Today, batteries are used to power a broad array of products ranging from everyday personal electronics and medical devices to commercial and military electric vehicles, unmanned systems, and aviation engines.
BCC Research reports that the global large-and-advanced battery market totaled nearly $23.7 billion in 2014 and is projected to approach $30.9 billion by 2019, registering a compound annual growth rate (CAGR) of 5.5% through 2019. The global market for lithium batteries totaled $5.9 billion in 2010. The market should reach $10.6 billion in 2015 and $13.3 billion in 2020, demonstrating a CAGR of 4.5% from 2015 to 2020. The global market for advanced battery and fuel cell materials reached $22.7 billion in 2016 and should reach $32.8 billion by 2022, growing at a CAGR of 7.6% from 2017 to 2022. Continue reading “Market Snapshot: Advanced Batteries”