LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global manganese battery market predicts a CAGR of above 7% during the period 2018-2022.
The report segments the global manganese battery market by product type (primary battery and secondary battery) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global manganese battery market, according to Technavio energy researchers:
- Demand for cleaner fuels: a major market driver
- Decrease in lithium-ion battery price: emerging market trend
- The Americas dominated the global manganese battery market with 37% share in 2017
- EaglePicher Technologies, Energizer Holdings, Maxwell Holdings, Panasonic, Saft, and Ultralife are the leading players in the market
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Demand for cleaner fuels: a major market driver
There are mounting concerns over the quantity of CO2 being produced from various activities worldwide. With economic activities, the CO2 emissions have also been increasing in line. However, efforts by countries in decarbonizing the power system by shifting to renewable energy have helped in controlling CO2 emissions. Since 2014, despite economic growth, the global CO2 emissions have remained almost constant for three straight years, thus decoupling economic activity with CO2 emissions; however, the same is not the case regarding the transportation sector. As the segment is highly dependent on fossil fuel, there has been a significant increase in CO2 emissions from the road transport sector leading to an increase in demand for cleaner fuels.
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Decrease in lithium-ion battery price: emerging market trend
The Li-ion battery market is gaining momentum rapidly and is flourishing in the global battery market as the Li-ion batteries offer high energy density and better work cycle without affecting the battery life, thus delivering a longer run time.
According to a senior analyst at Technavio for research on energy storage, “Lead-acid batteries are being replaced with Li-ion batteries due to their benefits in industrial uses. Price is the differentiating factor between Li-ion and lead-acid batteries. Li-ion batteries costs more than lead-acid batteries. However, the leading Li-ion battery manufacturers are working on technological advances to reduce the price.”
During the forecast period, the prices of Li-ion batteries are expected to reduce further. The usage of Li-ion batteries has been increasing and companies are developing such batteries for industrial and utility applications. This decrease in Li-ion battery cost will reduce the demand for other batteries in the global energy storage market, this will become a significant challenge to the global hybrid lead-acid battery market growth.
The growth of the Li-ion battery market is driving the use of secondary manganese batteries. The increase in adoption of manganese batteries in various applications such as e-bikes and EVs is expected to directly impact the global manganese battery market during the forecast period.
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