Secondary Battery Market – The development of new and advanced battery chemistries is expected to generate significant opportunities for the overall Global Market.
According to TechSci Research report, “Global Secondary Battery Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Secondary Battery is anticipated to project robust growth in the forecast period with a CAGR of 16.33% through 2028. The trend toward electrification is extending beyond transportation and consumer electronics to industrial sectors such as manufacturing, agriculture, and mining. These industries are increasingly adopting electric machinery and equipment powered by secondary batteries to reduce carbon emissions and improve efficiency.
The significance of this trend lies in its potential to create new markets and applications for secondary batteries. It also aligns with global efforts to decarbonize industrial processes and reduce the environmental impact of these sectors. Collaboration and partnerships between governments, research institutions, and private companies are on the rise in the secondary battery market. These collaborations facilitate knowledge sharing, research funding, and the development of standardized testing methods and safety protocols.
The significance of this trend is its potential to accelerate advancements in battery technology and streamline regulatory processes. It promotes a global ecosystem that supports innovation and ensures the safety and reliability of secondary batteries. While lithium-ion batteries dominate the market, there is a growing trend toward diversifying battery chemistries.
This includes exploring alternative materials such as sodium-ion, potassium-ion, and even lithium-sulfur batteries. Diversification aims to address limitations in cost, resource availability, and energy density associated with lithium-ion technology. The significance of this trend lies in its potential to offer alternative solutions and reduce reliance on a single battery chemistry. It also encourages competition and innovation in the industry.
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Based on region, Asia-Pacific is expected to be the largest market, with the majority of the demand coming from China, Japan, and India. The Asia-Pacific region has multiple growing economies with substantial natural and human resources, with China and India expected to be major investment hotspots for secondary battery companies in the coming years due to policy-level support from governments for both renewables and EVs and a growing middle-class population creating demand for consumer electronics.
India has been witnessing a surge in manufacturing batteries locally due to the government’s push toward e-mobility. The Indian government aims to achieve a 30% electric fleet by 2030 and has been formulating policies and programs to achieve the target. For example, in 2021, the government amended the ongoing FAME-II (Faster Adoption and Manufacturing of Electric Vehicles-II) scheme to increase the subsidy rate for electric vehicles from INR 120/kWh to INR 180/kWh to reduce the gap between petrol-powered two-wheelers and electric powered.
China was the largest electric car market and sold more than 3.3 million electric vehicles, accounting for almost 16% of the global electric car sales in 2021. It is expected to remain the world’s largest EV market in the future. The development of charging infrastructure is further propelling EV adoption in the country. Apart from EVs, the increasing penetration of telecommunication services indicates a high demand for secondary batteries.
Similarly, in Japan, 5G services started in 2020, and an increasing number of subscribers are likely to switch to 5G during the forecast period, thus resulting in a surge in the demand for 5G towers and secondary batteries.
Therefore, based on such factors, Asia-Pacific is likely to dominate the secondary battery market during the forecast period.
Key market players in the Global Secondary Battery Market are following:-
- Umicore
- Retriev Technologies
- American Battery Technology Company (ABTC)
- Li-Cycle
- Aqua Metals
- Battery Solutions
- Recupyl
- Gopher Resource
- Glencore Recycling
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“In conclusion, the global secondary battery market is characterized by several prominent trends, including the continued dominance of lithium-ion technology, advancements in solid-state batteries, an increased focus on sustainability, the proliferation of electric vehicles, grid-scale energy storage, innovation in energy density and fast charging, electrification of industries, global collaboration and partnerships, diversification of battery chemistries, and consumer demand for longer battery life.
These trends collectively shape the direction of the secondary battery market, influencing technological developments, regulatory frameworks, and market dynamics. As the world seeks cleaner and more sustainable energy solutions, secondary batteries will play a central role in powering the future..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Secondary Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Lead-acid Batteries, Lithium-ion Batteries, and Others, By Application (Automotive Batteries (HEV, PHEV, and EV), Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), Others), Portable Batteries (Consumer Electronics, Others)), By Region, By Competition 2018-2028F” has evaluated the future growth potential of Global Secondary Battery Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Secondary Battery Market.
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