Forecast: $3 Billion Secondary-Life Battery Market by 2035
NEW YORK -- Reportlinker.com announces that a new market research report is available in its catalogue: Second-Life Batteries: From PEVs to Stationary Applications
The first lithium ion (Li-ion) battery-powered plug-in electric vehicles (PEVs) were launched in 2010 with the emergence of the Chevrolet Volt and Nissan LEAF, soon to be followed by dozens of other car launches. More than 100,000 PEVs have been sold thus far, and sales volumes are rising fast. The battery packs in these vehicles are usually warrantied for 8 to 10 years and, after that period, most will have reduced energy storage capacity. Battery manufacturers expect that those batteries will retain 80% of the original capacity, on average.
At that point, most of the degraded batteries will be taken out of the cars. What will happen to all those used but still capable batteries? The answer lies in reusing them for stationary applications. Reusing salvaged batteries for stationary applications solves a significant problem: new batteries cost too much to allow for their profitable use on the grid. Used but still capable batteries, however, can be sold at a low price and still provide a useful function. Navigant Research forecasts that the global second-life battery business will grow from $16 million in 2014 to $3 billion in 2035.
This Navigant Research report explores the concept of utilizing batteries for second-life applications, such as stationary storage. The study examines the issues related to second-life batteries and suggests moves for stakeholders to help make the concept become a reality. Global forecasts for the availability, capacity, and revenue of these batteries, as well as their future price ceilings, extend through 2035. The report also assesses the market motivators and obstacles for the secondary use of automotive batteries.
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