Nickel Metal Hydride (NiMH) Battery Market – Increasing demand for portable electronic devices and growing adoption of hybrid electric vehicles are likely to drive the market in the forecast period.
According to TechSci Research report, “Nickel Metal Hydride (NiMH) Battery Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Nickel Metal Hydride (NiMH) Battery Market stood at USD 2.08 billion in 2022 and is anticipated to grow with a CAGR of 4.19% in the forecast period. One of the primary drivers of the global Nickel Metal Hydride (NiMH) battery market is the sustained demand for NiMH batteries in consumer electronics and various portable gadgets. These batteries are favoured for their reliability, cost-effectiveness, and rechargeable nature, making them an ideal choice for powering a wide range of devices.
In the realm of consumer electronics, NiMH batteries are commonly used in cordless phones, remote controls, digital cameras, flashlights, portable gaming devices, and numerous other handheld gadgets. Their ability to provide consistent and stable power, coupled with their cost-efficiency due to reusability, appeals to both consumers and manufacturers. Users appreciate longer usage times between charges, reducing interruptions in their daily activities.
As the consumer electronics industry continues to evolve and introduce innovative gadgets, the demand for NiMH batteries persists. Additionally, environmental consciousness is driving consumers toward rechargeable batteries that can be used for an extended period, aligning with the eco-friendly trends in the market.
The global shift toward renewable energy sources, such as solar and wind power, has created a growing need for sustainable energy storage solutions, and NiMH batteries are well-suited to meet this demand. NiMH batteries are known for their reliability, long cycle life, and ability to handle frequent charge and discharge cycles. In the renewable energy sector, NiMH batteries are used in energy storage systems that store excess energy generated during periods of high renewable energy production and release it when demand is high or energy generation is low. These batteries play a crucial role in stabilizing the energy grid, ensuring a consistent and reliable power supply.
Moreover, NiMH batteries have found applications in off-grid and remote power solutions, providing dependable energy storage for telecommunications equipment, off-grid residential power systems, and remote monitoring devices. Their capability to store energy from intermittent power sources like solar panels or wind turbines contributes to more sustainable and reliable off-grid power solutions. As governments and industries prioritize renewable energy integration and grid stability, NiMH batteries continue to be a vital driver in the global energy storage market.
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The Global Nickel Metal Hydride (NiMH) Battery Market is segmented into type, application, component and region.
Based on type, Small-Sized Ni-MH Battery for Consumer Electronics segment had the largest market share in 2022 & expected to maintain in the forecast period. One of the primary drivers behind the dominance of small-sized Ni-MH batteries is the widespread proliferation of consumer electronics. These devices include cordless phones, digital cameras, remote controls, flashlights, portable gaming devices, and a multitude of other portable gadgets. In today’s tech-savvy world, consumers rely heavily on these devices for communication, entertainment, and convenience.
As a result, there is a consistently high demand for reliable power sources to keep these devices operational. Small-sized Ni-MH batteries are rechargeable, which aligns perfectly with the preferences of modern consumers. Unlike disposable batteries, rechargeable Ni-MH batteries can be used repeatedly, significantly reducing the long-term cost of powering consumer electronics. This cost-efficiency appeals to budget-conscious consumers and contributes to the segment’s dominance. Ni-MH batteries are renowned for their reliability and stable performance.
In consumer electronics, consistency in power supply is critical. Whether it’s powering a cordless phone for uninterrupted communication or a digital camera for capturing precious moments, consumers expect their devices to work reliably. Small-sized Ni-MH batteries meet these expectations by providing consistent and dependable power. In an era of growing environmental awareness, small-sized Ni-MH batteries stand out as an eco-friendly choice. They are rechargeable, reducing the number of batteries that end up in landfills.
Based on application, Automotive segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. NiMH batteries played a crucial role in HEVs as they provided the energy storage needed for electric propulsion alongside an internal combustion engine. HEVs, such as the Toyota Prius, were among the early adopters of NiMH battery technology.
Their popularity and adoption in the automotive market contributed to the growth of NiMH batteries. NiMH batteries have a track record of reliability and safety, which is a paramount consideration in the automotive sector. Consumers expect consistent performance and longevity from their vehicles, and NiMH batteries were known for meeting these expectations.
Major companies operating in the Global Nickel Metal Hydride (NiMH) Battery Market are:
- Johnson Controls International PLC
- Sony Corporation
- Panasonic Corporation
- Saft Groupe SA
- Hitachi Maxell Ltd.
- Energizer Holdings, Inc.
- Varta AG
- GS Yuasa International Ltd.
- Primearth EV Energy Co., Ltd.
- GP Batteries International Limited
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“The Global Nickel Metal Hydride (NiMH) Battery market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. NiMH batteries are used in a wide range of portable electronic devices, such as laptops, tablets, smartphones, and power tools. The increasing demand for these devices is driving the demand for NiMH batteries. NiMH batteries are used in hybrid electric vehicles (HEVs) as a power source.
The increasing adoption of HEVs is driving the demand for NiMH batteries. NiMH batteries are used as a backup power source in telecommunications, medical, and other critical applications. The rising demand for backup power is driving the demand for NiMH batteries. Therefore, the market of Nickel Metal Hydride (NiMH) Battery is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Nickel Metal Hydride (NiMH) Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Small-Sized Ni-MH Battery for Consumer Electronics, Large-Sized Ni-MH Battery for HEV), By Application (Automotive, Cordless Phone, Dust Collector, Personal Care, Lighting Tools, Electric Tool), By Component (Positive Electrode, Negative Electrode, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Nickel Metal Hydride (NiMH) Battery Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Nickel Metal Hydride (NiMH) Battery Market.
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