Advanced Lithium Batteries Market Size, Trends and Insights By Product (Lithium Thionyl Chloride, Lithium Manganese Dioxide, Lithium Carbon Monofluoride, Lithium Copper Oxide), By Application (Consumer electronics, Aerospace & Defense, Medical, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Wuhan FANSO Technology Co. Ltd.
- Dongguan Large Electronic Co. Ltd.
- Excell Battery Co.
- Others
Reports Description
According to Custom Market Insights (CMI), the Global Advanced Lithium Batteries Market was estimated at around USD 38.54 billion in 2021 and is expected to reach USD 45.76 billion in 2022 growing at a CAGR of nearly 13.54% from 2022 to 2030. The market is projected to reach approximately USD 137.87 billion by 2030.
Advanced Lithium Batteries Market offers a comprehensive and deep evaluation of the market’s stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
Advanced Lithium Batteries Market: Overview
Lithium batteries are used in low-power, very reliable, and long-life devices, including clocks, cameras, and calculators. Lithium batteries sustain a greater voltage for a longer time than alkaline cells, and they can readily meet the brief, strong current needs of devices like digital cameras. Lithium batteries are primary cell batteries; therefore, once they run out of power, they cannot be recharged.
Lithium is utilized as the anode. Because lithium batteries have a high charge density, they can store more power and last longer than other batteries. Lithium batteries may generate power with a voltage ranging from 1.5 to 3.7 V, depending on their design. Lithium is a particularly reactive metal utilized in lithium batteries; pure lithium will react immediately with water and even airborne moisture.
It is a non-rechargeable battery, whereas lithium-ion batteries are rechargeable. Modern lithium-ion batteries with a long lifespan are advanced lithium-ion batteries used in electronic products, electric cars, and portable battery stations. Battery performance is evaluated using cost, performance, safety, and cycle life factors.
Advanced Lithium Batteries Market: COVID–19 Impact Analysis
The COVID-19 pandemic has significantly impacted global economies. For several industries, COVID-19 has created several difficulties. To stop the COVID-19 epidemic from spreading, governments in several nations have limited people’s freedom of travel and business operations. As a result, factories in the car and electronics sectors temporarily stopped operations.
Disruptions negatively impacted the market for advanced lithium batteries in the operation of manufacturing facilities since these batteries are employed in consumer gadgets and electrical vehicles to offer continuous power for their correct operation. Moreover, the worldwide economy has been impacted by COVID-19, which has led to a large drop in the demand for goods and raw materials produced by several important industries.
The development of projects, shipment delays, manufacturing, and the research and development of new products for the growth of the market are challenges faced by several industries, such as energy storage, electronics, and the automobile industry, as the demand for the products has also decreased as a result of the lockdown in the regions.
Advanced Lithium Batteries Market: Growth Drivers
Increasing demand for different medical gadgets accelerates the market’s growth.
The primary lithium battery market in the world is primarily driven by the rising demand for various medical devices. Numerous medical equipment, such as glucose monitors, asset monitoring tags, oxygen devices, and inspection systems, employ Li cells, which have a lengthy history. Additionally, the market for medical devices increased throughout this time due to an increase in healthcare facilities, a speedy increase in the older population, economic growth in developing nations, swift technological breakthroughs, and growing healthcare expenses.
The preference for smart electronic gadgets is increasing.
Due to changing lifestyles and the growing middle-class population, there is an increasing desire for smart electronic gadgets. Additionally, governments all around the world are emphasizing digitalization and encouraging consumer use of a variety of electronic gadgets. Advanced lithium-ion batteries are now the standard battery technology for consumer electronic gadgets due to their beneficial properties and anticipated technological advancements. Increasing the energy density of lithium-based batteries might aid in creating new technologies with long-lasting batteries because of the increasing demand for these batteries from many industries, including automotive, electronics, and healthcare. Scientists have been working nonstop to improve their qualities.
