Significant improvements in battery technologies and, in some cases, the introduction of completely new battery chemistries are transforming the ways in which people charge portable devices, from smartphones to power tools. In particular, lithium ion (Li-Ion) batteries, commonly used today in smartphones and tablets, are moving beyond consumer electronics to dominate virtually all portable power applications. According to a recent report from Navigant Research, worldwide sales of advanced batteries for portable power will surpass $12.4 billion annually by 2023.
“Thanks to the pervasive presence of smartphones, laptops and tablet computers, portable devices have become an indelible part of the modern lifestyle,” said Sam Jaffe, senior research analyst with Navigant Research. “All of those devices need batteries to run them, and an $8 billion industry has grown up over the last 20 years to meet that demand. The spread of Li-Ion technology to virtually every segment of this industry will help expand this market in the coming years.”
Batteries for portable consumer electronics are, undoubtedly, the largest existing segment within the overall portable power market, according to the report. The fastest growth over the next 10 years, however, will be seen in smaller niches, such as down-hole drilling for fossil fuels, rechargeable batteries for medical devices (including implantable devices), and wearable computing devices.
The report, “Advanced Batteries for Portable Power Applications,” examines the advanced battery industry for portable devices. It sizes the global market and provides a 10-year forecast of advanced batteries (rechargeable batteries only) for portable power applications through 2023. Global market projections are provided for five major segments of the portable device market including consumer electronics (which is further broken down into mobile phones, tablets, laptops, and wearable devices), defense systems, medical devices, power tools, and oil & gas drilling operations.