What is the growth rate of Pakistan battery market?
The Pakistan Battery Market is growing at a CAGR of >3.5% over the next 5 years. Zhejiang Narada Power Source Co., Ltd. , Phoenix Battery Ltd. , Atlas Battery Limited, Exide Pakistan Limited. , National Battery Industry Ltd. are the major companies operating in Pakistan Battery Market.
What is Pakistani battery market?
Batteries are usually devices that are made up of multiple electrochemical cells that are connected to external inputs and outputs. The Pakistani battery market is segmented by technology and application. By technology, the market is segmented into lithium-ion battery, lead-acid battery, and other technologies.
What factors will drive the Pakistan battery market?
Over the medium period, factors such as the growing automotive sector in the country and the low cost of lead and lithium are likely to drive the Pakistan battery market during the forecast period.
Why is the lithium-ion battery market growing in Pakistan?
Moreover, transportation and the number of heavy vehicles are expected to increase due to infrastructure development, which is likely to boost the battery market during the forecast period. The lithium-ion battery market is still in its nascent phase in Pakistan. The country imports the majority of its Li-ion batteries from China.
Why is the Pakistani battery market fragmented?
The Pakistani battery market is moderately fragmented due to few companies operating in the industry because of the complex technology. The key players in this market (in no particular order) include Zhejiang Narada Power Source Co. Ltd., Phoenix Battery Ltd., Atlas Battery Limited, Exide Pakistan Limited, and National Battery Industry Ltd.
What is Pakistan's EV policy?
The government has been working toward increasing the integration of EVs in the country's automobile sector and has set a target of 30% of vehicles operating on batteries by 2030. Pakistan's electric vehicle (EV) policy was approved for implementation in June 2020.
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These trends result in a sharp and sustained cost reduction, which is expected to help cement lithium-ion as the battery chemistry of choice in all energy storage markets, including grid-scale, behind-the-meter storage, residential storage, and microgrids in Pakistan. Manufacturers are focusing on reducing the cost of lithium-ion technology.
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Scientists in Pakistan have developed a fuzzy reconfiguration method that can reportedly mitigate power losses due to shading and hotspot faults by up to 23.5% compared to conventional techniques.
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