Advanced Lithium Batteries Market: Segmentation Analysis
The advanced lithium batteries market is segmented into products and applications. Based on the product, the lithium thionyl chloride segment is estimated to lead the market during the forecast period. They are mostly used in industrial battery-powered devices because of their great endurance and distinctive qualities. These include the aerospace sector, the automobile industry, and various medical equipment like defibrillators. The battery can readily go through a sterilization procedure, which is crucial in medicine since it can withstand temperatures up to 125 degrees Celsius.
On the other hand, instruments for monitoring the shipment of donor organs and related things can benefit from being able to withstand low temperatures, often up to -80 degrees. Since they are lightweight and appropriate for low temperatures, lithium thionyl chloride batteries are currently used in most new-generation emergency locating transmitters aboard airplanes. These battery types are preferred because they show positive traits, including excellent performance and a long lifespan.
By application, the consumer electronics segment is anticipated to dominate the market during the forecast period. Consumer electronics items and portable gadgets both need portable batteries. Laptops, desktops, tablets, torches or lanterns, watches, cameras, wristwatches, calculators, hearing aids, and other wearable gadgets are just a few of the things that can use lithium-based batteries. Over the projection period, the market for lithium batteries is expected to develop profitably.
The expansion is anticipated to be aided by rising security transmitters demand and increased consumer knowledge of the advantages of battery-powered gadgets, notably in North America, Europe, and Asia-Pacific.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 38.54 billion |
| Projected Market Size in 2030 | USD 137.87 billion |
| CAGR Growth Rate | 13.54% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Wuhan FANSO Technology Co. Ltd., Dongguan Large Electronic Co. Ltd., Excell Battery Co., Maxell Holdings, Camelion Batterien GmbH, Energizer Holdings, Toshiba Corporation, Saft, EEM Battery, Tadiran Batteries GmbH, Duracell Inc., GP Batteries, Duracell Inc., Panasonic Holding Corporation, and Others |
| Key Segment | By Product, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- Based on product segmentation, the lithium thionyl chloride segment is estimated to hold the largest market share during the forecast period.
- Based on application segmentation, the consumer electronics advanced lithium batteries segment is the leading revenue-generating category during the forecast period.
- Based on geography/region, the Asia-Pacific region was the leading revenue generator in 2021.
Recent Development
- January 2018: The purchase of Spectrum Brands‘ Global Battery and Portable Lighting Business (“Spectrum Batteries”) by Energizer Holdings, Inc. for $2.0 billion in cash has been made official. The portfolio, supported by the Varta and Rayovac trademarks, has a long history, a significant global presence, and a broad variety of goods, including alkaline, carbon zinc, hearing aid, nickel metal hydride, rechargeable batteries, battery chargers, and portable lighting.
- April 2017: Wuhan FANSO Technology unveiled the CP9V, a new lithium-manganese battery (Ver1.0). A higher capacity and a maximum continuous current of 1200 mAh and 120 mAh, respectively, are features of the new product.
- March 2016: In China’s Zhuhai province, Saft opened a new production plant for primary lithium batteries. The plant is designed to meet the fast-increasing regional demand and will increase the company’s production capacity to 60 million units annually.
Regional Landscape
Throughout the projection period, Asia-Pacific is expected to continue to be among the most alluring markets, and this region is accounted for the majority revenue share in the market. Due to continued capacity expansion and the steadily rising demand for consumer electronics, the Asia Pacific advanced lithium battery market is expected to have consistent development. Increasing government support for standards and developing biological compounds for effective battery applications will have a favorable market impact.
Competitive Landscape
Our report offers quantitative and qualitative insights into the Advanced Lithium Batteries market and major development initiatives the key players adopt. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.
Key Players:
- Wuhan FANSO Technology Co. Ltd.
- Dongguan Large Electronic Co. Ltd.
- Excell Battery Co.
- Maxell Holdings
- Camelion Batterien GmbH
- Energizer Holdings
- Toshiba Corporation
- Saft
- EEM Battery
- Tadiran Batteries GmbH
- Duracell Inc.
- GP Batteries
- Duracell Inc.
