Singapore Battery Market Size & Outlook, 2023-2030
Singapore battery market, 2018-2030 (US$M)
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Singapore battery market highlights
- The Singapore battery market generated a revenue of USD 1,634.0 million in 2023 and is expected to reach USD 5,218.8 million by 2030.
- The Singapore market is expected to grow at a CAGR of 18% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Flow Battery is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 1,634.0 million |
| Market revenue in 2030 | USD 5,218.8 million |
| Growth rate | 18% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Flow Battery |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, Singapore accounted for 1.4% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China battery market is projected to lead the regional market in terms of revenue in 2030.
- Vietnam is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,479.2 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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Singapore battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 50% in 2023. Horizon Databook has segmented the Singapore battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
In Singapore, the risen adoption of carbon capture and storage, energy storage, and hydrogen technologies is expected to support its energy transition and decarbonization goals. This is anticipated to contribute to the adoption of batteries across the country.
Lithium-ion batteries are expected to dominate the battery market in Singapore in the coming years owing to rising sales of EVs in the country. In October 2023, the Agency for Science, Technology and Research (A*STAR) announced a new line for testing and disassembling EV batteries.
The line, located at ARTC A*STAR, uses Industry 4.0 technologies, including automation, intelligent vision inspection, robotics, and diagnostics, to improve existing methods for disassembling EV battery packs that can be a dangerous, tedious, and labor-intensive process.
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Our clientele includes a mix of battery market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Singapore battery market , including forecasts for subscribers. This country databook contains high-level insights into Singapore battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Singapore battery market size, by product, 2018-2030 (US$M)
Singapore Battery Market Outlook Share, 2023 & 2030 (US$M)
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