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Nickel has been widely used in batteries, most commonly in nickel-cadmium (NiCd) and in the high energy density nickel-metal hydride (Ni-MH) rechargeable batteries, which came into force in the 1980s. Their adoption in power tools and digital cameras unveiled the potential for portable devices. Nickel-metal hydride batteries are an extension of the proven sealed nickel-cadmium battery technology with the substitution of a hydrogen-absorbing negative electrode for the cadmium-based electrode. The substitution increases the battery’s electrical capacity for a given weight and volume and eliminates the cadmium, which raises toxicity concerns. The true advantage of NiMH batteries can be found in the cycle life (reuse after recharging). It also possesses approximately twice the capacity of conventional Ni-Cd rechargeable battery. The growing consumption of electronic goods and rising uptake of electric vehicles prove to be beneficial for the Ni-MH market.
The nickel-metal hydride battery market is segmented into application and region. Ni-MH has become one of the most readily available rechargeable batteries for consumer use. Battery manufacturers have recognized the need for a high-density battery and offer NiMH in AA, AAA, and other sizes. Batteries for the electric powertrain make use of this modification to achieve the needed robustness and long life span. The growing consumption of electronic goods such as audio players, personal care equipment, power tools, and in recent times rising demand for electric vehicles brighten the market prospects.
Nickel-metal hydride battery possesses high energy density and can be charged rapidly by using specially designed charge control system. These features are very useful in portable electronic devices. The exponential consumption of electronic goods and strong supporting policies to expand electric vehicle fleets across the world set to bolster the growth of the Ni-MH battery market.
Limited service life of the battery due to self deep discharge and highly capital intensive set to hinder the growth of the market. The performance of the battery deteriorated if stored at an elevated temperature set to restraint the adoption of the battery in heavy applications.
Key Market Driver -
Massive demand for electric vehicles and electronic goods
Key Market Restraint -
Highly capital intensive and limited service life
The global nickel-metal hydride battery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America proves to offer healthy growth owing to the rising demand for hybrid and electric vehicles. Also, the massive consumption of mobile phones, audio players, laptops, and other electronic goods likely to provide impetus to the market. European countries are rolling out policies to support the use of electric vehicles for public transportation and personal use to arrest carbon emissions. Asia Pacific is emerging as a potential player on account of extensive demand for an electric vehicle in China.
Moreover, India and China account for a considerable share in the consumption of electronic goods, which bode the market. In the Middle East & Arica, the scarcity of resources and dependency on fossil fuel obstructs the growth of the market. However, Gulf countries are expanding their electric vehicle fleet to reduce the carbon emission will strengthen the market prospects.
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