Modular Battery Market Expected to Boost Revenue Growth During 2019 – 2028

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Modular Battery: Introduction

• Modular batteries are advanced energy solutions that help increase capacities and voltage by connecting them in parallel or series.
• Modular batteries offer various advantages such as high efficiency, reliability, flexibility, and multi-technology energy storage systems. These batteries can be easily replaced if any of the module fails. The entire battery system need not be scrapped, as the failure of one battery module does not impact the whole battery system.

Key Drivers and Restraints of Modular Batteries Market

• Increase in demand for energy efficient, compact, and economical battery systems in various end-use industries such as automobile, telecommunication, BFSI, and manufacturing in developing and developed economies is expected to drive the global modular battery market. Modular battery is economical. Various beneficial features of modular battery make its adoption preferable over alternate technologies in end-use industries.
• Modular battery requires minimal service and maintenance over traditional battery, as the former can be easily replaced without scrapping the entire battery system. These features of modular batteries are projected to boost their between 2020 and 2030.
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• Increase in demand for light electric vehicles in developed countries has encouraged battery manufacturers to develop modular batteries to increase the performance efficiency of vehicles
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• Technological innovation in design of modular battery in order to optimize efficiency is projected to propel the global modular battery market between 2020 and 2030. However, lack of awareness about the benefits associated with modular battery systems in developing countries may hamper the market in the near future.

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COVID-19 Impact Analysis

• Governments of various countries have enforced nationwide lockdowns as part of measures to limit the spread of the COVID-19 pandemic. During the lockdown, several restrictions have been placed on movement of individuals. Furthermore, several end-user industries such as automobile industries have halted their production facilities.
• Electric vehicle manufacturers are one of the major end-users of modular battery. Restriction on manufacturing activities due to lockdowns has negatively impacted the modular battery market. This, in turn, is expected to hamper the demand for modular batteries in the near future.

Key Development

• In September 2020, Cleantron, a battery manufacturer based in the Netherlands, developed a powerful battery system for electric vehicles such as electric scooters and minicars. This battery system can generate higher capacity without the need of any extra charging infrastructure. Energy of 2 kWh to 2.5 kWh per battery can be generated.
• In November 2020, Shenzhen Grepow Battery Co. Ltd. launched 12.8V, 7Ah version modular battery. The modular battery is light weight. It offers high compatibility at economical cost.

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Automobile End-user Segment Expected to Hold Major Share of Global Market

• The global modular battery market can be segmented based on end-user and region
• Based on end-user, the global modular battery market can be segregated into automobile, industrial, telecommunication, commercial, infrastructure, and others. Modular batteries are used extensively in the automobile industry. Rise in sale of electric vehicles is anticipated to propel the demand for modular battery in the automobile industry.

Europe Expected to Constitute Major Share of Global Modular Battery Market

• Based on region, the global modular battery market can be segregated into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
• Europe is expected to hold vital share of the global modular battery market during the forecast period due to increase in sales of electric vehicles in the region. Modular batteries are extensively used in electric vehicles, as they help boost the performance efficiency.
• Asia Pacific is also projected to hold marginal share of the global modular battery market during the forecast period
• The modular battery market in North America is likely to expand at a stable pace, owing to the increase in demand for low-cost and energy-efficient batteries in the region
• The modular battery market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period. Ongoing demand for uninterrupted power supply is anticipated to propel the modular battery market in these regions during the forecast period.