- Panasonic Holding Corporation
The global Advanced Lithium Batteries market is segmented as follows:
By Product
- Lithium Thionyl Chloride
- Lithium Manganese Dioxide
- Lithium Carbon Monofluoride
- Lithium Copper Oxide
By Application
- Consumer electronics
- Aerospace & Defense
- Medical
- Others
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Advanced Lithium Batteries Market, (2022 – 2030) (USD Billion)
- 2.2 Global Advanced Lithium Batteries Market : snapshot
- Chapter 3. Global Advanced Lithium Batteries Market – Industry Analysis
- 3.1 Advanced Lithium Batteries Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing Demand For Different Medical Gadgets
- 3.2.2 The Preference For Smart Electronic Gadgets Is Increasing.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Product
- 3.7.2 Market attractiveness analysis By Application
- Chapter 4. Global Advanced Lithium Batteries Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Advanced Lithium Batteries Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Advanced Lithium Batteries Market – Product Analysis
- 5.1 Global Advanced Lithium Batteries Market overview: By Product
- 5.1.1 Global Advanced Lithium Batteries Market share, By Product, 2021 and 2030
- 5.2 Lithium Thionyl Chloride
- 5.2.1 Global Advanced Lithium Batteries Market by Lithium Thionyl Chloride, 2022 – 2030 (USD Billion)
- 5.3 Lithium Manganese Dioxide
- 5.3.1 Global Advanced Lithium Batteries Market by Lithium Manganese Dioxide, 2022 – 2030 (USD Billion)
- 5.4 Lithium Carbon Monofluoride
- 5.4.1 Global Advanced Lithium Batteries Market by Lithium Carbon Monofluoride, 2022 – 2030 (USD Billion)
- 5.5 Lithium Copper Oxide
- 5.5.1 Global Advanced Lithium Batteries Market by Lithium Copper Oxide, 2022 – 2030 (USD Billion)
- 5.1 Global Advanced Lithium Batteries Market overview: By Product
- Chapter 6. Global Advanced Lithium Batteries Market – Application Analysis
- 6.1 Global Advanced Lithium Batteries Market overview: By Application
- 6.1.1 Global Advanced Lithium Batteries Market share, By Application, 2021 and 2030
- 6.2 Consumer electronics
- 6.2.1 Global Advanced Lithium Batteries Market by Consumer electronics, 2022 – 2030 (USD Billion)
- 6.3 Aerospace & Defense
- 6.3.1 Global Advanced Lithium Batteries Market by Aerospace & Defense, 2022 – 2030 (USD Billion)
- 6.4 Medical
- 6.4.1 Global Advanced Lithium Batteries Market by Medical, 2022 – 2030 (USD Billion)
- 6.1 Global Advanced Lithium Batteries Market overview: By Application
- Chapter 7. Advanced Lithium Batteries Market – Regional Analysis
- 7.1 Global Advanced Lithium Batteries Market Regional Overview
- 7.2 Global Advanced Lithium Batteries Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Advanced Lithium Batteries Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.4 North America Advanced Lithium Batteries Market, by Product, 2022 – 2030
- 7.4.1 North America Advanced Lithium Batteries Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 North America Advanced Lithium Batteries Market, by Application, 2022 – 2030
- 7.5.1 North America Advanced Lithium Batteries Market, by Application, 2022 – 2030 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.6.1.1 Europe Advanced Lithium Batteries Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.1 Europe Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.7 Europe Advanced Lithium Batteries Market, by Product, 2022 – 2030
- 7.7.1 Europe Advanced Lithium Batteries Market, by Product, 2022 – 2030 (USD Billion)
- 7.8 Europe Advanced Lithium Batteries Market, by Application, 2022 – 2030
- 7.8.1 Europe Advanced Lithium Batteries Market, by Application, 2022 – 2030 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.9.1.1 Asia Pacific Advanced Lithium Batteries Market, by Country, 2022 – 2030 (USD Billion)
- 7.9.1 Asia Pacific Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.10 Asia Pacific Advanced Lithium Batteries Market, by Product, 2022 – 2030
