The global structural battery market is expected to exhibit strong growth, reaching USD 4.68 billion by 2028. As per the report titled “Structural Battery Market Size, Share & COVID-19 Impact Analysis, By Type (Nickle-based Technology and Lithium-based Technology), By Application (Industrial, Residential, Commercial, Military, Medical and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 1.5 billion and USD 4.68 billion in 2028. The market is expected to exhibit a CAGR of 20.9% during the forecast period.
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Chalmers University of Technology Researchers Developed a Structural Battery that Performs Ten Times Better
In March 2021, a structural battery developed by Chalmers University of Technology researchers performed ten times better than all prior iterations. It has carbon fiber, which functions as an electrode, a conductor, and a load-bearing material. Their most recent scientific achievement lays the possibility for almost “massless” energy storage in vehicles and other equipment.
Increasing the Amount of Research and Development for Battery Improvements to Drive Market Growth
Many producers conduct research and development to provide dependable and secure structural batteries. To develop various battery chemistries, battery makers have significantly increased their R&D efforts as the globe transitions to sustainable energy. For instance, industry leaders Amprius Inc. (US) and Nexeon Corporation (UK) are working to improve structural batteries. In the upcoming years, various sectors and industries will embrace these cutting-edge silicon anode batteries.
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Industrial Structural Battery-Powered Cars are Expensive, which will Restrain Market Expansion
Forklifts, material handling equipment, automated guided vehicles (AGVs), and automated industrial battery-operated mining vehicles have substantial manufacturing and installation costs. Industrial vehicles need to have a high energy capacity to run continuously for a long time. The high installation cost is one of the main barriers stopping manufacturers from accessing the price-conscious industry. Thus, limiting the growth of the structural battery market.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the structural battery market plan acquisitions to improve their brand recognition globally. For instance, in November 2020, a solid electrolyte will replace the liquid electrolyte in a battery cell to increase battery performance, according to an announcement by Samsung SDI.
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List of Key Players Profiled in the Report
- Tesla
- General Motors
- BYD
- Contemporary Amperex Technology
- Others
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