Eco-Friendly Sustainable Battery Market to See 14.3% Annual Growth Through 2024
Recycling of Battery Materials will be an Important Strategic Movement in the Near Future
Recycling is going to be an important strategic movement in the coming years, especially for problematic materials like cobalt and lithium. Recycling of battery materials is still not currently practiced at a significant global scale, according to a report by BCC Research, "Opportunities for Eco-friendly Sustainable Batteries."
The market expects to see a compound annual growth rate (CAGR) of 14.3% through 2024, when it could be worth $34.3 billion.
Major players in the market include Fluence Energy LLC, Tesla Inc. (TSLA) and Primus Power.
· North America holds the largest market for eco-friendly sustainable batteries, with a projected market value of $6.1 billion at a CAGR of 16.9% by 2024.
· Electric Vehicles (EVs) are projected to approach $23.8 billion in 2024, making up 69.4% of the total ecofriendly sustainable battery market.
· The Utility industry is expected to experience the highest CAGR in the market at 21.5% through 2024.
“Powering personal electronics and electric vehicles with lithium batteries will remain the top choice into the near future,” writes BCC analyst, Arpita Mukherjee. “However, the potential for high-temperature batteries, especially those using molten sodium and sulphur, could help reduce cost and improve the reliability of energy grids that rely on renewable energy sources."
Progress in Battery Storage Makes Eco-Friendly Batteries Preferable to Older Technology
Recent progress in advanced battery storage technologies has made eco-friendly systems gain in popularity and recognition as the preferred method of power generation. This is due to the fact that they are fast-ramping and can be installed in just a few months. In contrast, older technologies such as pumped hydroelectric energy storage (PHES) take several years to build and are also highly dependent on geographical location.