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Daily Newsletter

05 December 2023

Daily Newsletter

Hanwha expanding battery equipment ops

Targeting growth in the secondary battery segment

South Korean industrial conglomerate Hanwha Group said it planned to expand its plant automation division to target growth in the secondary battery segment, including batteries for electric vehicles (EVs) and energy storage systems (ESS).

The company has targeted expanding revenues tenfold by 2030 at its Momentum automation engineering division which is focused on producing manufacturing equipment for rechargeable secondary batteries and components. It has targeted KRW3trn (US$2.3bn) from this segment, up from KRW300bn in 2022. Sales this year are projected to increase 33% to KRW400bn.

South Korea has three of the world’s top EV battery makers, LG Energy Solution, SK On and Samsung SDI as well as smaller specialist manufacturers such as International Battery Technology.

Hanwa said it aims to complete development next year of the world’s largest kiln for production of cathodes for lithium ion batteries with mass output set to start in 2025. The company said it would develop manufacturing equipment for new materials such as silicon anodes and was also discussing linking up Momentum with Hanwha Aerospace to develop special batteries for the defence sector.

APAC leads the Connected Vehicle Technologies market in 2023

Consumer demand for features like connected services, in-car infotainment, and ADAS has accelerated the development of connected vehicle technologies. APAC nations have made significant investments in enhancing their digital infrastructure, including the rollout of 5G networks, to provide dependable and quick communication between vehicles and the surrounding infrastructure.

Smart parking market expected to grow at a CAGR of 13.2% by 2030

Urbanization and population growth are the major drivers of the smart parking market as they have a significant impact on parking demand, traffic congestion, and the need for efficient urban infrastructure. Smart parking systems assist in optimizing the use of current parking facilities by providing real-time information on available spaces and decreasing the time and effort spent looking for parking.