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The aqueous batteries market size is forecast to increase by USD 577.56 million and is estimated to grow at a CAGR of 25.01% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand for the rising adoption of EVs, increasing deployment of renewable energy sources and an increase in favorable government regulations.
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The rising adoption of EVs is an emerging trend shaping the market growth. There is a shift from diesel-powered vehicles to fully electric and environmentally efficient vehicles. EVs are vehicles that can be recharged from an external source of electricity, such as rechargeable battery pack drives or wall sockets. The rise in the need to reduce emissions and air pollution has led to an increase in demand for EVs. As these vehicles work on electricity, they help in reducing harmful air pollution, leading to a better quality of air and reducing health problems caused by air pollution. Furthermore, various favourable government initiatives for the use of EVs are driving the growth of aqueous batteries.
For instance, Norway, being the leader in adopting EVs, is aiming at making BEVs account for 100% of its new car sales by 2025. Other countries such as California, France, and the UK have also claimed to end sales of combustion engine-based vehicles by 2040. Thus, such factors are expected to increase the demand for EVs, which will drive the growth of the market during the forecast period.
The electric vehicle segment is estimated to witness significant growth during the forecast period. The global aqueous batteries market has witnessed a positive impact from the increasing adoption of EVs. As the demand for environmentally friendly and sustainable transportation solutions rises, the role of aqueous batteries in the EV sector has become increasingly prominent.
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Further, the development of magnesium-ion and aluminium-ion aqueous batteries also presents opportunities to enhance the performance and sustainability of EV energy storage systems. These aqueous battery technologies, with their focus on abundant and environmentally friendly materials, offer the potential to address both the cost and environmental impact of battery production, aligning with the growing emphasis on sustainable practices within the automotive sector. Thus, the abovementioned advantages are expected to increase the demand for aqueous batteries in the EVs sector, which will propel the growth of the EVs segment in the aqueous batteries market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is expected to experience significant growth in the global aqueous batteries market during the forecast period, owing to the rising demand for EVs and the increasing sales of consumer electronics in countries such as the US, Canada, and Mexico. For instance, the total number of smartphone users in the US has increased by 3.14% in 2023 compared with 2021. The penetration of consumer electronics in North American households is high. The ongoing trend of smart offices and smart homes is increasing the demand for consumer electronics products such as smart TVs and smartphones.
In addition, the growth of gaming and entertainment applications that use products such as laptops, mice, and speakers has further bolstered the demand for consumer electronics in North America. Such factors will create an opportunity for aqueous batteries, which will drive the growth of the regional aqueous batteries market during the forecast period.
Rising demand for eco-friendly and cost-effective energy solutions is notably driving the market growth. The global aqueous batteries market is experiencing a surge in demand driven by the escalating need for eco-friendly and cost-effective energy storage solutions. This trend is particularly evident in the context of the growing emphasis on sustainability and the transition toward renewable energy sources across various industries. Aqueous batteries, with their environmentally benign electrolytes and potential for lower costs, are positioned to play a pivotal role in addressing these demands. One of the primary factors fueling the rising demand for aqueous batteries is their eco-friendly nature.
Moreover, the cost-effectiveness of aqueous batteries is a significant driver of market growth. Their potential for lower manufacturing and operational expenses makes them an attractive option for various applications, especially in comparison to non-aqueous battery technologies. This cost advantage is particularly crucial in industries and regions where energy storage deployment requires economical solutions to support renewable energy integration and grid stability. Thus, such factors are expected to increase the demand for aqueous batteries, which will propel the growth of the market during the forecast period.
Competition from alternative batteries is a significant challenge hindering market growth. The global aqueous batteries market has been negatively impacted by competition from alternative battery technologies. The emergence and advancement of alternative battery solutions have significantly influenced the market dynamics and adoption rates of aqueous batteries. One of the primary sources of competition arises from the dominance of lithium-ion batteries. With their high energy density, long cycle life, and widespread adoption across various applications such as EVs, consumer electronics, and grid-scale energy storage, lithium-ion batteries have established themselves as formidable competitors to aqueous batteries. Emerging non-aqueous battery technologies, including solid-state and sodium-based batteries, have introduced additional competition.
However, these advanced battery technologies aim to address limitations associated with aqueous batteries, such as energy density and operating temperature range, presenting alternative solutions for energy storage applications. As research and development efforts progress, these emerging non-aqueous technologies pose a competitive threat to the market position of aqueous batteries, influencing the decision-making process for energy storage installations. Thus, such factors are expected to hinder the growth of the global aqueous batteries market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Aqueous Batteries Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aquion Energy - The company offers aqueous batteries such as Aqueous Hybrid Ion batteries and battery systems, optimized for stationary and long-duration daily cycling and energy storage applications.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The aqueous batteries market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Aqueous Batteries Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.01% |
Market Growth 2024-2028 |
USD 577.56 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
24.34 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMTE Power plc, Aquion Energy, Contemporary Amperex Technology Co. Ltd., Enerpoly AB, ESS Tech Inc., Furukawa Electric Co. Ltd., GUANGDONG DYNAVOLT ENERGY TECHNOLOGY Co. Ltd., IDEX Corp., Infinity Turbine LLC, Murata Manufacturing Co. Ltd., Natron Energy Inc., Poly Plus Battery Co., Primus Power Solutions, Reliance Industries Ltd., Salient Energy, Shandong Sacred Sun Power Sources Co. Ltd., Sunwoda Electronic Co. Ltd., Targray Technology International Inc., Tiamat, Toshiba Corp., and TotalEnergies SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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