Denmark Battery Market by Type (Primary Batteries (Non-rechargeable), and Secondary Batteries (Rechargeable)), by Application (Residential, Industrial, and Commercial) – Opportunity Analysis and Industry Forecast 2023-2030
Industry: Energy & Power | Publish Date: 03-Dec-2024 | No of Pages: 115 | No. of Tables: 83 | No. of Figures: 48 | Format: PDF | Report Code : EP702
Market Definition
Denmark Battery Market was valued at USD 146.88 million in 2022, and is predicted to reach USD 713.49 million by 2030, with a CAGR of 21.8% from 2023 to 2030.
A battery operates as a mechanism that stores energy and later releases it by transforming chemical energy into electrical energy. Typically, batteries produce electricity by harnessing one or more electrochemical cells. Batteries can be categorized into two distinct types: primary batteries and secondary batteries. Primary batteries, also known as non-rechargeable batteries, offer a straightforward and convenient energy supply for various portable electronic and electrical devices, including cameras, watches, toys, lights, radios, and more. In contrast, secondary batteries, often referred to as rechargeable batteries, possess the capability to be recharged electrically once they've been depleted. These energy storage solutions have evolved into indispensable sources of power in our daily routines. The progress of cutting-edge technologies, encompassing smartphones, tablets, laptops, solar energy systems, and electric vehicles (EVs), has ushered in the era of robust batteries capable of prolonged endurance and providing essential energy requirements.
Driving Battery Market Growth: Denmark's Pioneering Role in Global EV Adoption
Denmark is one of the leading countries in the world in adoption of EVs globally. High penetration of EVs in Denmark has resulted in a significant boost to the growth of battery market. According to the Danish Car Importers Association (DBI), the number of electric or plug-in hybrids sold in Denmark in 2021 exceeded combustion engine cars that use petrol and diesel. The government in Denmark has undertaken several favorable initiatives that further increase the adoption of EVs in the country. For instance, the country offers an exemption on the tax for commercial charging. As a result, every company, which offers commercial charging, receives USD 0.14 per kilowatt-hour discount on the electricity tax. In addition, there are tax benefits on registration of EVs along with benefits on ownership tax.
Diverse EV Offerings from Leading Global Manufacturers for Danish Consumers
The global EV manufacturers, such as Tesla, Inc., Volvo Cars, Volkswagen, XPeng, and Mercedes-Benz, are investing heavily and launching EVs with multiple variants and options for consumers in Denmark. For instance, in March 2022, Xpeng announced the launch of its EV P5 in Denmark. Moreover, in August 2022, Polestar subsidiary of Volvo Cars launched the Destination Center in Vallensbaek, Denmark offering two delivery points for its EV Polestar 2 in the region . Furthermore, in July 2022, Mercedes-Benz launched an electric truck called eEconic in Denmark. eEconic runs on electric motors that consumes energy from onboard lithium-ion batteries and will be used as a zero-emission waste collection solution in Denmark. Such factors are increasing the adoption of EVs in Denmark, which, in turn, is driving the battery market.
Safety Issues Regarding Battery Usage in Denmark
Improper handling of batteries carries a range of risks to both human health and the environment. The incorrect disposal of used or drained batteries is a prevalent practice, resulting in their deposition in landfills where they gradually break down, releasing hazardous substances. As these batteries deteriorate over time, they emit chemical elements that can infiltrate the soil, adversely affecting both surface water and groundwater. As a result, this pollution disrupts the ecosystem, endangering aquatic plants and animals that come into contact with detrimental battery elements like mercury, cadmium, lithium, and lead. Consequently, these issues are expected to hinder the growth of the battery market in the region.
Introduction of Nano-Diamond Batteries (NDB) in Multiple Industries
The growing adoption of Nuclear Diamond Batteries (NDBs) across various sectors including automotive, aerospace, and electronics is positioned to create fresh avenues in Denmark's battery market. NDBs represent a groundbreaking leap in energy generation and storage, fundamentally reshaping conventional battery concepts. These batteries showcase remarkable endurance by harnessing the energy derived from the radioactive decay of nuclear waste. The trajectory of Denmark's battery market is being shaped by the compelling attributes of NDBs, which encompass their compact form, adaptability, cost-efficiency, and scalability across a wide array of applications, ranging from compact chipsets to expansive industrial setups. Functioning as advanced diamond-based alpha, beta, and neutron voltaic batteries, NDBs offer a consistent source of clean energy for a diverse spectrum of applications, surpassing the performance of traditional chemical batteries.
Competitive Landscape
The Denmark battery industry includes several market players such as Tesla, Inc., Toshiba Corporation, Panasonic Corporation, ACTEC A/S, SOUNDBOKS, Gacell A/S, Varta AG, Samsung SDI Co. Ltd, Sonnen GmbH, Viridus Manufacturing A/S.
Key Benefits
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The Denmark battery market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
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The competitive analysis of the market players along with their market share in the Denmark battery market.
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Denmark Battery Market Key Segments
By Type
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Primary Batteries (Non-rechargeable)
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Alkaline Batteries
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Zinc-Carbon Batteries
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Lithium-Thionyl Chloride Batteries
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Secondary Batteries (Rechargeable)
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Lead-Acid Batteries
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Stationary
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Motive
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Nickel-Cadmium (NiCd) Batteries
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Nickel-Metal Hydride (NiMH) Batteries
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Lithium-ion Batteries
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Lithium Nickel Manganese Cobalt (LI-NMC)
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Lithium Iron Phosphate (LFP)
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Lithium Cobalt Oxide (LCO)
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Lithium Titanate Oxide (LTO)
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Lithium Manganese Oxide (LMO)
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Lithium Nickel Cobalt Aluminum Oxide (NCA)
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Others
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By Application
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Residential
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Industrial
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Automotive
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Medical
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Telecom & IT
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Consumer Electronics
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Power & Utility
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Aerospace
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Marine
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Other Industries
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Commercial
Key Market Players:
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Tesla, Inc.
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Toshiba Corporation
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Panasonic Corporation
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ACTEC A/S
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SOUNDBOKS
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Gacell A/S
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Varta AG
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Samsung SDI Co. Ltd
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Sonnen GmbH
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Viridus Manufacturing A/S
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2022 |
USD 146.88 million |
|
Revenue Forecast in 2030 |
USD 713.49 million |
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Growth Rate |
CAGR of 21.8% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
|
Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
|
Market Size Estimation |
Million (USD) |
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Growth Factors |
The growing government incentives The adoption of hybrid vehicles |
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Companies Profiled |
10 |
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Market Share |
Available for 10 companies |
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Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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