Dual Carbon Battery Market

Global Dual Carbon Battery Market Size (2024-2029):

The Global Dual Carbon Battery Market size was valued at US$ 3.87 billion in 2023 and is projected to reach US$ 5.19 billion by 2029 from US$ 4.06 billion in 2024, growing at a CAGR of 5% from 2024 to 2029.

Market Scenario

The worldwide market of dual carbon batteries is predicted to grow at an impressive CAGR and generate the highest revenues by 2023. With escalating population expansion and improving living standards, the human call for emergency power generation has also increased. Although several power generation storages are available, alternative power generation for backup purposes is not commercially viable. The power supply may not match the power call. Fuel cells can be employed to meet the backup power needs of the system.

The dual carbon battery offers a promising solution for smart grid applications. It also offers ecological benefits. Electrolytes are the essential components of the dual carbon battery. The electrolyte ensures the free flow of ions at the carbon electrodes, which has an impact on the performance and safety of the dual-carbon battery. As the energy from the dual carbon battery is discharged, the anions and cations return to their source through the internal design according to the custom battery design. In this way, the electrolyte plays the role of a carrier of charge and active material. Therefore, the double-carbon battery is a better alternative to lithium-ion batteries.

Market Drivers

The increase in per capita income has increased people's purchasing power, leading to an increase in the worldwide demand for vehicles.

For example, in 2023, worldwide vehicle sales increased by 4.07%, which has driven the demand for dual-carbon batteries. Escalating consumer calls for different car models, escalating charging infrastructure, and economic developments around the world are predicted to drive the demand for electric vehicles. This is estimated to require the batteries to be recharged, thus fueling the market for dual-carbon batteries.

The dual carbon battery can be employed in consumer electronics for portable charging applications. The increase in the purchasing power of the population has stimulated the sale of cell phones, laptops, etc. The escalating developments in the electronics industry and the escalating use of electric vehicles are the drivers of the market call for bi-carbon batteries during the foreseen period. With electronics the most important sector in Asia-Pacific, it will be the engine of the market for the dual battery that is an integral part of any electronic device. Furthermore, according to the Singapore Ministry of Commerce and Industry, the country's electronics manufacturing sector is predicted to create a total of 2,200 new jobs by 2023. This initiative would ultimately lead to an increase in the number of manufacturing devices, thus stimulating the market for dual-carbon batteries, which is an important part of the electronics business.

Market Restraints

The dual carbon battery faces stiff competition from its counterparts, such as the lithium-ion battery. A few manufacturers also manufacture dual carbon batteries, which is predicted to hamper the worldwide dual carbon battery market in the near future.

Market Opportunities

The worldwide dual carbon battery market is predicted to grow at a high rate during the foreseen period due to the expansion of the consumer electronics industry as well as the growing market for electric vehicles. For example, the sale of electric vehicles in the United States was significantly high and increased by 21% in 2017 compared to 2016 with the sale of 199,826 electric vehicles sold in the same year. Additionally, the automotive industry is experiencing high use of energy-saving batteries, such as dual carbon batteries, and is predicted to introduce 127 battery-electric models in the next five years. All of these factors will positively trigger the dual carbon battery market. There would be a huge call for dual carbon batteries with the escalating expansion of electric cars as these batteries are best for improving the charging time and range of cars. The car can be recharged in just ten to twelve minutes, at least four hours earlier. These batteries have a predicted capacity of 24 kWh or a charging time of approximately 42 minutes for the 85 kWh battery in an electric car. Additionally, the battery will not heat up during charging or use, eliminating the risk of explosion. Such a safe battery also doesn't require expensive cooling systems that will lower the price of an electric car. Electric cars are predicted to be able to drive 300 miles on a single charge.

Market Challenges

Since electronic vehicles are not marketed worldwide and there is a lot of research and development going on regarding electric vehicle production, it is predicted to hamper the expansion of dual-carbon batteries in the near future.

Impact of COVID-19 on the Dual Carbon Battery Market

The battery industry has grown at an impressive rate over the past two decades, supported by the growing call for power from modern portable consumer electronics, electric vehicles, and the growing adoption of power generation. intermittent renewable. The COVID-19 endemic has slowed the pace of battery supply chains as most battery cells are made in China, highlighting the overwhelming dependence on China and the risks related to the supply chain. This has sparked the interest of various stakeholders in localizing/regionalizing supply chains in the US and EU regions to mitigate supply chain risks. 5G is predicted to become the backbone of telecommunications in the coming years. Most telecom operators are embarking on network upgrades and new construction in the coming years to cope with increased traffic, offer improved mobile broadband, and respond to IoT and mission-critical applications. In turn, this trend, which translates into increased investment in infrastructure by telecommunications and tower companies, is predicted to significantly boost the call for critical backup power systems to maintain availability close to 100%.

DUAL CARBON BATTERY MARKET REPORT COVERAGE:

Market Segmentation:

Dual Carbon Battery Market Analysis By Type

• Disposable battery
• Rechargeable battery

The rechargeable segment dominates the market as technological advances are implemented in this type of battery. These batteries are much more efficient than other lithium-ion batteries. Dual carbon batteries have many advantages over other types of batteries, making them an ideal choice for many end-user segments such as electronics and electric vehicles.

Dual Carbon Battery Market Analysis By Application

• Transportation
• Electronics
• Portable power
• Others

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific is a major consumer of dual-carbon batteries, followed by North America and Europe. The increase in the disposable income of consumers in Asia-Pacific has led to an increase in the purchasing power of the population. The call for cars in the region has also increased. The increased movement of consumers towards luxury cars is predicted to create lucrative opportunities for the expansion of the automotive sector in the region. The major manufacturers of dual carbon batteries are based in the Asia Pacific region, which in turn is likely to drive the market in the region. Another factor likely to drive the region's market during the foreseen period is the increase in foreign direct investment in the automotive and construction industries in the developing economies of Asia Pacific. The growing call for low-VOC motor vehicles is driving the call for dual-carbon batteries in North America and Europe. Increased imports of dual carbon batteries in Latin America the Middle East and Africa due to their excellent charging capacity and low VOC emissions are predicted to drive their call in these regions.

Market Key Players:

The key players in the global Dual Carbon Battery Market are

1. JSR Corp
2. Loxus
3. Hitachi Chemical
4. Lishen Tianjin
5. BYD
6. Amperex Technologies
7. Panasonic
8. LG Chem
9. Samsung SDI
10. Johnson Controls

Market Recent Developments:

• Power Japan Plus today launched a new battery technology: the Ryden Dual Carbon Battery. This unique battery offers energy density comparable to a lithium-ion battery, but for a much longer life with dramatically improved safety and durability from base to base.