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North Europe Battery Market Size (2024 - 2029)

The North Europe battery market is anticipated to experience significant expansion over the forecast period, driven by the increasing demand for electric vehicles and the development of charging infrastructure. Despite the initial impact of the Covid-19 pandemic, the market has shown resilience and is projected to continue its growth trajectory. Challenges such as the supply-demand imbalance of critical raw materials like cobalt may pose obstacles, yet the introduction of innovative battery chemistries presents promising opportunities for market advancement.

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Market Size of North Europe Battery Industry

North Europe Battery Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR > 15.00 %
Market Concentration Medium

Major Players

North Europe Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

North Europe Battery Market Analysis

The North Europe battery market is expected to grow at a CAGR of more than 15% during the forecast period.

The market was moderately affected due to the Covid-19 pandemic. However, the market has since rebounded and is expected to grow steadily during the forecast period.

  • Over the long term, rising demand for electric vehicles and its charging infrastructure projects are expected to stimulate market growth.
  • On the flip side, the supply-demand gap of raw materials, such as cobalt which is essential for the Li-ion battery, is likely to hinder the market's growth during the forecast period.
  • However, the commercialization of new and advanced battery chemistries is expected to be a significant opportunity for the market during the forecast period.

North Europe Battery Industry Segmentation

An electric battery is a source of electric power consisting of one or more electrochemical cells with external connections for powering electrical devices. 

The North Europe Battery Market is segmented by Type, Application, and Geography. By Type, the market is segmented into Li-Ion Battery, Lead Acid Battery, Flow Battery, and Others. By Application, the market is segmented into Automotive (HEV, PHEV, EV), Industrial (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.), SLI Batteries, Portable (Consumer Electronics, etc. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

Type
Li-Ion Battery
Lead Acid Battery
Flow Battery
Others
Application
Automotive (HEV, PHEV, EV)
Industrial (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)
SLI Batteries
Portable (Consumer Electronics, etc.)
Other Applications
Geography
Denmark
Finland
Norway
Sweden
Rest of North Europe
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North Europe Battery Market Size Summary

The North Europe battery market is poised for significant growth, driven by the increasing demand for electric vehicles and the expansion of charging infrastructure projects. Despite the initial impact of the Covid-19 pandemic, the market has shown resilience and is expected to experience steady growth over the forecast period. However, challenges such as the supply-demand gap of essential raw materials like cobalt may pose obstacles. Nonetheless, the introduction of new and advanced battery chemistries presents a promising opportunity for market expansion. The region is anticipated to be a leader in the lithium-ion battery sector, with the automotive industry's shift towards electric vehicles providing substantial momentum.

Countries like Norway, Finland, and Sweden are at the forefront of this growth, with Norway leading in electric vehicle adoption. Finland's mineral resources position it as a potential key supplier for electric vehicle battery manufacturing, while Sweden's clean energy and industrial capabilities make it an ideal location for large-scale battery production. The decline in battery prices and advancements in technology are expected to enhance the competitiveness of electric vehicles, further driving demand for lithium-ion batteries. The construction of significant battery facilities, such as Europe's largest green battery factory in Sweden, underscores the region's commitment to supporting the transition to renewable energy and reducing carbon footprints. The market is moderately consolidated, with key players like Northvolt AB and others actively contributing to the industry's development.

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North Europe Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD biliion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION & ANALYSIS

    1. 2.1 Type

      1. 2.1.1 Li-Ion Battery

      2. 2.1.2 Lead Acid Battery

      3. 2.1.3 Flow Battery

      4. 2.1.4 Others

    2. 2.2 Application

      1. 2.2.1 Automotive (HEV, PHEV, EV)

      2. 2.2.2 Industrial (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)

      3. 2.2.3 SLI Batteries

      4. 2.2.4 Portable (Consumer Electronics, etc.)

      5. 2.2.5 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Denmark

      2. 2.3.2 Finland

      3. 2.3.3 Norway

      4. 2.3.4 Sweden

      5. 2.3.5 Rest of North Europe

North Europe Battery Market Size FAQs

The North Europe Battery Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

Northvolt AB , Clayton Power , Broadbit Batteries Oy , Geyser Batteries Oy and Micropower Group AB are the major companies operating in the North Europe Battery Market.

North Europe Battery Market Report Snapshots

North Europe Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)