Lithium-ion Battery Technology Segment is Expected to Dominate the Global Industrial Secondary Battery Market
Developing new and advanced battery chemistries will
likely create immense opportunities for the overall Industrial Secondary
Battery market.
According
to TechSci Research report, “Global Industrial Secondary Battery Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Industrial
Secondary Battery is anticipated to project robust growth in the forecast
period with a CAGR of 11.48% 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 Industrial 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 Industrial
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 Industrial
Secondary Battery market during the forecast period.
Key
market players in the Global Industrial 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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“The
global Industrial 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 Industrial 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.
Industrial
Secondary Battery Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Lead-acid Batteries,
Lithium-ion Batteries, and Other Technologies (NiMh, NiCD, etc.), By Region, By
Competition 2018-2028 has
evaluated the future growth potential of Global Industrial 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 Industrial
Secondary Battery Market.
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