Batteries are electrochemical devices that convert potent chemical energy into boundless electric power. They achieve this energy transformation through an electrochemical reaction involving the transfer of electrons between materials in a circuit.

The lithium battery market in India is projected to experience rapid growth with a compound annual growth rate (CAGR) of approximately 40%, reaching a value of ~US$ 280 billion by the year 2030. This expansion is driven by factors like increasing disposable income leading to higher demand for consumer electronics. Initiatives like Make in India and Digital India have led to a boom in the manufacturing sectors ultimately lowering manufacturing costs and a significant rise in the production of Lithium-ion batteries, especially for electric vehicles.

The widespread adoption of robotic solutions, smart grid technology, and renewable energy systems also contributes to the rising demand for lithium batteries. It is projected that most of the demand in 2030, is expected to come from mobility applications, primarily electric vehicles with a projected demand of about 4,300 GWh.

The development of advanced Lithium-ion batteries, crucial for modern Electric Vehicles (EVs), is the result of a series of groundbreaking innovations by pioneering scientists. Gilbert Newton Lewis initiated early experimentation with lithium batteries. Armand's proposal of a lithium-ion battery with distinct intercalation materials for cathodes and anodes laid the foundation for future advancements. M. Stanley Whittingham created the first lithium-ion battery, utilizing metallic lithium at the anode and titanium disulfide intercalated with lithium ions at the cathode. John B. Goodenough, together with collaborators, introduced a battery with cobalt oxide layers as cathodes.

The Indian lead acid battery market is projected to grow steadily at a ~2% growth rate annually reaching around ~US$ 12 billion by the year 2030 whereas the global markets are expected to grow at a CAGR of ~7% reaching ~US$ 94 billion by 2030. This growth is driven by multiple factors including its vital role as a standby/emergency power source in the mining space, increased demand for power backup is critical in industries such as railways, oil & gas, and mining. The rising adoption of lead acid batteries as energy storage solutions in the growing renewable energy industry, along with the surge in EV sales, both for commercial and personal use contributes to the demand.

The development of Lead acid batteries is the result of engineering excellence shown by many pioneering scientists, lead acid batteries have come a long way, from Carl Gassner’s dry cell lead acid battery with sulfuric acid and zinc chloride to being a maintenance-free battery that offers users with the comfort of less oversight and reliability when its required. Modern day batteries have integrated multiple technologies such as smart battery management systems, enabling battery health monitoring, diagnostics & optimized charging for increased battery life.

The global nickel-metal hydride battery market is poised for significant growth, with a projected CAGR of approximately 20%, aiming to reach around US$16 billion by the year 2030 from its CY22 value of approximately US$ 4 billion.  This expansion is driven by the exponential consumption of electric goods, supported by robust policies, as well as government-led modernization efforts and infrastructure development in electricity generation. The adaption of nickel-metal hydride batteries in hybrid and electric vehicles is on the rise due to their substantial power capabilities, further fuelled by increased demand for EV’s as individuals seek to reduce carbon footprints.

Stan Ovshinsky, the inventor of the nickel metal hydride (NiMH) battery, holds a significant place in its history, patenting it in 1982 and founding the 'Ovonics Battery Company.’NiMH batteries then found successful applications in many electric vehicles (EVs), including the General Motors EV1, Dodge Caravan Epic minivan and even the ASIMO robot introduced by Honda. Ovonics battery company kept enhancing the capabilities of the nickel-metal hydride batteries and made them significantly cheaper then lithium ion batteries.