The global Structural Battery Market is estimated to be valued at US$ 1.32 billion in 2022 and is expected to exhibit a CAGR of 20.1% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The structural battery market refers to the integration of batteries into structural components of various devices, such as electric vehicles, drones, and consumer electronics. This innovation eliminates the need for separate battery packs and reduces the weight and volume of the devices. Structural batteries can store and deliver electrical energy while providing mechanical support to the device. The increasing demand for lightweight and efficient energy storage solutions, along with the growing electric vehicle industry, is driving the growth of the structural battery market.
Market Dynamics:
1. Driver: Integration of Batteries in Structural Components
The integration of batteries in structural components offers several advantages, such as reduced weight, increased energy efficiency, and improved design flexibility. By eliminating the need for separate battery packs, it allows for more space and design possibilities in devices. For example, in the automotive industry, structural batteries enable the integration of batteries into the car’s body, reducing the overall weight of the vehicle and improving its range. This trend is driving the adoption of structural batteries across various industries.
2. Opportunity: Growing Electric Vehicle Industry
The electric vehicle industry is experiencing rapid growth, driven by government initiatives, increasing environmental concerns, and advancements in battery technology. Structural batteries play a vital role in the development of electric vehicles as they provide both energy storage and structural support. The demand for electric vehicles is expected to surge in the coming years, creating significant opportunities for the structural battery market.
Segment Analysis:
The structural battery market can be segmented based on application and end-use industry. In terms of application, the market can be divided into electric vehicles, consumer electronics, drones, and others. Among these, the electric vehicles segment is expected to dominate the market, owing to the increasing adoption of electric vehicles globally. Based on end-use industry, the market can be classified into automotive, aerospace & defense, electronics, and others. The automotive industry is anticipated to hold the largest market share due to the rising demand for electric vehicles and the integration of batteries in structural components.
PEST Analysis:
Political: Governments worldwide are implementing regulations and providing incentives to promote the adoption of electric vehicles, which indirectly benefits the structural battery market.
Economic: The increasing demand for lightweight and energy-efficient devices, along with advancements in battery technology, is expected to drive the growth of the structural battery market.
Social: Growing environmental concerns and the shift towards sustainable and clean energy solutions are driving the demand for electric vehicles and, in turn, the structural battery market.
Technological: Technological advancements in battery technology, such as solid-state batteries and advanced lithium-ion batteries, are expected to drive the growth of the structural battery market by enhancing energy storage capacity and reliability.
Key Takeaways:
– The Global Structural Battery Market Size is expected to witness high growth, exhibiting a CAGR of 20.1% over the forecast period, due to the increasing integration of batteries in structural components and the growing electric vehicle industry.
– The market is anticipated to be dominated by the automotive industry, driven by the rising demand for electric vehicles and the integration of batteries in the car’s body.
– The Asia-Pacific region is expected to be the fastest-growing and dominating region in the structural battery market, attributed to the presence of major electric vehicle manufacturers, such as Tesla and BMW.
– Key players operating in the global structural battery market include Tesla, Inc., BMW AG, Airbus SE, Volkswagen AG, Samsung SDI Co., Ltd., Saft Groupe S.A., Northvolt AB, LG Chem Ltd., Farasis Energy, Inc., Solid Power, Inc., Cadenza Innovation, Inc., Blue Solutions SA, Oxis Energy Ltd., Excellatron Solid State, LLC, and Amprius, Inc.
