Secondary Battery Market Growth Must Triple Due to Technology innovation during 2020-2027

Secondary batteries, also known as storage batteries or charge accumulator, are capable of getting charged and discharged. It is a cell or mixture of cells in which the cell reactions are reversible. The original chemical conditions inside the cell can be refurbished by passing current through it, which is by charging from an external source.

Secondary batteries consist of lead-acid, Lithium-ion, and Nickel Metal Hydride (NiMH). These components in secondary battery are extremely cost-efficient in the long run and eco-friendly. The secondary battery market involves the sale of secondary batteries and associated services that are used in portable devices, electronics, emergency lighting sources, and motor vehicles.

Recently, there has been rapid acceptance of electric vehicles due to their various benefits such as reduced air pollution, saving of non-renewable resources, and others. The secondary battery market is primarily driven by the electric vehicles market. Therefore, rise in the electric vehicles market is likely to create great opportunities for the secondary battery market.

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Nickel Metal Hybrid (NiMH) batteries have fast charging capacity and wide temperature ranges between -30°C to +75°C. This makes it perfect for the automotive sector. Nickel metal hybrid batteries are capable to handle high power levels, which are vital for electric vehicles. Therefore, secondary batteries are progressively used in hybrid vehicles.

Moreover, declining lithium-ion battery prices and technological developments are anticipated to bring price-competitive electric vehicles to the market, which are expected to generate demand for secondary battery or lithium-ion technology. Further, electric vehicle sales are predicted to witness excellent growth over the forecast period, thereby bolstering the automotive batteries section in the secondary battery market.

The key factors boosting the secondary battery market are the renewable sector, decreasing lithium-ion battery prices, rapid adoption of electric vehicles, and augmented sale of consumer electronics. However, the demand-supply disparity of raw materials is anticipated to hamper the growth of the secondary battery market. Moreover, in the production of secondary batteries, hazardous substances are released in the environment. To control the release of pollutants, such as cadmium, cobalt, copper, cyanide, iron, lead, manganese, mercury, nickel, and zinc, governments have made some strict regulations on the production of secondary batteries. These factors are predicted to hamper the secondary battery market.

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The research offers an extensive analysis of key players active in the global Secondary Battery industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed in the report include BYD Company Ltd., Samsung SDI Co. Ltd., LG Chem Co. Ltd., Johnson Controls, Amperex Technologies Ltd., Energizer Holdings Inc., Panasonic Corporation, Aquion Energy, Battery Technology Inc., Beckett Energy Systems. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.

The global secondary battery market is studied across major four regional markets, including North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region has dominated the market in terms of revenue generation and is anticipated to continue its dominance until the end of the forecast period. Countries, such as India and China, are actively involved in the installation of renewable power plants and additional support from the government in terms of subsidy that enhanced the demand in this region. Moreover, rising demand for consumer electronics and rapid urbanization have boosted the demand for secondary battery in the Asia-Pacific region.

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