Nickel Cadmium Battery Market Size [2023-2030] | Industry Analysis by Share, Growth, Trends And Global Forecast Report
Pune, India, March 09, 2023 (GLOBE NEWSWIRE) — The global
nickel cadmium battery market
is anticipated to witness progressive growth owing to the surge in demand for cadmium batteries from the automobile industry, especially because they are easily available and cost-efficient. Fortune Business Insights analyses the market in details in its report titled, “Nickel Cadmium Battery Market Size, Share and Global Trend By Block Battery Construction (L Type, M Type, H type), By End-User (Consumer Goods, Industrial Equipment, Healthcare Equipment, Automotive) and Geography Forecast till 2030.”
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Drivers and Restraints:
Nickel cadmium batteries or NiCad batteries are rechargeable batteries that use metallic cadmium and nickel oxide hydroxide as electrodes. These batteries are used in photography equipment, portable electronic devices, portable power tools, flashlights, and other devices. Due to their low cost, they are highly preferred worldwide. Currently, nickel cadmium batteries are the most reliable battery systems present in the market. Nickel cadmium batteries are also used for storing energy in solar PV off-grids. The rise in demand for portable devices worldwide, coupled with their reliable and long battery life properties, will boost the nickel cadmium market growth in the forecast period.
As per the current nickel cadmium battery market trends, various segments of the market includes block battery construction, end-user, and geography. With respect to end-user, the market is classified into automotive, healthcare equipment, industrial equipment, and consumer goods.
On the basis of block battery construction, the market is categorized into H type, M type, and L type. While the L type battery is utilized for storing bulk amounts of energy, the M battery type is mainly used for power backup purposes.
Impact of COVID-19:
The coronavirus occurrence has caused the world to a surprising standstill. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic.
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The report focuses primarily on factors such as:
- Growth drivers, restraints, and current trends that will either drive or hamper the market during the forecast period
- Mapping of the latest advancement in technology that will help market gain traction
- List of significant players operating in the market and their major marketing strategies that will help them gain a competitive edge in the market
- Valuable insights to the market that will help players invest accordingly and attract high revenue to the market in the long run
- Distribution wise segmentation of the market such as type, application, and other segments.
- Regional distribution of the market for better understanding of future opportunities for the market vendors
Rise in Offshore and Onshore Activities to Help North America Market Emerge Dominant
Geographically, the nickel cadmium battery market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, there is a rise in demand for these batteries in North America owing to the vast onshore and offshore exploration activities. This, coupled with the massive demand for commercial and passenger aircraft is expected to accelerate the regional nickel cadmium battery market size in the forecast duration.
On the other side, weather conditions in Europe are extremely harsh, meaning either extremely low or high or very humid. The market in Europe will witness a progressive growth rate on account of thedurability of these batteries and its capability to survive even in fluctuating weather conditions of the region. Thus, there is wide adoption of nickel cadmium batteries uses such as in telecom networks, substations, and the aviation sector in Europe.
As per the report, Asia Pacific is likely to emerge as the fastest-growing region due to various development programs especially in the emerging economies such as China and India. Other factors aiding the expansion of the Asia Pacific market include the expansionof industries such as off-grid PV, aviation sector and telecommunication industry.
On the other side, the Middle East and Africa region is continuously making huge investments in gas and oil projects for increasing their productivity. Additionally, the rise in the installation of renewable energy systems, namely wind and solar systems are expected to fuel the demand for nickel cadmium batteries in the region in the near future.
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Increasing Investments in Setting Up of New Facilities in Existing Plants to Intensify Market Competition
The competitive landscape of the global nickel cadmium battery market is fierce with the presence of many players. Companies are adopting various strategies such as high investments, switching from lead-acid batteries to nickel-cadmium ones, setting new plants, and others in order to stay aheadin the competition.
The Report Lists the Main Companies in the Nickel Cadmium Battery Market:
- Exide Industries Ltd.
- Shenzhen Nova Energy Co., Ltd
- Cantec Systems Canada
- Cell-Con, Inc.
- GS Battery
- Montu Electronics LLP
- ZEUS Battery Products
- HBL Power Systems Ltd.
- ALCAD Ltd
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Nickel Cadmium Battery Market Segmentation:
By Block Battery Construction:
- Consumer Goods
- Industrial Equipment
- Healthcare Equipment
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