South Europe Battery Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 3.00 %|
*Disclaimer: Major Players sorted in no particular order
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South Europe Battery Market Analysis
The South Europe Battery Market is expected to register a CAGR of over 3% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the medium term, the reduction in the cost of lithium-ion batteries and the adaptation of energy storage systems are expected to drive the market's growth.
- On the other hand, the increasing prices of raw materials and minerals used for manufacturing batteries are expected to hamper the South Europe Battery Market growth during the forecast period.
- Nevertheless, new-generation batteries such as lithium-sulfur and solid-state are likely to create lucrative growth opportunities for the South Europe battery market in the forecast period.
- Italy dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing dependency on renewable energy power generation.
South Europe Battery Market Trends
This section covers the major market trends shaping the South Europe Battery Market according to our research experts:
Lithium-ion Batteries Expected to Dominate the Market
- Lithium-ion batteries are a rechargeable type of battery usually used in digital gadgets and power cars. These batteries also store energy from renewable energy resources, including solar and wind.
- Europe's demand for lithium-ion batteries for electric vehicles is expected to amount to 325 gigawatt-hours in 2030. This represents almost the major of the global demand for electric vehicle lithium-ion batteries. Many European countries committed to combustion engine phase-out will substantially increase battery demand in this time frame.
- Many countries, such as Italy and Greece, have targeted installing solar energy of 50 gigawatts (GW) and 5 gigawatts (GW), respectively, by the end of 2030. Such installation is expected to be a driver for the South Europe battery market, as the extra energy produced by renewable energy can be stored in batteries for later use.
- Portugal is already the largest lithium producer in Europe, though most of the country's lithium is used for making ceramics and glassware. For instance, in December 2021, the Swedish battery cell manufacturer Northvolt announced setting up a 50:50 joint venture with Portugal’s energy company Galp. Under the direction of the joint venture Aurora, a lithium conversion plant is expected to be built in Portugal. The plant will have an annual production capacity of up to 35,000 tonnes of battery-grade lithium hydroxide and is expected to commence commercial operation in 2026.
- Hence, owing to the above points, the lithium-ion segment is expected to dominate in the South Europe Battery Market during the forecast period.
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Italy Expected to Dominate the Market
- Italy has targeted to phase out coal power by the end of 2025 and rely more on cleaner energy sources such as gas, wind, solar, etc. Such a transition in energy generation is expected to drive the country's battery market as batteries can be used to store extra energy generated from renewable for later use. In 2021 the total renewable energy installation was 56,987 megawatts (MW).
- Moreover, the country is witnessing rapid growth in the telecommunication sector, and increasing demand for batteries in the data centers will likely positively impact the country's battery market.
- The automotive industry of Italy is witnessing rapid growth in the electric vehicles market, thus driving the country's battery market. Different types of initiatives and measures are taken by the government in the country to support electric vehicle (EV) usage in the country. Most of these initiatives regarding EV exhibits create a positive impact and are likely going to drive the country's battery market.
- In August 2022, Italvolt announced plans to build an Italian EV battery plant in spring 2023. The EV battery plant is a 45 GWh battery cell factory in the northwestern Italian region of Piedmont. The company expects to receive the building permit in spring 2023. The new factory will make MNC (nickel, manganese, cobalt) lithium-ion battery cells with silicon anodes for car makers to assemble into packs.
- Hence, owing to the above points, Italy is expected to dominate the South Europe battery market during the forecast period.
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South Europe Battery Industry Overview
The South Europe Battery Market is fragmented in nature. Some of the major players in the market (not in particular order) include Toshiba Corp, Contemporary Amperex Technology Co. Limited, BYD Company Ltd, Panasonic Corporation, and Duracell Inc.
South Europe Battery Market Leaders
Contemporary Amperex Technology Co. Limited
BYD Company Ltd
*Disclaimer: Major Players sorted in no particular order
South Europe Battery Market News
- November 2022: the Chinese battery manufacturer CALB announced plans to build its first European factory in Portugal, specifically at the port of Sines. The company has signed a non-binding letter of intent with a subsidiary of the Portuguese Agency for Investment and Foreign Trade (AICEP). As per the agreement, the first phase of the battery cell factory, with an annual capacity of 15 GWh, will go into operation at the end of 2025.
- October 2022: Slovakian battery manufacturer InoBat signed a declaration of intent with the Spanish government to set up an electric vehicle battery factory in Valladolid, Central Spain. According to the Spanish Industry Ministry, the plant is expected to cost USD 2.94 billion and create more than 2,000 direct jobs
South Europe Battery Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Primary Battery
5.1.2 Secondary Battery
5.2.1 Lithium-ion Battery
5.2.2 Lead-acid Battery
5.2.3 Flow Battery
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Sovema Group S.p.A.
6.3.2 SIA Industria Accumulatori SpA
6.3.3 Toshiba Corp
6.3.5 Manz Italy S.R.L.
6.3.6 Recor Batteries
6.3.8 MONBAT Group
6.3.9 Panasonic Corporation
6.3.10 Duracell Inc
6.3.11 Hitachi Chemical Co Ltd
6.3.12 BYD Company Ltd
6.3.13 Contemporary Amperex Technology Co Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Europe Battery Market Research FAQs
What is the current South Europe Battery Market size?
The South Europe Battery Market is projected to register a CAGR of greater than 3% during the forecast period (2023-2027).
Who are the key players in South Europe Battery Market?
Toshiba Corp, Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Duracell Inc. and BYD Company Ltd are the major companies operating in the South Europe Battery Market.
South Europe Battery Industry Report
Statistics for the 2023 South Europe Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Europe Battery analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.