The South Europe battery market is expected to rise at a CAGR of more than 3% during the forecast period. Factor such as the reduction in the cost of lithium-ion batteries and its adaptation in various sectors for energy storage is likely going to drive the South Europe battery market. However, the increasing prices of raw materials and minerals used for manufacturing batteries are expected to restrain the market during the forecast period.
– The lithium-ion battery segment, due to its reducing cost, lightweight, and easy to dispose of without harming the environment, is preferred over other batteries by the most manufacturers and the consumers and is likely going to be the fastest-growing segment in the South Europe battery market.
– New generation batteries such as lithium-sulfur and solid-state, due to the technological improvements and production scale-up are expected to take over the market by 2030 or 2035. These advancements in batteries are expected to create several opportunities for the South Europe battery market in the future.
– Italy, due to its increasing dependency on renewable energy power generation, is expected to be the largest market for the South Europe battery during the forecast period.
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Key Market Trends
Lithium-ion Batteries Expected to Dominate the Market
– Lithium-ion batteries are a rechargeable type of battery that is usually used in digital gadgets and power cars. These batteries are also being used to store energy from renewable energy resources, including solar and wind.
– The energy densities of these batteries are quite high and have a round trip efficiency of 85% to 95%, which means the ratio of energy output/released to energy input/stored. The lithium-ion battery is a low maintenance battery, and the cells of the battery cause little harm to the environment when disposed of.
– Many countries, such as Italy and Greece, have targeted installing solar energy of 50 gigawatts (GW) and 5 gigawatts (GW), respectively, by the end of 2030. Such installation is expected to be a driver for the South Europe battery market, as the extra energy produced by renewable energy can be stored in batteries for later use.
– Portugal is already the largest producer of lithium in Europe, though most of the country’s lithium is used for making ceramics and glassware. In 2019, the government of Portugal finalized to conduct an international licensing tender for lithium production. The motive behind this step is to become the largest supplier of raw material used in lithium batteries and also can be seen as a potential to expand Europe’s lithium market towards the diversification of multiple domestic industrial sectors linked to the mineral, including auto production, battery production, and renewable energy.
– In 2020, the British Australian mining group Rio Tinto agreed to support Serbia in finding a strategic investor for the construction of a plant for manufacturing electric batteries in Loznica, Serbia. The company is expected to start a lithium production facility by the end of 2021.
– Hence, owing to the above points, the lithium-ion segment is likely going to be the fastest-growing segment in the South Europe battery market during the forecast period.
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