The battery industry is expanding rapidly even though the revenue growth is modest.
The world consumed 40.1GW of batteries in 2013, when compared to 28.6GW of power capacity sold in 2012.
Navigant Research said majority of devices were utilised to power small devices and the main reason for the growth is increased sales of automotive batteries, which have a much higher power-to-energy ratio when compared to other battery applications.
Navigant Research principal research analyst Sam Jaffe said while the battery industry saw significant increases in the total number of batteries shipped and the energy capacity they represent, revenue growth was modest due to declining prices.
"The center of the advanced battery industry remains in China, where the majority of these batteries were manufactured and shipped around the world," Jaffe added.
The industry shipped 47.4GWh of batteries in 2013, majority of which went to consumer electronics.
The research firm said when measured by cell shipments, over 99% of advanced batteries were made with lithium ion chemistries in 2013.
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