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Secondary Battery market projected to grow at a CAGR of 9.8% from 2023 to 2032.
energy storage solutions and environmental awareness, rising demand for electric vehicles (EVs) and renewable energy integrity are the upcoming trends of Secondary Battery Market in the world.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, June 18, 2024 /EINPresswire / --
According to a new report published by Allied Market Research, the secondary battery market size was valued at $96.7 billion in 2022, and is estimated to reach $261.8 billion by 2032, growing at a CAGR of 9.8% from 2023 to 2032.
A secondary battery is a form of energy storage device that can be charged and discharged repeatedly. It is also referred to as a rechargeable battery or storage battery. Secondary batteries are made to be reusable and offer a sustainable supply of electrical energy as opposed to primary batteries, which are non-rechargeable and intended for a single usage.
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Asia-Pacific dominated the secondary battery market.
The major players operating in the secondary battery industry are Energizer Holdings Inc., LG Chem, BTI, Johnson Controls, Samsung SDI Co., Ltd., Aquion Energy, LLC, Panasonic Corporation, Amperex Technologies, BYD Company Ltd., and Hitachi High-Tech India Private Limited.
Lithium-ion (Li-ion), nickel-cadmium (NiCd), nickel-metal hydride (NiMH), and lead-acid are a few examples of common chemistries. In terms of energy density, voltage, and longevity, various chemistries offer a variety of benefits and trade-offs.
Consumer devices (such as smartphones and laptops), electric vehicles (EVs), uninterruptible power supplies (UPS), renewable energy storage, and many other applications employ secondary batteries.
The amount of energy that different secondary batteries can store per unit of volume or weight is referred to as energy density. For instance, lithium-ion batteries are renowned for having a high energy density, which makes them ideal for EVs and portable gadgets.
The long-term cost effectiveness of secondary batteries is one of its main benefits. Although they could cost more up front than disposable primary batteries, being able to recharge and reuse them lowers the overall cost of ownership.
Secondary batteries are adaptable and suited for a wide range of applications, from small electronics to grid-scale energy storage systems. They are available in many chemistry and size configurations.
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Many secondary batteries have a long cycle life, which means they can withstand hundreds or even thousands of charge-discharge cycles before suffering a substantial loss in capacity. This increases the time they can be used.
Secondary batteries do inevitably deteriorate over time, resulting in decreased capacity, despite having lengthy cycle lifetimes. This is difficult, particularly for applications where reliable performance is essential.
Some secondary battery chemistries, like lithium-ion batteries, require the extraction and processing of raw materials that may have an adverse effect on the environment.
Batteries must be recycled and disposed of properly to minimize these consequences. If not handled appropriately, certain secondary battery chemistries can provide safety issues. Certain battery types have been linked to safety issues include overcharging, thermal runaway, and potential fire risks.
They may be reused numerous times; secondary batteries are more environmentally friendly than primary batteries. By doing this, less battery waste is dumped in landfills, reducing environmental damage. This is especially helpful for portable devices like digital cameras, smartphones, and laptops. Lithium-ion batteries, for example, have high energy density, which allows them to store a lot of energy in a very small and light package.
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Secondary batteries have a lot of prospects thanks to the rising need for energy storage systems, such as grid-scale and home energy storage systems.
The market for electric vehicles is expanding, which presents secondary batteries with numerous opportunities. For EV applications, high-energy-density batteries with quick charging capabilities are in demand. To increase the dependability of renewable energy systems, secondary batteries are crucial for storing extra energy produced by renewable sources like solar and wind for later use.
The performance, safety, and cost-effectiveness of batteries are currently the focus of research and development, opening up new possibilities for innovation in secondary battery technologies. More environmentally conscious secondary battery technologies are being developed as a result of rules surrounding battery recycling and disposal.
By type, the lithium-ion battery segment is projected to grow at the highest CAGR of approximately 10.1%, in terms of during the secondary battery market forecast period.
Depending on application, the motor vehicles segment dominated the secondary battery market share in 2022.
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By industry vertical, the automotive segment dominated the secondary battery market growth at a CAGR of 10.2% in 2022.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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