Europe Battery Market by Type (Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, and Others), by Application (Residential, Industrial, and Commercial), and by Power Systems (Fuel Cell Batteries, Proton-Exchange Membrane Fuel Cells, Alkaline Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Air Cells, Flywheel Energy Storage, Nuclear Batteries) – Opportunity Analysis and Industry Forecast 2023-2030
Industry: Energy & Power | Publish Date: 13-Aug-2023 | No of Pages: 266 | No. of Tables: 201 | No. of Figures: 173 | Format: PDF | Report Code : N/A
Market Definition
Europe Battery Market was valued at USD 28.126 billion in 2022, and is predicted to reach USD 101.9 billion by 2030, with a CAGR of 17.4% from 2023 to 2030.
A battery operates as a storage container for energy, which is subsequently discharged by converting chemical energy into electrical energy. This mechanism is accomplished by making use of one or multiple electrochemical cells. Batteries hold immense significance in our daily routines and can be divided into primary and secondary variants. Primary batteries, often called non-rechargeable batteries, offer a straightforward and convenient power source for a range of portable gadgets such as cameras, watches, toys, radios, and illumination devices. Conversely, secondary batteries, recognized as rechargeable batteries, possess the capability to be replenished once depleted. This distinction underscores the vital role that batteries play in our modern way of living.
Europe's Dominance in the Battery Market Driven by EV Adoption and Industrial Electrification
Europe holds a major share of battery market owing to factors such as high adoption of EVs in this region along with high sales of consumer electronics and electrification of industrial equipment’s such as cranes and forklifts. These modern forklifts use rechargeable batteries, such as lead-acid batteries and lithium-ion batteries to function and perform their tasks. The constant demand for fast delivery of goods in the logistics and distribution sector in the European region is expected to increase the adoption of high-performance battery powered forklifts for material handling, which, in turn, is driving the battery market.
Government Incentives Accelerating Demand for Batteries in Europe
The strengthening government regulations for vehicle emissions and rising environmental awareness among the consumers in this region are expected to boost adoption of EVs that use rechargeable batteries such as lithium ion. For instance, in June 2022, environment ministers from the European Union's 27-member states signed a deal to approve a draft of measures to combat climate change in the region. The council agreed to introduce 100% CO2 emissions reduction target by 2035. This agreement effectively states that no new cars with internal combustion engines will be sold in the region starting from 2035.
Safety Concerns Associated with Battery Utilization in Europe
Improper handling of batteries can pose various hazards to human health and the environment. Discarding used or depleted batteries as waste is a common practice, leading to their deposition in landfills where they progressively break down and discharge hazardous substances. Over time, these batteries degrade, releasing chemical constituents that can infiltrate the soil and negatively impact both groundwater and surface water. Consequently, this contamination significantly disrupts the ecosystem, endangering aquatic flora and fauna that come into contact with detrimental battery elements such as mercury, cadmium, lithium, and lead. Consequently, these concerns are projected to impede the expansion 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 diverse sectors including automotive, aerospace, and electronics is anticipated to create future opportunities within the battery market of Europe. NDBs represent a groundbreaking advancement in energy generation and storage, fundamentally transforming the concept of batteries. These batteries possess remarkable durability by harnessing the energy produced from the radioactive decay of nuclear waste. The battery market's trajectory is being shaped by the alluring attributes of NDBs, including their compactness, adaptability, cost-efficiency, and scalability across various applications, from small-scale chipsets to large industrial setups. NDBs, functioning as high-power diamond-based alpha, beta, and neutron voltaic batteries, offer a continuous source of clean energy for a wide array of applications, surpassing the performance of conventional chemical batteries.
Competitive Landscape
The Europe battery industry includes several market players such as LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Benefits
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The Europe 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 Europe 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.
Europe Battery Market Key Segments
By Type
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Lead Acid
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Stationary
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Motive
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Lithium Ion
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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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Nickel Metal Hydride
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Nickel Cadmium
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Others
By Application
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Residential
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Industrial
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Manufacturing & Construction
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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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Others
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Commercial
By Power Systems
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Fuel Cell batteries
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Proton-Exchange Membrane Fuel Cells
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Alkaline Fuel Cells
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Phosphoric Acid Fuel Cells
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Solid Oxide Fuel Cells
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Molten Carbonate Fuel Cells
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Air Cells
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Flywheel Energy Storage
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Nuclear Batteries
By Geography
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Europe
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Germany
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UK
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France
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Spain
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Italy
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Netherlands
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Denmark
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Finland
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Norway
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Sweden
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Russia
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Rest of Europe
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REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2022 |
USD 28.126 billion |
|
Revenue Forecast in 2030 |
USD 101.9 billion |
|
Growth Rate |
CAGR of 17.4% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
The growing government incentives The adoption of hybrid vehicles |
|
Countries Covered |
11 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
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. |
Key Players
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LG Chem Ltd.
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CATL
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Samsung SDI Co. Ltd.
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BYD
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SKI
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ENVISION AESC GROUP LTD.
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Gotion High tech Co Ltd
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Primearth EV Energy Co., Ltd.
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China Aviation Lithium Battery Co., Ltd.
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Panasonic Corporation
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