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Second-life EV Batteries Market to Hit $28.17 Billion by 2031, Driven by EV Demand, Renewable Energy Adoption, and Environmental Impact Mitigation – Exclusive Report by Meticulous Research®

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REDDING, Calif., Sept. 5, 2024 /PRNewswire/ — According to a new market research report titled, ‘Second-life EV Batteries Market Size, Share, Forecast, & Trends Analysis by Application (Power Backup, Grid Connection, EV Charging, Renewable Energy Storage, Other Applications), End Use (Commercial, Residential, Industrial) —Global Forecast to 2031.

The Second-life EV Batteries market is expected to reach $28.17 billion by 2031, at a CAGR of 43.9% from 2024 to 2031.

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Efforts to mitigate the environmental impact of battery disposal, the growing adoption of renewable energy sources, and the increasing demand for electric vehicles (EVs) are key factors driving the growth of second-life EV batteries.

Initiatives to Mitigate the Environmental Impacts of Battery Disposal Support Market Growth

Improper disposal of batteries can lead to significant environmental consequences. Batteries contain various chemicals and metals that can be detrimental if they leach into soil or water. There is a growing focus on mitigating the environmental impacts of EV battery disposal, including the development of robust recycling systems, the exploration of alternative battery chemistries with lower environmental footprints, and the establishment of regulations to enforce responsible disposal practices. Some battery materials are lost during recycling, which necessitates their acquisition for new battery production. As a result, battery refurbishing and repurposing have emerged as effective strategies for enhancing sustainability and reducing the negative environmental impacts associated with end-of-life batteries. The repurposing of end-of-life batteries provides the following benefits:

Resource Conservation: Unlike battery recycling, refurbishing end-of-life batteries does not require replacing materials lost during the recycling process, conserving critical battery materials/resources.Reduced Pollution: Battery manufacturing using recycled materials has a considerable environmental footprint, which can be avoided through battery repurposing.Efficient Energy Management: Batteries allow for the storage of excess energy during periods of high generation and can support electricity grids during periods of peak demand. However, the environmental footprint of new batteries is high, which can be reduced through the use of second-life batteries.

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To address the environmental repercussions of battery manufacturing, producers are actively working to bring refurbished and repurposed batteries to market. Additionally, governments are implementing regulations to foster sustainability within the battery ecosystem. For example, in August 2022, the Government of India introduced the Battery Waste Management Rules, which target EV batteries, portable batteries, automotive batteries, and industrial batteries. These rules endorse the principle of Extended Producer Responsibility (EPR), holding battery producers accountable for the collection and recycling or refurbishment of waste batteries.

EPR mandates the collection and proper disposal of all waste batteries, prohibiting their disposal through incineration and landfills, which can be further supported by battery repurposing. This proactive approach aligns with the broader global initiative to promote sustainable practices within the rapidly expanding energy industry. By enforcing stringent regulations, governments aim to ensure a more environmentally friendly and sustainable lifecycle for batteries, thereby enhancing the overall eco-friendliness of the energy sector. These factors are driving the development of second-life batteries and supporting the growth of this market.

Second-life EV Batteries Market Analysis: Key Segmental Findings

By Application: In 2024, the power backup segment is projected to account for the largest share of 55.1% of the second-life EV batteries market. However, the EV charging segment is expected to register the highest CAGR of 48.5% during the forecast period from 2024 to 2031.By End Use: In 2024, the commercial use segment is expected to account for the largest share of 51.1% of the second-life EV batteries market. However, the residential use segment is anticipated to record the highest CAGR during the forecast period from 2024 to 2031.

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Geographic Analysis:

By geography, the second-life EV batteries market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 68.7% of the second-life EV batteries market. This market is expected to reach $19,362.6 million by 2031.

Governments in the region are advancing initiatives to transition towards green energy. According to the Ministry of New and Renewable Energy, India aims to achieve a renewable energy capacity of 500 GW by 2030. Similarly, Singapore is focused on transforming its energy supply to enhance sustainability, with a goal of reaching net-zero emissions by 2050. To meet these targets, there is an increasing need to boost renewable energy generation and implement effective storage and management solutions. Second-life battery energy storage plays a crucial role in achieving these objectives.

