The battery market offers diverse portable energy storage solutions, featuring chemistries such as lithium-ion, lead-acid, and nickel-cadmium for varied applications. Essential in electronics, automotive, and renewable energy sectors, batteries power devices, vehicles, and sustainable energy systems. Ongoing technological advancements focus on efficiency, lifespan, and environmental sustainability, integral to the evolving energy landscape. In countries such as India and China, batteries find rapid adoption for automotive and inverter backup, driven by innovations such as lithium polymer and chemical combinations enhancing durability and fostering market growth.
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Data Bridge Market Research analyses that the Nigeria Battery Market, which was USD 73.08 billion in 2021, is expected to reach USD 136.47 billion by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. Urbanization spurs a demand for reliable power sources, propelling the adoption of batteries. As cities grow, the reliance on energy storage solutions becomes essential for sustaining the evolving urban lifestyle.
Key Findings of the Study
Telecommunications expansion is expected to drive the market's growth rate
In Nigeria, the growing telecom sector's expansion crucially hinges on batteries for dependable backup power in remote regions. The vast and often off-grid nature of these areas necessitates reliable energy storage solutions to ensure uninterrupted communication services. Batteries play a pivotal role in maintaining network connectivity during power outages, supporting the country's telecommunications infrastructure development. This reliance underscores the significance of batteries as an essential component in sustaining communication services in geographically challenging and underserved locations.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Battery Type (Lithium Ion Based, Lead Acid Based, Nickel Metal Hydride, Others), Type (Secondary, Primary), Sales Channel (Direct, Indirect), Voltage Range (Less than 50 Volt, 51 Volt to 100 Volt, More than 100 Volt), Components (Anode, Cathode, Separator, Outer Body/Container), Application (Automotive, Commercial, Mobile Phones, Electronic Devices, Industrial, Others)
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Market Players Covered
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Saft (France), SAMSUNG SDI CO.,LTD. (South Korea), Lithium Energy Japan (Japan), Tianjin Lishen Battery Co., Ltd. (China), Shenzhen A&S Power Technology Co., Ltd. (China), LITHIUMWERKS (Europe), GlobTek, Inc. (US), BYD Company Ltd (China), Panasonic Corporation (Japan), LG Chem (South Korea), VARTA Microbattery GmbH (Germany), Dalian CBAK Power Battery Co., Ltd (China), TOSHIBA CORPORATION (Japan), CALB USA Inc. (U.S.), Shenzhen BAK Technology Co., Ltd. (China), Contemporary Amperex Technology Co., Limited (China), A123 Systems LLC (U.S.), Amperex Technology Limited (China), XALT Energy (Switzerland), and Leclanche (Switzerland), among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The Nigeria battery market is segmented on the basis of battery type, type, sales channel, voltage range, components and application.
- On the basis of battery type, the Nigeria battery market is segmented into lithium ion based, lead acid based, nickel metal hydride, and others
- On the basis of type, the Nigeria battery market is segmented into secondary and primary
- On the basis of sales channel, the Nigeria battery market is segmented into direct and indirect
- On the basis of voltage range, the Nigeria battery market is segmented into less than 50 volt, 51 volt to 100 volt, and more than 100 volt
- On the basis of components, the Nigeria battery market is segmented into anode, cathode, separator, and outer body/container
- On the basis of application, the Nigeria battery market is segmented into automotive, commercial, mobile phones, electronic devices, industrial, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major Nigeria battery market players in Nigeria battery market are Shenzhen BAK Technology Co., Ltd. (China), Contemporary Amperex Technology Co., Limited (China), A123 Systems LLC (U.S.), Amperex Technology Limited (China), XALT Energy (Switzerland), and Leclanche (Switzerland)
Market Developments
- In June 2023, Agratas Energy Storage Solutions, a Tata Group subsidiary, signed an agreement with the Gujarat government to establish India's inaugural gigafactory for Lithium-Ion batteries. The company's initial investment of USD 1.57 billion will fund the construction of a 20 gigawatt (GW) unit, marking a significant stride in advancing lithium-ion battery production and contributing to India's sustainable energy initiatives
- In August 2022, MIT researchers launched an innovative low-cost battery concept utilizing abundant and inexpensive materials. The architecture features aluminum and sulfur as electrode materials with a molten salt electrolyte, offering affordable backup storage for renewable energy sources. This breakthrough holds promise for enhancing the accessibility and sustainability of energy storage technologies
- In June 2022, the Korean Trade Insurance Corporation (K-Sure) approved a USD 711 million term loan for Indonesia battery manufacturing facility dedicated to electric vehicles (EVs). This strategic investment accelerates the facility's development and significantly contributes to the global battery market, addressing the escalating demand driven by the growing electric vehicle industry and sustainable energy initiatives worldwide
- In May 2021, CATL and Daimler Truck AG strengthened their collaboration to advance CO2-neutral electrified trucking. CATL will supply lithium-ion battery packs for the Mercedes-Benz eActros LongHaul battery-electric truck. Aligned with a shared vision, these trucks are set for series production in 2024, marking a significant step towards sustainable and emissions-free long-haul transportation
- In June 2020, Amara Raja Batteries Ltd. partnered with Gridtential Energy to advance bipolar battery technology. The partnership involves rigorous testing using Amara Raja's active materials to enhance battery life cycle, charging rates, efficiency, energy density, and manufacturability. This joint effort aims to yield improved products, showcasing the companies' commitment to innovation and progress in the battery technology landscape
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