Global Cobalt-Free Batteries Market Set For 13.8% Growth, Reaching $2.22 Billion By 2028
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The cobalt-free batteries market has displayed steady growth in recent years. From a market size of $1.16 billion in 2023, it is expected to expand to $1.32 billion in 2024, showing a compound annual growth rate CAGR of 13.7%. This development during the historical period can be attributed to rising environmental concerns, the surge in the adoption of electric vehicles, the decrease in cobalt prices, increased regulatory pressure to lessen environmental impact, heightened consumer awareness about ethical sourcing, and the substantial investment in battery technology advancements.
Where Does the Cobalt-Free Batteries Market Stand to Grow in the Foreseeable Future?
Looking ahead, the cobalt-free batteries market is predicted to grow at an even more rapid pace. It is estimated to hit a market size of $2.22 billion by 2028, with a compound annual growth rate CAGR of 13.8%. This expected growth in the forecast period can be attributed to the increased demand for energy storage capacity in grid systems, advancements in solid-state battery technology, government incentives promoting green technology, as well as a rise in energy storage needs for renewable energy sources and a growing focus on reducing carbon emissions. Immerse yourself in the most in-depth market analysis with a detailed sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=19006&type=smp
How Is Artificial Intelligence AI Expected To Impact the Market?
Further, the implementation and increased adoption of artificial intelligence AI, representing the simulation of human intelligence by machines - particularly computer systems- is anticipated to propel the market’s growth further. The adoption of AI leads to heightened efficiency, improved decision-making, automation of repetitive tasks, and valuable insights from large data sets—thereby leading to cost-efficiency and innovation across various industries. For instance, as stated in Slack's new global Workforce Index published by Salesforce UK Limited in June 2024, AI usage in UK workplaces escalated by 66% in September 2023 and by another 18% at the onset of 2024, underscoring the growing influence of artificial intelligence in this market.
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Which Key Industry Players are Making Significant Contributions to the Cobalt-Free Batteries Market?
Key industry players overseeing the cobalt-free batteries market continue to advance innovations such as high-power performance cobalt-free batteries designed to mitigate environmental concerns associated with traditional battery technologies. For example, in November 2023, Toshiba Corporation, a Japan-based electronics company, launched a new cobalt-free lithium-ion battery equipped with a cobalt-free, high-potential cathode containing low levels of nickel - addressing major supply chain and cost issues.
How Is the Cobalt-Free Batteries Market Segmented?
The cobalt-free batteries market has been segmented as follows:
1 By Type: Lithium Iron Phosphate Batteries, Lithium Manganese Oxide Batteries
2 By Application: Transportation, Solar-Powered Lighting Systems, Other Applications
3 By End-Use: Electronic Vehicles, Energy Storage
This clear segmentation allows for better understanding of the market dynamics and facilitates effective strategization for companies looking to enter or grow in this market.
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