New York, USA, Aug. 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global battery recycling market is anticipated to generate a revenue of $20,407.7 million at a CAGR of 9.3% during the analysis period, increasing from $9,748.7 million in 2020.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The demand of battery technology is always prevailing in modern lifestyle. Battery is an essential component of each and every aspect of daily life from portable electronic devices to grid-scale energy storage and transportation. The demand of batteries is rising, so is the quantity of used batteries. This is one of the main factors enhancing the growth of the global battery recycling market.
Restraint: Technical difficulties of recycling process is expected to restrain the growth of the battery recycling market during the forecast period.
Opportunity: Industrial manufacturers are shifting from the application of combustion fuels to electricity in order to meet the global goals of reducing carbon footprint and save the environment. This factor is expected to create many opportunities for the market in the upcoming years.
Key Segments of the Market
The report has divided the market based on different segments such as chemistry, source, application, and regional outlook.
Chemistry: Lead-acid Battery Sub-Segment Expected to be the Most Lucrative
The lead-acid battery sub-segment is predicted to garner a revenue of $13,882.8 million by 2028, surging from $6,613.2 million in 2020. The traditional lead-acid batteries are used in different industries such as marine, automobile, electric vehicles, forklifts, and uninterruptible power supplies because of their manifold features. Lead-acid batteries come with medium life span and affordability. These are the factors expected to enhance the growth of the sub-segment during the forecast period.
Source: Industrial Battery Sub-Segment Expected to be the Most Profitable
The industrial batteries sub-segment is expected to generate a maximum revenue of $10,327.2 million by 2028, increasing from $5,010.7 million in 2020. Lead-acid batteries are used extensively in the industrial applications such as forklift, emergency power backup, UPS systems and heavy machinery. This type of battery has many advantages such as affordability and no maintenance. This is the main factor behind the growth of the market segment during the forecast period.
Application: Transportation Sub-Segment Expected to be the Most Significant
The transportation sub-segment is predicted to garner a revenue of $8,746.4 million by 2028, surging from $4,248.1 million in 2020. With the rising advancements of transport industry and the growing popularity of electric cars, the demand for batteries also has increased more than ever. This is expected to be the major factor behind the growth of the sub-segment.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/11
Regional Insight: Europe Expected to Dominate the Market
The Europe regional market recorded a revenue of $3,493.0 million in 2020 and is further predicted to surpass $7,210.0 million by 2028. This rise is mainly because of the increasing adoption of sustainable battery recycling for generating power. Moreover, the presence of leading electric vehicle manufactures such as Tesla, Renault, and Volkswagen across the European countries is another reason behind the growth of the market.
Some of the leading battery recycling market players are -
- Call2Recycle, Inc.
- Battery Solutions, LLC
- Exide Technologies
- Umicore
- Contemporary Amperex Technology Co. Limited
- ENERSYS
- GEM Co., Ltd.
- Johnson Controls International plc
- Fortum OYJ
- Aqua Metals, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent development
In August 2019, American Battery Solutions, Inc. (ABS), an advanced battery systems company, announced the completion of its acquisition of high-voltage manufacturing and testing assets from Robert Bosch Battery Systems, an oil & energy company specializing in staffing services. ABS brings electrified mobility battery systems to emerging industrial, transportation, and commercial markets by leveraging the team's expertise and vast experience in the automotive battery system development, testing, and manufacturing.
Impact Analysis of COVID-19 on the Market
The coronavirus pandemic has impacted the global battery recycling market in a negative way. This is because of temporary shut down of industries and supply chain and declining demand of electric vehicles. This demand in the decline has impacted the growth of the market during the pandemic. However, the governments are making high investment in the automotive industry to enhance the demand of electric cars and other vehicles. This factor will help the battery recycling industry witness robust growth during the post pandemic period.
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