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Batteries will play an important role in powering our lives going forward. While the exact type of battery that will win the battle in terms of features is unknown, what’s affirmative is that billions of dollars are being spent on research and development in the battery industry. Batteries are promising technology that will reduce our fossil fuel dependency and are set to play a greater role in the coming decade.

“Massive investments in battery manufacturing and steady advances in technology have set in motion a seismic shift in how we will power our lives and organize energy systems as early as 2030,” researchers from Rocky Mountain Institute wrote in Breakthrough Batteries: Powering the Era of Clean Electrification.

The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries in the near future. Tesla was the first car company to commercialize a battery-powered electric vehicle when it unveiled the Roadster in 2008. The penetration of electric vehicles in the market is anticipated to provide a massive boost for the lithium-ion battery industry growth. Ola had recently announced its plan to set up a Hypercharger network across India over the course of the next five years. The company is aiming to install about 1,00,000 charging stations across 400 cities in the country.

The high complexity of electronic devices and the presence of software onboard implies the need to have development systems that can help systems engineers and designers verify the performance obtained. The integration of software has contributed immensely to the study of battery behaviours in different scenarios and a lot of software companies are now researching and developing software to gain the best performance out of batteries.

As of today, the falling battery prices and performance improving technology are expected to bring price-competitive devices, machines, electric vehicles, etc. to the market, creating a huge demand for battery technologies.

The global battery industry is presenting numerous growth opportunities for market players owing to the growing demand for electric vehicles. As per Technavio’s analysis, the market size for electric vehicle (EV) batteries will increase nearly USD 16 billion between 2018-2023, accelerating at a CAGR of close to 23% during the forecast period. This growth in market size will be attributed to advances in EV batteries and associated technologies. The global lithium-ion battery market is expected to reach USD 81.65 billion by 2021, growing at a CAGR of over 11% between 2017-2021. Meanwhile, the global lead-acid battery market is expected to surpass USD 65 billion in revenue by 2022, driven by the automotive segment. Technavio’s latest battery industry analysis highlights that the size of the global automotive lead-acid battery market will increase USD 6 billion between 2017-2022, accelerating at a CAGR of more than 6% during the forecast period.

It’s awe-inspiring how in 2010, batteries powered only our phones and computers, but today they are starting to power our cars and houses too.