Singapore Battery Market is expected to reach USD 1336.1 million by 2030
Singapore government's multi-faceted strategies accelerate EV adoption, which is driving up demand for the Singapore battery market during the forecast period.
Singapore Battery Market was valued at USD 365.3 million in 2022, and is predicted to reach USD 1336.1 million by 2030, with a CAGR of 17.6% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
In pursuit of establishing a sustainable environment, the Singaporean government is implementing a range of tactics to increase public understanding of electric vehicles (EVs) and their advantages. To encourage the uptake of EVs, the nation has embraced a comprehensive strategy encompassing tax incentives, regulatory frameworks, standardized guidelines, and the widespread installation of EV charging infrastructure. For instance, as per EV Early Adoption Incentive (EEAI) by Singapore, owners who register fully electric cars will receive a rebate of 45% of the Additional Registration Fee (ARF), capped at USD 20,000 until December 31, 2023. Moreover, the country plans to deploy 60,000 EV charging points across Singapore by 2030, comprising 40,000 in public car parks and 20,000 in private premises. Such factors are increasing the adoption of EVs in Singapore, which, in turn, is driving the battery market.
However, the inadequate handling of batteries carries a spectrum of risks that have repercussions for both human health and the environment. Frequently, batteries that are no longer in use or have been disposed of improperly end up in landfills, where they gradually break down and discharge harmful substances. As these batteries deteriorate, the chemicals they contain can permeate the soil, resulting in the pollution of both underground and surface water reservoirs. This contamination poses a significant menace to our ecosystem, causing harmful impacts on aquatic flora and fauna due to the presence of perilous battery elements such as mercury, cadmium, lithium, and lead. Consequently, this scenario is anticipated to hinder the growth of the battery market in Singapore.
On the other hand, the increasing adoption of NDBs across diverse sectors such as automotive, aerospace, and electronics is poised to open up promising prospects within Singapore's battery market. The emergence of NDBs signals a revolutionary departure in the realm of energy generation and storage, challenging the established norms of conventional battery technology. These Nuclear Diamond Batteries (NDBs) represent a groundbreaking advancement, harnessing the latent energy within radioactive decay of nuclear waste to generate usable power. Distinguished by their unique attributes, these exceptional systems excel in capturing and converting energy derived from radioactive decay. NDBs stand out due to their compact design, modular capabilities, cost-effectiveness, and scalability, making them adaptable and valuable across a wide spectrum, from small-scale chipsets to expansive industrial applications. By employing alpha, beta, and neutron voltaic principles within a sturdy diamond-based framework, NDBs offer a sustainable and enduring energy solution for a diverse array of applications, effectively surpassing the limitations of traditional chemical battery technologies. This sets the stage for significant future opportunities within Singapore's dynamic battery market.
Request for a sample here: https://www.nextmsc.com/singapore-battery-market/request-sample
According to the report, leading players in the Singapore 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., Singapore Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the Singapore Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Singapore 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 Singapore battery market is provided in the report along with their competitive analysis.