Global Battery Recycling Market Report Examines Latest Trends and Key Drivers Supporting Growth through 2024
An insightful study, titled “Battery Recycling Market
- Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 –
2024”. has been freshly broadcasted to the vast research repository of
Market Research Reports Search Engine (MRRSE). This 156 page research study
provides detailed comprehensions and forecasts future growth of the global
market with an in-depth study of the factors impacting revenue growth
throughout the mentioned forecast period. Further, a deep analysis on the major
players from diverse regions is also present in the report.
The rising stringency
of government regulations pertaining to reducing the emission of greenhouse
gases and the protection and conservation of the environment has given the global
battery recycling services market all the push it needs. Growing awareness
about recycling among the general population has also resulted in the surge in
battery recycling, signaling the immense potential this market possesses.
Battery manufacturers around the world have also realized the environmental and
health hazards of used batteries and have been setting up their own recycling
centers.
Research analysts
predict that the global market for battery recycling services will register a
steady 10.9% CAGR from 2016 to 2024, with the opportunity in this market rising
from US$7.1 bn to be worth US$19.9 bn by the end of the forecast period.
Automotive Industry Largest Source of Spent Batteries
Based on spent battery
source, the battery recycling services market is segmented into electronics,
automotive, appliances, and others. Spent batteries sourced from the automotive
sector enjoyed the largest share in the battery recycling market in 2015 and
this segment is projected to retain its lead through 2024. The higher
percentage of lead acid batteries used in vehicles is one of the main reasons
why this sector has emerged as the leading source for spent batteries. These
batteries are comparatively easy to extract and need relatively lesser
operational excellence.
Asia Pacific One of Most Attractive Markets for Battery
Recycling Services
The global market for
battery recycling services is geographically segmented into North America,
South America, Asia Pacific, Europe, and the Middle East and Africa. Leading
the global market in 2014, Europe has always been a major implementer of energy
conservation technologies. The level of awareness regarding pollution control
and energy conservation is rather high among the people in Europe, resulting in
the rising demand for battery recycling services. This demand is also supported
by the participation of various government institutions. The strict
implementation of various rules pertaining to the proper disposal of used
batteries and the strong support for recyclers in the form of compensations
have greatly boosted the battery recycling services market in Europe.
North America is the
second largest market for battery recycling services, fueled mainly by the
imposition of stringent environmental norms by several government institutions
in the U.S. and Canada. The region is marked by the establishment of streamlined
processes from the consumer to the recycler for the flow of spent batteries.
This has helped North America better utilize spent batteries as a means of
saving the environment and tackling depleting earth metals. While the U.S.
leads this regional market for battery recycling services, Mexico is projected
to witness the highest growth over the forecast period.
Asia Pacific is one of
the fastest growing economies in the world and also one of the most attractive
markets for battery recycling services. Stringent environmental regulations and
the rising exports from developing and developed countries are anticipated to
give the APAC battery recycling services market a significant push in the next
few years. Fewer environmental regulations and low labor cost also support this
regional market. With the least stringent environmental and labor protection
laws, India is expected to increase its share in the Asia Pacific battery
recycling services market from 2016 to 2024.
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