South Korea Battery Market is expected to reach USD 13.23 billion by 2030
The increasing government initiatives electric vehicle growth are driving up demand for the South Korea battery market during the forecast period.
South Korea Battery Market was valued at USD 3.33 billion in 2022, and is predicted to reach USD 13.23 billion by 2030, with a CAGR of 18.8% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The significant portion of the battery market in South Korea can be credited to various factors, including heightened government endeavours and financial investments aimed at curbing carbon emissions and bolstering the adoption of electric vehicles within the nation. These efforts, in turn, play a pivotal role in fostering the expansion of South Korea's battery market. For instance, in September 2021, the government of South Korea announced a bill to mandating national carbon neutrality by 2050. Such initiatives are expected to drive the South Korea battery market in the forecasted period.
However, inadequate management of batteries can lead to a range of risks that impact both human health and the environment. Frequently, batteries that are no longer in use or have been disposed of improperly find their way into landfills, where they break down over time and release harmful substances. As these batteries deteriorate, the chemicals they contain can seep into the soil, causing pollution of both underground and surface water sources. This contamination presents a significant threat to our ecosystem, leading to detrimental effects on aquatic plants and animals due to the presence of hazardous battery components like mercury, cadmium, lithium, and lead. Consequently, this situation is expected to restrain the expansion of the battery market in South Korea.
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 South Korea'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 paves the way for substantial growth opportunities within South Korea's dynamic battery market.
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According to the report, leading players in the South Korea 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., South Korea Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the South Korea Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the South Korea 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 South Korea battery market is provided in the report along with their competitive analysis.