Norway Battery Market is expected to reach USD 6.63 billion by 2030
Norway's pioneering role in electric vehicle (EV) adoption and sustainable transportation initiatives are driving up demand for the Norway battery market during the forecast period.
Norway Battery Market was valued at USD 1.58 billion in 2022, and is predicted to reach USD 6.63 billion by 2030, with a CAGR of 19.6% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
Norway is one of the leading countries in terms of EV adoption. In 2021, the Norwegian EV Association reported that 64.5% of all new car sales in the country were fully electric. The significant adoption of electric vehicles (EVs) can be attributed to favorable governmental initiatives that incentivize consumers to choose EVs. These measures include exemptions such as no purchase or import tax on EVs, a waiver of 25% value-added tax (VAT) for newer EV purchases, up to 50% reduction in ferry fares and toll road fees, access to bus lanes, and charging privileges for residents of apartment buildings.
Moreover, the government has implemented various measures to encourage the growth of domestic industries within the battery value chain, thereby providing an additional boost to the market in Norway. For instance, in June 2022, Norwegian government announced a new national battery strategy policy. Under this policy, Norway has assured financial and strategic support to Norway-headquartered battery cell manufacturing company FREYR Battery for the construction of its first battery giga factory in Norway. Such factors are driving the battery market in Norway.
However, insufficient battery management can lead to an array of risks affecting human health and the environment. Frequently, batteries that have been utilized or discarded find their way into landfills, where they deteriorate over time and release harmful substances. As the batteries corrode over time, their chemical constituents seep into the soil, resulting in the pollution of both underground and surface water reservoirs. This contamination poses a significant danger to our ecosystem, exerting adverse effects on a diverse range of aquatic plants and animals due to the presence of hazardous battery components such as mercury, cadmium, lithium, and lead. Thus, it is expected to hinder the growth of the battery market in Norway.
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 Norway. NDB introduces a groundbreaking paradigm shift in energy generation and storage, revolutionizing the conventional concept of a battery. These innovative systems, known as NDBs, possess lasting qualities, achieved by harnessing the energy from radioactive decay in nuclear waste and converting it into usable power. The captivating attributes of NDB include compactness, modularity, cost-effectiveness, and scalability, ranging from chipsets to industrial applications, making them essential drivers of growth opportunities within the battery market. Functioning as a robust, diamond-based battery that utilizes alpha, beta, and neutron voltaic principles, NDB emerges as a sustainable and enduring source of energy for a wide range of applications, effectively transcending the limitations of existing chemical battery technologies.
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According to the report, leading players in the Norway 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 Norway Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Norway 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 Norway battery market is provided in the report along with their competitive analysis.