Rise in need to reduce carbon emission has increased the adoption of e-mobility, which is estimated to propel the global wood-based batteries market
Wilmington, Delaware, United States, Jan. 25, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The wood-based batteries market is likely to register a CAGR of 16.4% between 2022 and 2031. Wooden batteries are good for the environment as they use a wood-based anode instead of graphite. Wood fibers can retain liquid electrolytes, acting as both the battery’s active components and base. A wood-based battery’s energy storage capacity is predicted to be higher than a lithium-ion battery. Additionally, as wood-based batteries are environment-friendly, they are expected to attract significant traction during the forecast period.
A fully charged wood battery charges faster than a carbon-black battery produced using fossil fuels. Organic batteries outperform standard capacitors while performing equally well as rechargeable batteries. Wood-based batteries are eco-friendly and possess a 5 kW/kg power density. These batteries’ electrodes are made from wood-based materials.
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According to TMR report, the global wood-based batteries market was valued at US$ 17.2 Mn in 2022 and is estimated to reach US$ 43.6 Mn by the end of 2031. Rise in e-mobility adoption and increase in focus on lowering carbon dioxide emissions are expected to boost the wood-based batteries market size during the forecast period. Researchers are developing new, renewable batteries that use alternate solution charge carriers due to limited graphite and lithium resources. This market is anticipated to hold significant business opportunities during the forecast period due to the abundance of raw materials for the production of wood-based batteries and additional benefits such as low cost and fast charging.
Key Findings of Study
- Increase in Adoption of E-mobility: Carbon made from lignin can be used to provide power to car systems and generate electricity for a variety of uses. Ground operations have changed as a result of e-mobility. The increased focus on attaining zero emissions has contributed to the widespread adoption of e-mobility. Thus, the increasing adoption of e-mobility is estimated to aid in market development for wood-based batteries during the forecast period.
- Rise in Need for Lowering Carbon Emissions: Governments of multiple nations have imposed multiple waste and pollution-related regulations. Most of the batteries used today consist of graphite in high quantities, and graphite is confirmed to release harmful chemicals and air pollutants at the time of mining and processing. This in turn can result in environmental pollution, thereby raising concerns and propelling the need for sustainable development goals to be followed by various end-user industries. These factors are likely to increase the market size for wood-based batteries in the long run.
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- Rise in adoption of rechargeable wood-based batteries is expected to boost the global wood-based batteries market during the forecast period
- Increase in expansion of the transportation and automotive sectors is anticipated to increase market size
- Growth in inclination toward achieving zero emissions is projected to promote the adoption of e-mobility solutions, thereby serving as a significant market trend for wood-based batteries industries.
Regional Growth Dynamics
- Asia Pacific is projected to earn the largest market share and account for an estimated 35.4% share based on volume
- Rise in adoption of electric vehicles (EVs) is anticipated to promote market growth for wood-based batteries during the forecast period
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Two notable players of the global wood-based batteries market include Stora Enso and Northvolt AB.
Wood-based Batteries Market Segmentation
- Up to 10 Ah
- > 10 Ah-50 Ah
- > 50 Ah-100 Ah
- > 100 Ah
- Cell Phones
- Hybrid and Electric Vehicles
- Energy Storage Systems
- Battery-operated Power Tools
- Drones and Robotics
- Power Electronic Devices
- Electric Grids
- Cardiac Pacemakers
- Drug Pumps
- Consumer Electronics
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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