New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nickel Metal Hydride Global Market Report 2022" - https://www.reportlinker.com/p06247472/?utm_source=GNW
The global nickel metal hydride market is expected to grow from $2.74 in billion 2021 to $3.25 billion in 2022 at a compound annual growth rate (CAGR) of 18.3%. he 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 $6.05 billion in 2026 at a CAGR of 16.9%.
The nickel metal hydride batteries market consists of sales of nickel metal hydride batteries and related products.Nickel metal hydride battery refers to energy storage battery or rechargeable battery in general.
These batteries are composed of electrochemical charge/discharge reactions that occur between a positive electrode and a negative electrode and are used in widespread applications especially in high-end portable electronic products.
The main types of nickel metal hydride batteries are small-sized Ni-MH batteries for consumer electronics, large-sized Ni-MH batteries for HEV.Small-sized Ni-MH batteries are rechargeable batteries found in laptops, computers, cameras, and mobile phones.
The nickel metal hydride batteries are used in automotive, cordless phones, dust collectors, personal care, lighting tools, electric tool and are distributed through OEM and aftermarket sales channels.
Asia Pacific is the largest region in the nickel metal hydride market in 2021.North America is the second-largest region in the nickel metal hydride market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Nickel metal hydride batteries are increasingly being used in hybrid vehicles.The wide temperature range between -30 °C to + 75 °C and rapid charging capacity made these batteries ideal for the automotive sector.
NiMH batteries can handle the high-power levels which is 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.
The increasing demand for electric vehicles will positively impact the NiMH battery market.
Regulations introduced by various governments for the rechargeable batteries manufacturing hindered the growth of the 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 example, the USA Environmental Protection Agency (EPA) formulated the Battery Manufacturing Effluent Guidelines and Standards to regulate such pollutants.
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 nickel metal hydride 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/p06247472/?utm_source=GNW
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