- 7.10.1 Asia Pacific Advanced Lithium Batteries Market, by Product, 2022 – 2030 (USD Billion)
- 7.11 Asia Pacific Advanced Lithium Batteries Market, by Application, 2022 – 2030
- 7.11.1 Asia Pacific Advanced Lithium Batteries Market, by Application, 2022 – 2030 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.12.1.1 Latin America Advanced Lithium Batteries Market, by Country, 2022 – 2030 (USD Billion)
- 7.12.1 Latin America Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.13 Latin America Advanced Lithium Batteries Market, by Product, 2022 – 2030
- 7.13.1 Latin America Advanced Lithium Batteries Market, by Product, 2022 – 2030 (USD Billion)
- 7.14 Latin America Advanced Lithium Batteries Market, by Application, 2022 – 2030
- 7.14.1 Latin America Advanced Lithium Batteries Market, by Application, 2022 – 2030 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Advanced Lithium Batteries Market, by Country, 2022 – 2030 (USD Billion)
- 7.15.1 The Middle-East and Africa Advanced Lithium Batteries Market, 2022 – 2030 (USD Billion)
- 7.16 The Middle-East and Africa Advanced Lithium Batteries Market, by Product, 2022 – 2030
- 7.16.1 The Middle-East and Africa Advanced Lithium Batteries Market, by Product, 2022 – 2030 (USD Billion)
- 7.17 The Middle-East and Africa Advanced Lithium Batteries Market, by Application, 2022 – 2030
- 7.17.1 The Middle-East and Africa Advanced Lithium Batteries Market, by Application, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 Wuhan FANSO Technology Co. Ltd.
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Dongguan Large Electronic Co. Ltd.
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Excell Battery Co.
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Maxell Holdings
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Camelion Batterien GmbH
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Energizer Holdings
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Toshiba Corporation
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Saft
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 EEM Battery
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Tadiran Batteries GmbH
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Duracell Inc.
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 GP Batteries
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.13 Duracell Inc.
- 8.13.1 Overview
- 8.13.2 Financials
- 8.13.3 Product Portfolio
- 8.13.4 Business Strategy
- 8.13.5 Recent Developments
- 8.14 Panasonic Holding Corporation
- 8.14.1 Overview
- 8.14.2 Financials
- 8.14.3 Product Portfolio
- 8.14.4 Business Strategy
- 8.14.5 Recent Developments
- 8.1 Wuhan FANSO Technology Co. Ltd.
List Of Figures
Figures No 1 to 21
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Key Players:
- Wuhan FANSO Technology Co. Ltd.
- Dongguan Large Electronic Co. Ltd.
- Excell Battery Co.
- Maxell Holdings
- Camelion Batterien GmbH
- Energizer Holdings
- Toshiba Corporation
- Saft
- EEM Battery
- Tadiran Batteries GmbH
- Duracell Inc.
- GP Batteries
- Duracell Inc.
- Panasonic Holding Corporation
- Others
FAQs
“Asia-Pacific” region will lead the global Advanced Lithium Batteries market during the forecast period 2022 to 2030.
The key factors driving the market are Increasing Demand For Different Medical Gadgets, The Preference For Smart Electronic Gadgets Is Increasing.
The key players operating in the Advanced Lithium Batteries market are Wuhan FANSO Technology Co. Ltd., Dongguan Large Electronic Co. Ltd., Excell Battery Co., Maxell Holdings, Camelion Batterien GmbH, Energizer Holdings, Toshiba Corporation, Saft, EEM Battery, Tadiran Batteries GmbH, Duracell Inc., GP Batteries, Duracell Inc., Panasonic Holding Corporation.
The global Advanced Lithium Batteries market is expanding growth with a CAGR of approximately 13.54% during the forecast period (2022 to 2030).
The global Advanced Lithium Batteries market size was valued at USD 38.54 billion in 2021 and it is projected to reach around USD 137.87 billion by 2030.