Canada Battery Market is expected to reach USD 14.95 billion by 2030
The government initiatives and EV promotion for a sustainable transportation sector are driving up demand for the Canada battery market during the forecast period.
Canada Battery Market was valued at USD 4.13 billion in 2022, and is predicted to reach USD 14.95 billion by 2030, with a CAGR of 17.4% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The Canada stands at the forefront of EV adoption, with a notable commitment to promoting electric vehicles (EVs) and implementing various endeavors aimed at electrifying public transportation. The Canadian government is actively engaged in initiatives to decarbonize the transportation sector and facilitate the transition toward a future characterized by reduced carbon emissions. For instance, Natural Resources Canada has initiated a new program called the Zero-Emission Vehicle Infrastructure Program (ZEVI) with an investment of USD 680 million. The program is designed to increase the network of zero-emission vehicle charging and refuelling stations in more localized areas, such as multi-unit residential buildings, workplaces, or parking stations of light-duty vehicle fleets. Such initiatives undertaken by the government increase the adoption of batteries and intern drives the battery market in Canada.
However, inadequate management of batteries can result in numerous dangers to both people and the natural surroundings. Discarded or depleted batteries frequently end up in landfills, where they deteriorate and discharge detrimental materials. Gradually, these batteries undergo corrosion, allowing their chemicals to permeate the soil and contaminate both underground and surface water sources. This pollution poses a noteworthy peril to our ecosystem, affecting a multitude of aquatic plants and animals because of the existence of harmful battery constituents such as mercury, cadmium, lithium, and lead. Thus, it is expected to restrain the growth of the battery market in Canada.
On the other hand, the growing adoption of NDBs in various industries, including automotive, aerospace, and electronics, is expected to create future opportunities for the battery market in Canada. NDB is an innovative energy generator and storage system that redefines and revolutionizes a battery. NDBs have long-lasting properties and longevity is ensured by converting the radioactive decay energy from nuclear waste into energy. The attractive features of NDB, such as being compact, modular, cost-effective, and scalable from chipset to industrial applications is one of the main factors creating growth opportunities in the battery market. NDB is a high-power, diamond-based alpha, beta, and neutron voltaic battery that can provide lifelong green energy for numerous applications and overcome the limitations of existing chemical batteries.
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According to the report, leading players in the Canada battery market include LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Canada Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Canada battery market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the Canada battery market is provided in the report along with their competitive analysis.