Advanced batteries for portable power will pass USD12.4bn in annual global sales by 2023
Navigant’s new report entitled ‘Advanced Batteries for Portable Power Applications’ claims that improvements in battery technologies and, in some cases, the introduction of new battery chemistries will transform the ways in which people charge portable devices, from smartphones to power tools. In particular, lithium ion (Li-ion) batteries, commonly used today in smartphones and tablets, are moving beyond consumer electronics to dominate virtually all portable power applications.
“Thanks to the pervasive presence of smartphones, laptops, and tablet computers, portable devices have become an indelible part of the modern lifestyle,” said Sam Jaffe, senior research analyst with Navigant Research. “All of those devices need batteries to run them, and an $8 billion industry has grown up over the last 20 years to meet that demand. The spread of Li-ion technology to virtually every segment of this industry will help expand this market in the coming years.”
Batteries for portable consumer electronics are the largest existing segment within the overall portable power market, according to the report. The fastest growth over the next 10 years, however, will be seen in smaller niches, such as down-hole drilling for fossil fuels, rechargeable batteries for medical devices (including implantable devices), and wearable computing devices.
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