Lithium-ion Battery Recycling Market Size USD 19380 Million By 2026 At A CAGR 38
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2020/12/15 16:40:25
BANGALORE, India, Nov. 30, 2020 /PRNewswire/ -- The Lithium-ion Battery Recycling Market is segmented by Type - LiCoO2 Battery, NMC Battery, LiFePO4 Battery, by Applications - Automotive, Marine , Industrial, Electric Power etc. It also covers Global Opportunity Analysis and Industry Forecast to 2026. This report is published on Valuates Reports in the Energy & Utilities Category.
The Global Lithium-ion Battery Recycling market size is projected to reach USD 19380 million by 2026, from USD 2794.4 million in 2020, at a CAGR of 38.1% during 2021-2026.
Major factors driving the growth of Lithium-ion Battery recycling market size are, decreasing lithium-ion battery prices, increasing electric vehicles' adoption, rising concerns about battery waste disposal and strict government policies.
TRENDS INFLUENCING THE GROWTH OF LITHIUM-ION BATTERY RECYCLING MARKET SIZE
One of the key factors driving the growth of lithium-ion battery recycling market size is growing investments in electric vehicle production. Most businesses have begun recycling lithium-ion batteries as some raw materials such as lithium and cobalt have low accessibility.
In the midst of policy-level measures to encourage renewable power generation and the massive deployment of electric vehicles, the power sector is experiencing substantial growth due to the need for energy storage solutions. Thus the increasing adoption of lithium-ion batteries in the power sector is, in turn, expected to increase the lithium-ion recycling battery market size.
Technological advancement is expected to increase the growth of the lithium-ion battery market size. Technologically advanced batteries are likely to create a huge incentive for battery recycling companies to invest and channel their capital into creating revolutionary technology for battery recycling.
Stringent government regulations and EPA guidelines imposed by countries around the globe are expected to drive the Lithium-ion battery recycling market size. Batteries come with a lot of heavy metals and hazardous chemicals. Direct disposal of batteries as waste has garnered environmental concerns owing to contamination of soil and water. Thus, strict rules are being imposed by governments worldwide to encourage recycling of batteries.
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