Lithium-ion Battery Technology Segment is Expected to Dominate the Global Secondary Battery Market
Developing new and advanced battery chemistries will
likely create immense opportunities for the overall secondary battery market.
According
to TechSci Research report, “Global Secondary Battery Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Secondary Battery is
anticipated to project robust growth in the forecast period with a CAGR of 16.33%
through 2028. The trend toward electrification is extending beyond
transportation and consumer electronics to industrial sectors such as
manufacturing, agriculture, and mining. These industries are increasingly
adopting electric machinery and equipment powered by secondary batteries to
reduce carbon emissions and improve efficiency.
The
significance of this trend lies in its potential to create new markets and
applications for secondary batteries. It also aligns with global efforts to
decarbonize industrial processes and reduce the environmental impact of these
sectors. Collaboration and partnerships between governments, research
institutions, and private companies are on the rise in the secondary battery
market. These collaborations facilitate knowledge sharing, research funding,
and the development of standardized testing methods and safety protocols.
The
significance of this trend is its potential to accelerate advancements in
battery technology and streamline regulatory processes. It promotes a global
ecosystem that supports innovation and ensures the safety and reliability of
secondary batteries. While lithium-ion batteries dominate the market, there is
a growing trend toward diversifying battery chemistries. This includes
exploring alternative materials such as sodium-ion, potassium-ion, and even
lithium-sulfur batteries. Diversification aims to address limitations in cost,
resource availability, and energy density associated with lithium-ion
technology. The significance of this trend lies in its potential to offer
alternative solutions and reduce reliance on a single battery chemistry. It
also encourages competition and innovation in the industry.
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Based
on region, Asia-Pacific is expected to be the largest market, with the majority
of the demand coming from China, Japan, and India. The Asia-Pacific region has
multiple growing economies with substantial natural and human resources, with
China and India expected to be major investment hotspots for secondary battery
companies in the coming years due to policy-level support from governments for
both renewables and EVs and a growing middle-class population creating demand
for consumer electronics.
India
has been witnessing a surge in manufacturing batteries locally due to the
government's push toward e-mobility. The Indian government aims to achieve a
30% electric fleet by 2030 and has been formulating policies and programs to
achieve the target. For example, in 2021, the government amended the ongoing
FAME-II (Faster Adoption and Manufacturing of Electric Vehicles-II) scheme to
increase the subsidy rate for electric vehicles from INR 120/kWh to INR 180/kWh
to reduce the gap between petrol-powered two-wheelers and electric powered.
China
was the largest electric car market and sold more than 3.3 million electric
vehicles, accounting for almost 16% of the global electric car sales in 2021.
It is expected to remain the world's largest EV market in the future. The
development of charging infrastructure is further propelling EV adoption in the
country. Apart from EVs, the increasing penetration of telecommunication
services indicates a high demand for secondary batteries.
Similarly,
in Japan, 5G services started in 2020, and an increasing number of subscribers
are likely to switch to 5G during the forecast period, thus resulting in a
surge in the demand for 5G towers and secondary batteries.
Therefore,
based on such factors, Asia-Pacific is likely to dominate the secondary battery
market during the forecast period.
Key
market players in the Global Secondary Battery Market are following:-
- Umicore
- Retriev
Technologies
- American
Battery Technology Company (ABTC)
- Li-Cycle
- Aqua
Metals
- Battery
Solutions
- Recupyl
- Gopher
Resource
- Glencore
Recycling
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“
In conclusion, the global secondary battery market is characterized by several
prominent trends, including the continued dominance of lithium-ion technology,
advancements in solid-state batteries, an increased focus on sustainability,
the proliferation of electric vehicles, grid-scale energy storage, innovation
in energy density and fast charging, electrification of industries, global
collaboration and partnerships, diversification of battery chemistries, and
consumer demand for longer battery life. These trends collectively shape the
direction of the secondary battery market, influencing technological
developments, regulatory frameworks, and market dynamics. As the world seeks
cleaner and more sustainable energy solutions, secondary batteries will play a
central role in powering the future..” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Secondary
Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented By Technology (Lead-acid
Batteries, Lithium-ion Batteries, and Others, By Application (Automotive
Batteries (HEV, PHEV, and EV), Industrial Batteries (Motive, Stationary
(Telecom, UPS, Energy Storage Systems (ESS), Others), Portable Batteries
(Consumer Electronics, Others)), By Region, By Competition 2018-2028F” has evaluated the future growth
potential of Global Secondary Battery Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Secondary Battery Market.
Contact
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