Battery Recycling Market Size Is Anticipated To Reach USD 17.08 Billion By 2030: Grand View Research Inc.

Posted by Neha Bora on February 5th, 2024

San Francisco, 5 Feb 2024: The Report Battery Recycling Market Size, Share & Trends Analysis Report By Chemistry (Lithium-Ion, Lead Acid, Nickel), By Application (Transportation, Consumer Electronics, Industrial), By Region, And Segment Forecasts, 2024 - 2030

The global battery recycling market size is expected to reach USD 17.08 billion by 2030, registering a CAGR of 37.6% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements in the recycling industry are making battery recycling more efficient and cost-effective, which is another factor contributing to the growth of the market. An increase in the adoption of smartphones, electric vehicles, and other consumer electronics has led to an increase in the use of batteries. This has increased the number of end-of-life batteries, presenting new opportunities for recycling companies

The industrial segment is expected to witness substantial growth over the next few years, due to the growing demand for high-power range systems. Increasing trend of the adoption of UPS systems as an essential power-backup device is expected to favorably impact the market growth over the forecast period.

Enterprises deploy their data center facilities to meet data and network necessities. Interruption of power supply to these facilities can result in the loss of essential data, thereby decreasing the overall productivity and resulting in financial losses. The installation of UPS systems is one of the best ways to prevent unwanted losses. These factors are likely to increase the demand for UPS systems over the coming years, which, in turn, is anticipated to propel the demand for battery recycling in coming years.

Asia Pacific has been witnessing significant growth on account of the increasing number of manufacturing facilities, commercial offices, banks, MROs, and R&D centers in major countries like China, Australia, Japan, India and South Korea. The inception of new facilities and the expansion of existing battery recycling facilities owing to favorable government policies and foreign direct investments are likely to cater the growth battery recycling in the region.

Access Research Report of Battery Recycling Market @ https://www.grandviewresearch.com/industry-analysis/battery-recycling-market

Battery Recycling Market Report Highlights

• In 2023, the Lead acid emerged as the largest segment and accounted for a revenue share of 84.0% owing to large number of applications in automotive, industrial and hospitality sector
• In 2023, the Transportation segment was the largest in terms of revenue and accounted for 73.0% of the market. Growing demand from the transportation sector for batteries is expected to generate large number of spent batteries, stimulating the demand for the battery recycling segment.
• North America occupied a significant revenue share in 2023, with the U.S. being a major contributor to industry growth. A surge in usage of li-ion batteries in smartphones to extend their shelf life and enhance their efficiency is expected to drive growth of the market in North America in the coming years.
• The Asia Pacific accounted for the largest market revenue share in 2023, with China being the largest contributor to the regional market growth. Increasing usage of batteries for renewable energy storage is expected to fuel the demand for lead acid batteries in China. The growing use of lead acid and lithium-ion batteries coupled with the rising number of spent batteries is expected to drive the market over the forecast period.

Battery Recycling Market Report Scope

List of Key Players of the Battery Recycling Market

• Call2Recycle
• Exide Technologies
• Gravita India Ltd.
• Glencore
• Cirba Solutions
• American Battery Technology Company
• Gopher Resource
• East Penn Manufacturing Co.
• Aqua Metals

Access Press Release of Battery Recycling Market @ https://www.grandviewresearch.com/press-release/global-battery-recycling-market