Carbon Battery Bank Market Trends

Growth Drivers

• Rising Demand for Electric Vehicles – It is expected that rising personal disposable income, increasing need for reducing dependence on imported oil, and sustained policy support, are anticipated to drive the market growth. Carbon battery banks are made with carbon-based materials with high density that can be used to supply power to electric vehicles and they also act as efficient energy storage options. According to estimates, more than 9 million electric vehicles will be sold globally in 2022.
• Growing Environmental Concern- Environmental concerns are becoming more and more prevalent owing to growth in the human population, quick economic development, excessive consumption, pollution, and deforestation. Carbon battery banks have a longer lifespan and they can also be easily recycled, which is anticipated to drive the market growth.

Challenges

• Exorbitant Initial Investment – Extensive research and the requirement of significant infrastructure are involved in the mass production of carbon battery banks, the cost of which is expensive. As a consequence, manufacturers with limited budgets may not be able to invest in these battery banks.
• Lack of Energy Density may Limit the Usage of Carbon Battery Bank in High Energy Applications
• Complexity associated with Acquiring Certification of Safety