Canada Battery Market by Type (Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, and Others), by Application (Residential, Industrial, and Commercial), and by Power Systems (Fuel Cell Batteries, Proton-Exchange Membrane Fuel Cells, Alkaline Fu

Canada Battery Market by Type (Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, and Others), by Application (Residential, Industrial, and Commercial), and by Power Systems (Fuel Cell Batteries, Proton-Exchange Membrane Fuel Cells, Alkaline Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Air Cells, Flywheel Energy Storage, Nuclear Batteries) – Opportunity Analysis and Industry Forecast 2023-2030

Canada Battery Market was valued at USD 4.13 billion in 2022, and is predicted to reach USD 14.95 billion by 2030, with a CAGR of 17.9% from 2023-2030.

Leading battery producers, such as LG Energy Solution, are committing significant investments in Canada to establish local battery manufacturing capabilities. This strategic decision not only fuels the expansion of the national battery market but also carries the potential for noteworthy positive effects on Canada's industrial terrain and economic outlook. By establishing manufacturing plants within the nation, these firms can adeptly meet the rising requirement for batteries, notably amid the booming electric vehicle (EV) sector. For instance, in March 2022, LG Energy Solution announced a joint venture with Stellantis N.V. in Canada. The joint venture invests more than USD 4.1 billion in a facility in Canada to manufacture batteries for EVs. The battery plant will be located in Windsor, Ontario, and will supply EV batteries to Stellantis EV manufacturing plants throughout Canada. The facility is expected to be operational by 2025.

However, improper handling of batteries can give rise to multiple hazards for both humans and the environment. Disposed or spent batteries often find their way into landfills, where they break down and release harmful substances. Over time, these batteries corrode, causing their chemicals to seep into the soil and pollute both groundwater and surface water. This contamination poses a significant threat to our ecosystem, impacting numerous aquatic plants and animals due to the presence of hazardous battery components like mercury, cadmium, lithium, and lead. Thus, it is expected to restrain the growth of the battery market in Canada.

On the other hand, the growing adoption of NDBs in various industries, including automotive, aerospace, and electronics, is expected to create future opportunities for the battery market in Canada. NDB is an innovative energy generator and storage system that redefines and revolutionizes a battery. NDBs have long-lasting properties and longevity is ensured by converting the radioactive decay energy from nuclear waste into energy. The attractive features of NDB, such as being compact, modular, cost-effective, and scalable from chipset to industrial applications is one of the main factors creating growth opportunities in the battery market. NDB is a high-power, diamond-based alpha, beta, and neutron voltaic battery that can provide lifelong green energy for numerous applications and overcome the limitations of existing chemical batteries.

Segment Overview
The Canada battery industry is segmented on the basis of type, application, and power systems.
• By type, the market is classified into lead acid, lithium ion, nickel metal hydride, nickel cadmium, others
By application, the market is segmented into residential, industrial, Commercial.
• By power system, the market is categorized into fuel cell batteries, proton-exchange membrane fuel cells, alkaline fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, air cells, flywheel energy storage, and nuclear batteries.

Key Market Players
The key players in the Canada battery market research include companies such as:
• LG Chem Ltd.
• CATL
• Samsung SDI Co. Ltd.
• BYD
• SKI
• ENVISION AESC GROUP LTD.
• Gotion High tech Co Ltd
• Primearth EV Energy Co., Ltd.
• China Aviation Lithium Battery Co., Ltd.
• Panasonic Corporation

KEY BENEFITS
• The Canada battery market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a comprehensive analysis of the market trends, including current and future trends for depicting prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the Canada battery market is provided in the report.
• The competitive analysis of the market players along with their market share in the Canada battery market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the role of stakeholders.