Market Dynamics: Battery Technology Market Set for $136.6 Billion by 2027
The Global Battery Technology Market Size is expected to grow from USD 95.7 billion in 2022 to USD 136.6 billion by 2027, at a CAGR of 7.4%.
The rising adoption of batteries in hybrid electric vehicles and electric vehicles as well as rising installation of various batteries in utility vertical is driving the growth of the battery technology industry. Moreover, data centers highly required advanced batteries and various manufacturers are undertaking research and development to develop durable and safer batteries which is also expected to drive the growth of the market in the near future.