Monday February 10, 2014 0 commentsBOULDER - Worldwide sales of advanced batteries for portable power will surpass $12.4 billion annually by 2023, according to a report by Navigant Research.
"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, Navigant senior research analyst.
"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 (lithium 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.
But the fastest growth over the next decade will be seen in smaller niches, such as down-hole drilling for fossil fuels, rechargeable batteries for medical devices and wearable computing devices, Navigant said.
The report, "Advanced Batteries for Portable Power Applications," examines the global market and provides a 10-year forecast of rechargeable batteries for portable power applications through 2023.
A free Executive Summary of the report is available for download on the Navigant website.