LONDON, July 13, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s global battery industry report, the COVID impact on battery industry resulted supply chain and manufacturing disruptions, shutdown of distribution channels, and country-wide lockdowns hampering export-import relations. The disease originated in Wuhan’s Hubei Province in China, and China is a major hub for raw materials used in the production of secondary batteries and components used in assembling of critical secondary batteries. Lithium and Cobalt are widely used in the production of battery cathodes and electrolytes.
According to a study published in Cambridge University Press in 2020, currently China holds 63% of production of rare-earth metals and controls 80% of the global supply chain of these materials. However, since the outbreak, all production facilities had to be temporarily shut down. Some facilities resumed work at reduced capacity which adversely affected production. Due to the outbreak, trade relations between China and its neighboring countries have been compromised, thus negatively affecting the secondary batteries market.
The global secondary batteries market is expected to grow from $52.58 billion in 2020 to $57.61 billion in 2021 at a compound annual growth rate (CAGR) of 9.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $83.24 billion in 2025 at a CAGR of 10%.
Asia-Pacific is the largest region in the secondary batteries market, accounting for 38.2% of the total in 2020. It is followed by the North America, Western Europe then the other regions. Going forward, the fastest-growing regions in the secondary batteries market will be South America and Africa where growth will be at CAGRs of 13.9% and 12.0% respectively during 2020-2025. These will be followed by Asia-Pacific and Middle East, where the markets are expected to register CAGRs of 11.4% and 10.9% respectively in the consumer battery market during 2020-2025.
The Business Research Company’s report titled Secondary Batteries Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major secondary batteries companies, secondary batteries market share by company, secondary batteries manufacturers, secondary batteries market size, and secondary batteries market forecasts. The report also covers the global secondary batteries market and its segments.
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Flow batteries are gaining prominence due to low energy density compared with normal lithium-ion batteries. Flow batteries are rechargeable batteries where chemical energy is provided by the two chemical components dissolved in liquids which are contained within a system. It doubles the maximum voltage and yields high storage capacity of renewable power. These batteries have the advantage of supplying power to a large network of electric grid by storing a huge amount more energy than traditional batteries. Some of the major companies manufacturing flow batteries include Sumitomo Electric Industries, UniEnergy Technologies, Dalian Rongke Power and Gildemeister.
Other major players in the rechargeable battery market are BYD Company Ltd., Samsung SDI Co. Ltd., LG Chem Co. Ltd., Johnson Controls, Amperex Technologies Ltd., Energizer Holdings, Inc., Panasonic Corporation, Aquion Energy, Battery Technology Inc., Beckett Energy Systems, Duracell Inc., EaglePicher Technologies, LLC, Electrochem Automation Inc., EnerVault Corporation, E-One Moli Energy Corp., Eveready Industries India Ltd., FDK Corporation, GPB International Limited, GS Yuasa Corporation, Highpower International Inc., Hitachi Chemical, Jiangmen TWD Technology Co., Ltd., Maxell Holdings, Ltd., Nippon Chemi-Con, Saft Groupe S.A., Spectrum Brands, Inc., VARTA Consumer Batteries GmbH & Co. KgaA, TCL Hyperpower Batteries, Inc., Tohoku Murata Manufacturing Co., Ltd., Ultralife Corporation.
Secondary Batteries Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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