.

• The value chain analysis in the Finland battery market study provides a clear picture of the role of each stakeholder.

• The report provides an analysis of the Finland battery market share and competitive landscape of key players in the industry.