Sweden Battery Market is expected to reach USD 2038.5 million by 2030
Sweden's strategic focus on automotive and smart mobility industries for sustainable future are driving up demand for the Sweden battery market during the forecast period.
Sweden Battery Market was valued at USD 462.53 million in 2022, and is predicted to reach USD 2038.5 million by 2030, with a CAGR of 20.3% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
Automotive and intelligent mobility stand as pivotal sectors in Sweden's economy. With a goal to achieve fossil neutrality by 2045, Sweden provides incentives in the form of subsidies for new electric vehicle (EV) purchases, resulting in a substantial surge in EV sales across the nation. For instance, in 2021, according to the survey by Statistics Sweden Trafikanalys, the total number of newly registered battery-electric passenger cars in Sweden was 42,250. Thus, it is expected to boost the growth of Sweden battery market.
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 Sweden.
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 Sweden. 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 Sweden 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 Sweden Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the Sweden 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 Sweden battery market is provided in the report along with their competitive analysis.