Gigafactory Establishments to Fulfill Growth Battery Demand

Global battery market is anticipated to grow at a significant CAGR of 10.5% during the forecast period (2024-2031). The global battery market is driven by the growing demand for renewable source of energy globally. To meet the targets of renewable energy different governments are investing in storage projects. For instance, India's government is offering $452.0 million in incentives to companies under a programme to promote battery storage projects. As a part of this project, in March 2024, GoodEnough Energy announced its plans to start operations at India's first battery energy storage gigafactory in the northern region of Jammu and Kashmir by October. 

Browse the full report description of “Battery Market Size, Share & Trends Analysis Report by Type (Primary Battery and Secondary Battery), by Battery Type (Lithium-ion, Lead-Acid, Nickel Cadmium, NiMH, and Others), by Application (Automotive, Industrial, and Portable) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/battery-market

Further, in March 2024, Swedish battery manufacturer Northvolt AB launched the construction of its gigafactory in Heide, northern Germany, where it plans to produce up to 60 GWh of electric vehicle (EV) batteries per year. The factory will be located at an industrial site outside of Heide on land spanning 110 hectares (271.8 acres). It will manufacture batteries for about one million EVs each year, relying on the region’s onshore and offshore wind farms for electricity.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Type

o By Battery Type

o By Application

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Duracell Inc., Panasonic Corp., Contemporary Amperex Technology Co. Ltd., BYD Co. Ltd., and Tesla Inc. among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Battery Market Report Segment

By Type 

• Primary Battery
• Secondary Battery

By Battery Type 

• Lithium-ion
• Lead-Acid
• Nickel Cadmium
• NiMH
• Others (NiZn & Flow Battery)

By Application

• Automotive
• Industrial
• Portable

Global Battery Market Report Segment by Region

North America

• United States

• Canada

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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