PUBLISHER: Orion Market Research | PRODUCT CODE: 1159377
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159377
Global NiMH Battery Market Size, Share & Trends Analysis Report, by Application (Consumer Electronics, Industrial, Automotive, and Others), and by Category (Eneloop, Nickel Metal Hydride, and Patent Encumbrance of Large Automotive NiMH Batteries) Forecast Period (2022-2028)
The global NiMH battery market is anticipated to grow at a substantial CAGR of 5.2% during the forecast period. Technological advancement and innovation are one of the core factors that are boosting the market. In the current time, technology has been evolving every day with innovative new gadgets. Such innovation has opened multiple products for consumers to use in their day-to-day life which has enhanced the use of reusable, reliable, and rechargeable batteries. Thus the demand for NiMH batteries has been projected to grow during the forecast period.
The global NiMH Battery market is segmented based on the application and category. Based on the application, the market is segmented into consumer electronics, industrial, automotive, and others. Based on the category, the market is sub-segmented into the Eneloop, nickel-metal hydride, and patent encumbrance of large automotive NiMH batteries. The above-mentioned segments can be customized as per the requirements. Based on category, patent encumbrance of large automotive NiMH batteries is estimating a substantial growth in the market as the demand for electric vehicles rises across the globe with great future potential in the upcoming years.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America offers significant growth potential for the NiMH battery market. The usage of NiMH batteries is expected to be increased in North America owing to the rise in demand for electric cars and hybrid vehicles. The region also has a big user base for electronic gadgets such as mobile phones, laptops, audio players, and other electronic products which has increased the demand for NiMH batteries.
The major companies serving the global NiMH battery market include Duracell, GE Group, Solarsense UK Ltd., Standard Solar, Inc., SunPower Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2020, Saft revealed Intelli-Connect, a powerful digital monitoring tool that allows battery fleet operations to monitor the condition of a number of nickel technology batteries remotely. Ideal for isolated and scattered sites, Intelli-Connect featured State of Health proprietary algorithms and the advanced State of Charge that displays the real-time status of the batteries' state based on the measured current, voltage, temperature, and electrolyte level. Operators can log in to the web appor locally to review graphs, data, and charts. The solution allowed operators to shift from time-based to condition-based battery maintenance, which saved operational expenses with 75% fewer site visits. With nickel batteries already offering a reliable and long lifetime, Intelli-Connect further decreases its Total Cost of Ownership (TCO).
Research Methodology
The market study of the global NiMH battery market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: