The global market for large and advanced batteries is expected to grow from $8.8 billion in 2007 to more than $11.4 billion by 2012, according to Wellesley, Mass.-based BCC Research’s technical market research report, “Large & Advanced Battery Technology & Markets.” This marks a compound average annual growth rate (CAGR) of 5.1%. The report broke the market down into motive, advanced portable, advanced sationary, hybrid electric vehicle (HEV) and plug-in, and developmental applications. Of these, advanced portable has the largest share of the market. Valued at $3.4 billion in 2007, this segment is expected to reach $4.2 billion by 2012, a CAGR of 4.1%.
Motive, currently a $1.6 billion segment, is predicted to grow to $1.7 billion by 2012, and the $789 million HEV and plug-in segment is expected to reach $1.5 billion by 2012. Currently, the battery technology dominating the market is nickel metal hydride. This technology is expected to keep its dominant role into 2010. Lithium-ion technology is expected to show increasing importance, provided that costs can be reduced and safety concerns addressed.