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Battery Recycling Market Size, Share and Global Trend By Battery Type (Primary Battery, Secondary Battery), By Chemistry (Lead Acid Battery, Nickel Cadmium Battery, Nickel Metal Hydride Battery, Lithium-Ion Battery), By Source (Automotive, Consumer and Electronic Appliance, Industrial Battery) and Geography Forecast till 2026
Battery Recycling Market Overview:
Extensive use of batteries and rising demand for energy source across the globe are creating growth opportunities for the battery recycling market, says Fortune Business insights in a report, titled “Battery Recycling MarketSize, Share and Global Trend By Battery Type (Primary Battery, Secondary Battery), By Chemistry (Lead Acid Battery, Nickel Cadmium Battery, Nickel Metal Hydride Battery, Lithium-Ion Battery), By Source (Automotive, Consumer and Electronic Appliance, Industrial Battery) and Geography Forecast till 2026”. Rising battery waste and its hazardous effect on the environment are key factors accelerating the battery recycling market growth pace.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Top companies covered in the Battery Recycling Market are
DOELaunches the First Battery Recycling Center
The Department of Energy (U.S) launched the first lithium-ion battery recycling center, called theRecell Center. This center is predicted to create jobs opportunities and produce a national supply of lithium-based battery materials. The launch of this center is expected to fuel demand among other companies and departments with a focus to inaugurate battery recycling centers in other regions.
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Numerous key companies are partnering amongst each other to recycle lithium batteries and cells, for instance, ABB FIA Formula E Championship announced Umicore as their official battery recycling partner to recycle lithium-ion battery units and cells used during the first two seasons of the electric street racing series. The partnership is expected to aid significantly towards the growth of battery recycling market.
Increasing Battery Waste to Create Growth Opportunities
The market on the basis of type is segmented into secondary batteries and primary batteries. Primary batteries are majorly used in watches, electric toys, consumer electronics and others, these batteries are non-rechargeable. Secondary batteries are mainly used in electronics, automotive, industrial battery, electrical equipment, and others but are rechargeable batteries. On the basis of chemistry type, the battery recycling market is segmented into lead-acid battery, nickel cadmium, nickel metal hydride battery lithium-ion battery, and others.
Batteries are widely used across various sections such as electronic, electrical gadgets, energy storage, electric vehicle, mining operation, marine submarine applications. These segmentations generate million and billions of tons of used battery waste which is likely to assist in the growth of battery recycling market. The rising concern of dumping batteries has worried the global leaders and has impelled them to take strict action and regulate recycling guidelines for the prevention of serious environmental hazard. This factor is expected to boost the global market and enable growth opportunities.
North America Forecast to Emerge Dominant
Geographically, the battery recycling market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is leading the market, owing to the new developments in the field of automobile, telecommunication, aerospace-aviation, infrastructure, energy development and others. Department of Energy (U.S.) launched their new center for recycling lithium batteries and implement other battery recycle plans. This center is likely to escalate the market growth in the region.
In 2006, the European Parliament announced a battery Instruction with an objective to improve environmental conditions by operational collection and separation of batteries. European nations are more worried about rising carbon emission and hence are applying strict guidelines to prevent environmental degradation. More countries in the region are accepting renewable forms of energy which not only diminishes carbon emission but also minimizes the dependency of fossil fuel. These steps taken by the government to prevent environmental hazards and the adoption of renewable energy is propelling the growth of the global market in the region.
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