New York, USA, July 20, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global battery recycling market is expected to notice a remarkable rise in revenue from $9,748.7 million in 2020 to over $29,407.7 million by 2028 at a steady CAGR of 9.3% from 2021-2023.
Market Dynamics
Batteries are one of those elements that are fitted into majority of daily use items such as transport, electronics, and more. The rising popularity of electric vehicles and the extensive use of lithium based batteries in them have also been rising. Many Asian countries such India and China are expected to further facilitate the production of a large amount of batteries over the years. These factors are responsible for the growth of the global battery recycling market.
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On the other hand, the design of the batteries has been an obstruction as the process of disassembly is complicated and recycling is also tough. To add further, the lithium-based batteries also have some drawbacks attached to them, hence restricting the growth of the market in the forecast period.
But, there have been multiple changes in the world with regard to a change in the type of energy used. Several manufacturers and industrial leaders are slowly initiating a switch from combustion fuels to electricity in order to ensure a step into use of eco-friendly energy supply. To add further, the industry has also been witnessing several innovations that are predicted to provide diverse options to consumers in the future. These factors are ensuring the presence of opportunities that will help propel the growth of the market.
Segmental Analysis
The report segregates the market into different segments by chemistry, source, and application.
Lead Acid Battery Sub-segment Predicted to Dominate the Market
As per the report, the lead-acid battery is expected to experience a rise in revenue from $6,613.2 million in 2020 to over $13,882.8 million by 2028. The reliability of lead acid batteries, along with their economical pricing is expected to boost the growth of the market. To add further, the batteries can also be used in multiple applications such as marines, uninterrupted power supplies, automobiles, forklifts and more.
Industrial Batteries Sub-segment Expected to Garner Significant Revenue
The industrial batteries sub-segment is predicted to witness tremendous growth with a rise in revenue from $5,010.7 million in 2020 to over $10,327.2 million by 2028. Batteries are primarily required for the stable functioning of all equipments in industries which is expected to boost the growth of the market.
Transportation Sub-segment to Gain Highest Market Share
The transportation sub-segment is expected to witness an increase in revenue from $4,248.1 million in 2020 to over $8,746.4 million by 2028. Over the years, the transport sector has been slowly shifting to using electricity to make the sector more sustainable. To add further, there have been efforts to reduce the accumulation of harmful metals into landfills such as nickel, lithium-based batteries and more. This has further ensures the growth of the market.
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Regional Analysis
The European region is estimated to gain revenue of $7,210.0 million by 2028 rising from $3,493.0 million in 2020. The region has been working on making major changes primarily by switching to a renewable resource that is available in abundance that is electricity. In the year 2020, there was a major announcement by the European Commission stating that that the market must start implementing better sustainability plans in place which is further set to boost the market growth.
Key Players of the Battery Recycling Market
The report also provides a list some renowned key players that have been working on helping the market grow further are:
- Call 2 Recycle, Inc
- Exide Technologies
- Contemporary Amperex Technology Co, Limited
- Gem Co, Ltd
- Fortum OYJ
- Battery Solutions, LLC
- Umicore
- ENERSYS
- Johnson Controls International, plc
- Aqua Metals, Inc
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in May 2021, Exide Technologies, global leader in stored electrical energy solutions announced the launch of their new battery. The Exide Premium range is eco-friendly and has been made using recycled components and is predicted to help save over 2700 tonnes of CO2, along with 8 million litres of water.
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