Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Secondary Battery Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Global Secondary Battery Market has observed a significant valuation, pegged at USD 98.18 billion in 2022, and is poised to attain an exponential climb in the coming years, with expectations of a robust compound annual growth rate (CAGR) of 16.33% through 2028, to reach USD 245.51 billion. This growth trajectory is attributed to the dynamic confluence of technological innovation, shifting market demands, and strategic industrial movements.
Key Market Drivers:
- The burgeoning demand for electric vehicles (EVs) spearheads the market growth as the shift towards sustainable transport escalates. Lithium-ion batteries, acclaimed for their high energy density and fast charging capabilities, continue to be the cornerstone technology facilitating this transition.
- Renewable energy integration into power grids, necessitating formidable energy storage solutions, further accentuates the market's momentum.
- The ever-increasing proliferation of consumer electronics bolsters the need for advanced secondary batteries, highlighting the essential role of reliable and efficient energy storage in today’s digital age.
- Escalating utilization of large-scale battery storage by utility companies and substantial government incentives provide a substantial push to the secondary battery sector.
- Global movements towards energy independence invigorate market dynamics, mirroring the comprehensive shift to cleaner energy practices.
Key Market Challenges: Overcoming Limitations and Creating Safe, Sustainable Battery Solutions
With burgeoning demand comes a spectrum of challenges that the industry confronts, including:
- Energy density and capacity constraints, questioning the extent to which batteries can replicate the efficacy of traditional fuels.
- Cycle life and degradation, necessitating perpetual innovation to extend the resilience and longevity of battery systems.
- Safety concerns centered around the risks associated with lithium-ion batteries emphasize the need for rigorous research for safer alternatives.
- The availability and fluctuation in prices of raw materials crucial to battery production, coupled with environmental considerations, delineate the complex landscape that manufacturers navigate.
These concerns underscore the inherent complexities of scaling up battery solutions for global consumption while maintaining sustainability and economic viability.
Regional Insights and Segmental Analysis: Asia Pacific Leads with Significant Market Share; Lithium-ion Technology Remains Preeminent
Within the diverse sectors of the battery market, lithium-ion technology continues to reign supreme, touted for its exceptional performance and rapidly decreasing costs. The Asia Pacific region emerges as a dominant force in the market, propelled by extensive manufacturing capabilities and compelling governmental initiatives focused on energy storage. Advancements in the Battery Recycling technology within the region promise a new horizon of innovative storage solutions.
Rising Electric Vehicle (EV) Adoption Drives Automotive Battery Segment
The report segments the market based on technology, application, and geography, offering a meticulous breakdown of diverse facets. Within the application spectrum, the automotive battery segment expects to witness remarkable growth thanks to the accelerating transition towards electric vehicles (EVs), particularly in High-End Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and EV categories.
Competitive Landscape
An analytical gaze into the competitive panorama reveals comprehensive profiles of key market players thriving within the Global Secondary Battery Market. These industry leaders, with their strategic initiatives and innovative breakthroughs, forge the path for a resilient and sustainable energy future.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $98.18 Billion |
| Forecasted Market Value (USD) by 2028 | $245.51 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Umicore
- Retriev Technologies
- American Battery Technology Company (ABTC)
- Li-Cycle
- Aqua Metals
- Battery Solutions
- Recupyl
- Gopher Resource
- Glencore Recycling
- Retech Recycling Technology AB
For more information about this report visit https://www.researchandmarkets.com/r/mfmmov
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