Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The global Lithium Ion Battery Recycling market is projected to reach USD 6.55 billion by 2028 at a CAGR of 18.5% during the forecast period. The market is set to gain momentum from the rising introduction of strict government norms for treating vital materials in battery chemistry. This information is given by Fortune Business Insights™ in a new report, titled, “Lithium Ion Battery Recycling Market, 2021-2028.” The report further mentions that the market size was USD 1.70 billion in 2020.
COVID-19 Pandemic to Impact Growth Backed by Stoppage of Cross-border Trade
The COVID-19 pandemic has delayed various operations in a wide range of industries. Government bodies are introducing new rules, such as lockdown and social distancing policies, to curb transmission. The halt of cross-border trade activities would negatively impact the supply chain network. We are offering in-depth insights into this industry to help our clients better understand the current scenario.
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How Did We Conduct Our Research?
The Lithium Ion Battery Recycling Market research report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down methods to calculate the Lithium Ion Battery Recycling industry size.
A list of all the renowned providers operating in the Lithium Ion Battery Recycling Market:
- SNAM (France)
- Umicore (Belgium)
- Sumitomo Metal Mining Co., Ltd. (Japan)
- Lithion Recycling Inc. (Canada)
- BATREC INDUSTRIE AG (Switzerland)
- American Zinc Recycling Corp (U.S.)
- Fortum (Finland)
- DOWA ECO-SYSTEM Co., Ltd. (Japan)
- Li-Cycle Corp. (Canada)
- Neometals Ltd (Australia)
- ACCUREC Recycling GmbH (Germany)
- AkkuSer (Finland)
- San Lan Technologies Co., Ltd (China)
- Duesenfeld (Germany)
- Glencore (Switzerland)
- Redux GmbH (Germany)
- uRecycle Group (Finland)
- Retriev Technologies Inc. (Canada)
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-recycling-market-100244
Segment-
Electric Vehicles Segment to Grow Steadily Fueled by Surging Number of Automobiles
Based on the source, the electric vehicles segment earned a significant in terms of the Lithium Ion Battery Recycling market share in 2020. This growth is attributable to the increasing number of various automobiles, such as bikes, cars, and buses. The electronics segment is predicted to hold a substantial share due to various factors such as improved profitability in recycling, disassembling of large devices, and long-standing battery installation in products.
Driving Factor:
Increasing Demand for Clean Energy Sources to Boost Growth
People nowadays are rapidly shifting towards clean power sources as they offer efficient input to various applications. Companies worldwide have surged the installation of multiple batteries for numerous electric vehicles and energy storage. This is expected to bolster the replacement of long-standing batteries with low out efficiency generating wastes. Total, for instance, announced its plan to construct a battery-based energy storage project in France in March 2020. Such initiatives are likely to accelerate the Lithium Ion Battery Recycling market growth in the upcoming years. However, the construction of new recycling facilities involves high investments, which, in turn, may hamper the demand for Lithium Ion Battery Recycling services.
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Regional Insights-
Large Battery Installed Base to Augment Growth in Asia Pacific
Geographically, Asia Pacific generated USD 1.53 billion in terms of revenue in 2020. The presence of favorable battery energy storage policies would majorly contribute to this growth. Coupled with this, a large battery installed base and a rising number of Lithium Ion Battery Recycling firms would aid regional growth.
On the other hand, in North America, the U.S. Department of Energy (DOE) announced its plans to invest USD 20.5 million in its battery recycling infrastructure and unveil a modern R&D facility. Lastly, in Europe, the market is likely to grow significantly throughout the forthcoming years backed by the surging number of clean energy generation targets that are being implemented by the European Union for reducing pollution.
Competitive Landscape-
Key Players Focus on Partnerships & New Plant Development to Intensify Competition
The global Lithium Ion Battery Recycling Market houses an enormous number of large and small and medium enterprises (SMEs). Some of them are currently striving to compete with their rivals by constructing new Lithium Ion Battery Recycling plants. A few others are participating in partnerships and collaborations to jointly optimize their services. Below are the two latest industry developments:
- June 2021 – Germany-based chemicals company, BASF declared to initiate construction of a new battery recycling prototype plant at the company’s Cathode Active Materials (CAM) facility site in Schwarzheide, Germany. The company targets to utilize the advanced solution and extract cobalt, manganese, lithium, and nickel from lithium-ion batteries reaching the exhaustion period.
- July 2021 – Canada-based Li-Cycle confirmed to initiate a partnership agreement with Helbiz to establish sustainable recycling solutions for LIBs reaching their exhaustion period and are currently equipped across e-bikes and e-scooters.
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Part 2
Residential Battery Market Research Report
The increasing demand for backup power can have a tremendous impact on the global market, states Fortune Business Insights, in a report, titled “Residential Battery Market Size, Share & Industry Analysis, By Type ( Lithium-ion battery, Lead-Acid battery, Others ), By Power Rating ( 3-6 kW, 6-10 kW ), By Operation ( Standalone, Solar ) and regional forecast 2022-2029.” The growing adoption of Li-ion batteries is expected to foster the healthy growth of the market.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the residential battery market includes:
- All-encompassing study of the market
- Indispensable facts about prominent players
- Foremost regions in the market
- Key drivers and trends
- Significant development
- Information about prominent players
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Market Driver:
Launch of New Residential Battery by Panasonic to Augment Growth
The introduction of innovative batteries by prominent companies can incite the development of the market. For instance, in September 2019, Panasonic released a new residential battery and improved solar panels. EverVolt features a modular design and is available in AC and DC coupled versions, offering a flexible solution optimized for homeowner’s energy needs and budgets. It is compatible with any solar system or inverter and can be tailored to a homeowner’s individual needs. Furthermore, the increasing demand for continuous power supply as backup power systems at residential locations is expected to enable speedy expansion of the market. The growing operational advantages of Li-ion batteries are expected to bolster the healthy growth of the market further. The growing adoption of renewable and low-cost lithium-ion batteries is likely to create opportunities for the Residential Battery Market.
However, the slow adoption of these batteries at residential locations is expected to hamper the market's growth. Seasonal power cuts and continuous supply from grids have affected their demand in recent years, which, in turn, can dampen the market growth.
Regional Analysis:
High Electricity Generation to Propel Market Asia Pacific
The Residential Battery Market in Asia Pacific is expected to hold the largest share globally due to the demand for continuous electricity supply. This has compelled many residential customers to install separate battery storage systems for power cuts. The heavy investments in solar electricity generation is expected to fuel demand for battery installations at residential locations. The installation of these batteries by customers has resulted in customers having minimum outages and economical electricity rates, which can positively impact the market. Europe is expected to hold the maximum share owing to the demand for solar power installations in the residential sector. The government's green energy targets and subsidies are expected to foster healthy growth of the market in leading nations such as Germany, the UK, France, Spain, and Italy. North America is also expected to experience healthy growth in the market, owing to the growing emphasis on solar power and wind power.
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Key Development:
February 2020: Researchers at China’s Tianjin University examined and studied renewables' development in the global energy mix. This is inextricably linked to grid-level energy storage, which can smooth out solar and wind generation's inherent intermittency.
The Report Lists the Key Players in the Residential Battery Market:
- ABB
- Amararaja Batteries Limited
- Samsung SDI
- Luminous Power Technologies(P) Ltd
- LG Chem Power, Inc.
- SMA Solar Technology AG
- Siemens
- Eaton
- Schneider Electric
- Murata
- Ultralife Corporation
- BYD Electronic ( International) Company Limited
- EguanaTechnologies
- Tesla
- Panasonic North America.
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