by The Nickel Metal Hydride Battery is commonly utilized as a power source in various low power applications like portable consumer devices, medical equipment, and other industrial applications due to its lower cost, higher energy density, and recyclability as compared to other battery types. Nickel metal hydride batteries provide superior battery performance, longer run times, higher cycle life, and lower self-discharge rate than nickel-cadmium batteries. Additionally, they are considered environment-friendly as they do not contain toxic heavy metals like mercury.
The global Nickel Metal Hydride Battery Market is estimated to be valued at US$ 3.38 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for longer-lasting, reusable, and eco-friendly power sources in portable consumer electronic devices is a major factor driving the demand for Nickel Metal Hydride Battery Market Growth over the forecast period. Manufacturers are focused on enhancing the storage capacity and lifespan of these batteries to increase their utility in low power applications such as wireless keyboard, remote control, power tools, and electronic gadgets. Increasing consumer preference for sustainable battery technologies is also expected to boost the adoption of nickel metal hydride batteries during the forecast period.
SWOT Analysis
Strength: Nickel metal hydride batteries have high energy density which provides longer battery life. They have relatively high current loads and low self-discharge rates.
Weakness: Nickel metal hydride batteries have lower energy density compared to lithium-ion batteries. Production costs of nickel metal hydride batteries are also higher than lead-acid batteries.
Opportunity: Increasing demand for battery-operated devices offers opportunities for Nickel Metal Hydride Battery market. Growing adoption of electric vehicles also creates growth prospects.
Threats: Rise of lithium-ion batteries poses threats as they have higher energy densities. Stringent environmental regulations on disposing of nickel metal hydride batteries can also negatively impact the market.
Key Takeaways
The global Nickel Metal Hydride Battery market is expected to witness high growth over the forecast period. The global Nickel Metal Hydride Battery Market is estimated to be valued at US$ 3.38 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the market owing to high adoption of battery-operated devices and presence of manufacturing facilities. Countries like China, Japan and South Korea are major markets in the region.
Key players operating in the Nickel Metal Hydride Battery market are Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Dendreon Pharmaceuticals LLC, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others. These players are focused on developing advanced nickel metal hydride batteries with higher energy densities through extensive R&D activities.
The Nickel Metal Hydride Battery market is fragmented with presence of numerous global and regional players. Market players adopt strategies like partnerships, mergers and acquisitions to strengthen their market position and product portfolio. With growing demand for eco-friendly batteries, companies are investing in developing sustainable Nickel Metal Hydride Battery technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
