The UAV Market
The UAV battery market is being driven by the recent growth of the UAV’s market, which has been valued at USD 19.3 Billion in 2019 and is projected to reach USD 45.8 Billion by 2025, at a CAGR of 15.5% from 2019 to 2025.
According to Navigant Research, global advanced battery energy capacity and pack revenue for traction and propulsion energy in UAVs are expected to reach 727.9 MWh and $224.9 million by 2026. At the same time, another report estimates that the global UAV battery market will witness a CAGR of 16% from 2018 to 2023.
Forklift Market
A special market of industrial EVs is the Forklift Market.
The global forklift trucks market (EV and Internal combustion) was valued at US$ 35.3 Bn in 2014 and is projected to expand at a CAGR of 6.9% during the forecast period to reach US$ 55.9 Bn by the end of 2021.
In 2014, electric forklifts accounted for 30.6% of China’s forklift sales volume, 3.5 percentage points higher than the previous year, marking the fastest growth in recent years.
During 2015, internal combustion forklifts continued to decline, while electric forklifts, especially electric warehouse forklifts, have grown significantly at over 10%. It is estimated that in the following years a major shift towards electric forklifts will take place due to regulations related to emissions, sustainability initiatives and technological advancements in electric lift truck components, including batteries.
The Space Battery Market
Space batteries are used mainly for power backup and emergency systems, starting the engine and auxiliary power units, and flight preparation in the aerospace & defence industry. They play a very crucial role as they supply power to the aircraft in the case of power failure.
Batteries in the aircraft must be reliable, durable, have low maintenance, low weight, low cost of ownership and an extended life. Nickel-Cadmium, Lead-Acid and Lithium-Ion are the types of batteries used in the aerospace & defence industry.
The aerospace & defence industry is witnessing a gradual transition from the nickel-cadmium and lead-acid batteries to lithium-ion batteries.
According to a recent market analysis the global space battery market is expected to reach $ 146.1 Million (Y 2023) with >4% GARG for the period 2017-2023.
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