Batteries have applications across various industries and end user applications as they are a critical device to store electrical energy. Be it chargeable or non-chargeable, batteries need to be thrown away after their capacity of delivering energy comes to an end. As large number of devices make use of batteries, there is also a significant rise in the number of batteries being thrown away, which in turn poses a grave threat to the environment. As batteries have hazardous chemicals, they need to be treated before disposal. The most optimal way is to recycle and reuse them. The strict implementation of various rules regarding the safe disposal of used batteries is driving the global battery recycling market.
General Awareness Regarding Benefits of Recycling to Fuel Battery Recycling Market
The increasing number of government and environmental regulations to reduce the emission of greenhouse gases is giving the global battery recycling market a fillip. A growing awareness among the general population regarding the benefits of recycling batteries has also shaped the global battery recycling market to what it is today. This realization has compelled battery manufacturers across the globe to set up their own recycling centers, encouraging the growth of the market. According to a report available on Market Research Reports Search Engine (MRRSE), the growth of the battery recycling market will rise from US$7.1 bn in 2015 to US$19.9 bn by 2024, expanding at a 10.9% CAGR between 2016 and 2024.
Although the practice of battery recycling is substantially gaining strength at the industrial level with the setup of recycling centers by electronic appliances and automotive companies, there still exists limited awareness about benefits of recycling, among final consumers. This lack of knowledge about battery recycling is likely to act as a major impediment to the growth of this market.
Asia Pacific to Emerge as Lucrative Market for Battery Recycling
The global battery recycling market is segmented on the basis of battery chemistry, battery source, end use, and region. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, the Rest of the World, South America, and the Middle East and Africa. Europe, followed by North America led in the market in 2014. The growing awareness regarding energy conservation and environmental pollution has helped these regions to grow in the market. However, the market in Asia Pacific is expected to expand at a significant rate. The region is anticipated to emerge as a lucrative market in the coming years. By battery chemistry, the market is segmented into lithium ion, lead acid, nickel cadmium, and others. Of these, the lead acid segment led in 2014, accounting for 45% of the market.
Browse Full Global Battery Recycling Market Report with TOC:http://www.mrrse.com/battery-recycling-market
Key vendors operating in the global battery recycling market are Call2Recycle, Inc., Gravita India Ltd., Battery Solutions LLC, Retriev Technologies Inc., East Penn Manufacturing Company, Exide Technologies, EnerSys, G&P Batteries, Umicore N.V., and Johnson Controls, Inc. Key players are investing in technological advancements, leading to innovations, which are further driving the market.