Management consulting and market research company, Markets and Markets, predicts that the global battery technology market will grow from $252.13 billion in 2025 to $431.65 billion by 2030, registering a CAGR of 11.4%.
The firm, in a new report, attributed the potential growth to adoption of EVs, expanding integration of renewable energy, and rising demand for energy storage across industrial, commercial and consumer applications.
It said battery technologies are seeing adoption due to the high energy density, faster charging and extended life cycle performance.
The report, which has a forecast period between 2025 to 2030, states that the lead-acid segment is due to hold a significant share of the market. It will remain the preferred use in uninterruptible power supply (UPS), emergency lighting and starter batteries in vehicles due to being cost-effective, reliable and easy to recycle.
Advancements in VRLA batteries and enhanced flooded batteries (EFB) have shown improvements in performance, safety and maintenance-free operation. This has led to them being seen as ideal for critical applications to complement the adoption of newer battery chemistries.
The Asia Pacific region is expected to hold the largest share of the battery technology market during the forecast period, driven by the manufacturing capabilities of the region, as well as EV adoption and the integration of renewable energies.
The report states that China, Japan and South Korea will become global hubs for battery production, mainly due to existing supply lines and government initiatives alongside investment in newer chemistries, including lithium-ion and solid-state batteries.
India and southeast Asia industrialisation and urbanisation will see boosts in demand for energy storage.
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