New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Secondary Batteries Global Market Report 2022" - https://www.reportlinker.com/p06247453/?utm_source=GNW
, and Beckett Energy Systems.
The global secondary batteries market is expected to grow from $70.08 billion in 2021 to $82.03 billion in 2022 at a compound annual growth rate (CAGR) of 17.1%. 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 $146.61 billion in 2026 at a CAGR of 15.6%.
The secondary batteries market consists of sales of secondary batteries and related services that are used in portable devices, electronics, and motor vehicles.Secondary batteries are electrical batteries which can be charged, discharged and recharged multiple times.
Secondary batteries include Lithium-ion, lead-acid, Nickel Metal Hydride (NiMH) based secondary batteries. Secondary batteries are highly cost-efficient in the long term and are environment friendly.
The main product types of secondary batteries are lead-acid, lithium-ion (Li-ion) and nickel-metal hydride.The nickel-metal hydride (NiMH) battery is a type of rechargeable battery that is widely used in laptop computers, as well as mobile phones, camcorders, and other electronic devices.
The negative electrode of a NiMH battery is made of a hydrogen-absorbing alloy and, in some cases, a variety of intermetallic compounds.Nickel-oxide hydroxide is used to make the positive electrode.
The batteries are used in electronics, motor vehicles, portable devices and other applications by automotive, household and industrial end-users.
Asia Pacific was the largest region in the secondary batteries market in 2021.North America was the second-largest region in the secondary batteries market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for electric vehicles will positively impact the secondary batteries market.Secondary batteries are increasingly being used in hybrid vehicles.
The wide temperature ranges between -30°C to +75°C and the rapid charging capacity of Nickel Metal Hybride (NiMH) batteries are ideal for the automotive sector.NiMH batteries can handle the high-power levels which are essential for electric vehicles.
According to Bloomberg New Energy Finance (BNEF) report, electric vehicle sales are expected to reach 540 million by 2040, which is around 32% of the world’s passenger vehicles. Therefore, the increasing demand for electric vehicles will drive the secondary batteries market’s growth.
Stringent government regulations for the secondary batteries manufacturing hindering the growth of the secondary batteries market.The battery manufacturing process generates wastewater and releases pollutants such as cadmium, cobalt, copper, cyanide, iron, lead, manganese, mercury, nickel and zinc.
The manufacturers are usually advised, unless mandated to reduce the number of hazardous substances released in the environment.For instance, the USA Environmental Protection Agency (EPA) formulated the battery manufacturing effluent guidelines and standards to regulate such pollutants.
Therefore, stringent government regulations hinder the secondary batteries market’s growth.
Recent developments in NiMH battery manufacturing have improved the lifespan of nickel-metal hydride batteries.The electro positivity of the A-elements makes them easy to be corroded in the alkaline electrolyte used in NiMH batteries.
A thin protective layer is used on alloy particles to improve reaction kinetics and corrosion stability of conventional NiMH batteries. For instance, researchers at Stockholm University, a Swedish public university, have developed metal hydride surface structures for NiMH batteries to extend cycle life.
In January 2020, German battery manufacturer, VARTA AG acquired the US based Energizer Holdings, Inc.’s subsidiary, VARTA Consumer Batteries for $401 million. The acquisition will likely strengthen VARTA AG’s battery business and expand its product portfolio. VARTA Consumer Batteries manufactures and markets dry and primary batteries globally. The company was founded in 2002 and is headquartered in Ellwangen, Germany.
The countries covered in the secondary batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247453/?utm_source=GNW
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