As the region continues to develop its renewable energy infrastructure, the demand for energy storage solutions to manage the intermittency of sources such as solar and wind power is expected to rise. Various companies are launching initiatives to repurpose second-life EV batteries for renewable energy storage. For example, in July 2020, Tokyo Electric Power Co. Holdings (TEPCO) from Japan announced plans to establish a storage business utilizing used EV batteries from China. This strategy involves assembling up to 30 used EV battery packs into energy storage systems for deployment at renewable energy plants.

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Moreover, the growing efforts to establish a comprehensive ecosystem for the reuse and life-cycle management of used EV batteries are expected to drive the expansion of the second-life EV market in the region. For example, in June 2023, MG Motor India, a British automobile brand with a 99-year legacy, partnered with LOHUM, India’s largest producer of sustainable energy transition materials, to develop second-life solutions for batteries. This initiative is designed to enhance battery utilization and support the circular economy. The project aims to unlock the potential of used batteries by repurposing them as Battery Energy Storage Systems (BESS), thereby extending their life cycle and optimizing resource use.

Some of the recent developments in this market space are as follows:

In August 2023, LOHUM (India) partnered with Vecmocon Technologies Pvt Ltd. (India) to work on the life-cycle management of EV batteries. The partnership aims to promote the adoption of second-life batteries. Over the course of two years, the initiative aims to power 100,000 Li-ion battery-powered EVs equipped with AI-powered Battery Management Systems (BMS) by determining the residual value of the batteries.In May 2022, the BMW Brilliance Automotive joint venture (BBA) in China announced the establishment of a closed-loop system for the reusing of raw materials like nickel, lithium, and cobalt from high-voltage batteries that are no longer suitable for use in EVs.

Europe: The Fastest-growing Regional Market

The European Union (EU) has set a goal of establishing a fully circular economy for EV batteries, aiming to ensure that all resources within these batteries are recycled and reused at the end of their life cycle. However, before reaching the recycling stage, EV batteries can be repurposed into second-life batteries. According to Dutch EV equipment supplier EVBox, EV batteries typically retain 70% to 80% of their original capacity after 10 to 15 years of use. At this point, they are generally deemed unsuitable for further automotive use due to reduced capacity.

Many major car manufacturers in the European region are actively exploring potential applications for EV batteries after they have aged and reached a capacity of around 70-80% during their “first life” in the vehicle. For example, in September 2022, Kia Europe announced plans to reuse retired EV batteries in “Second Life” battery energy storage systems as part of its global sustainability strategy. Kia has partnered with encore, a corporate startup from Deutsche Bahn (Germany), to collect EV battery packs from across Europe and repurpose them into second-life battery energy storage systems.

Additionally, in January 2022, Audi AG (Germany) collaborated with RWE (Germany) to establish an energy storage facility in Herdecke, Germany, using lithium-ion batteries from Audi electric cars. This facility, located at RWE’s pumped-storage power plant on Lake Hengstey, integrates 60 battery systems and can temporarily store approximately 4.5 megawatt-hours of electricity.

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Some of the recent developments in this market space:

In August 2023, Automotive OEM Jaguar Land Rover (U.K.) collaborated with Wykes Engineering (U.K.) to deploy a 2.5MWh second-life battery energy storage system (BESS) utilizing EV batteries. The collaboration was aimed at expanding the system’s capacity to 7.5MWh by the end of 2023. Each Wykes Engineering BESS unit consists of 30-second-life I-PACE batteries, which can store up to 2.5MWh of energy at full capacity.In June 2022, Volvo Energy (Sweden) invested in Connected Energy (U.K.), a second-life battery energy storage specialist, to further accelerate Volvo Group’s battery business and sustainability opportunities.

Second-life EV Batteries Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the second-life EV batteries market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the second-life EV batteries market were product launches, partnerships, agreements, and collaborations. The key players operating in the second-life EV batteries market include B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany).

Second-life EV Batteries Industry Overview: Latest Developments from Key Industry Players

In September 2023, Connected Energy signed an agreement with Volvo Energy to develop a battery energy storage system (BESS) utilizing batteries recovered from Volvo electric buses, trucks, and machinery once they have reached the end of their optimal use in mobile applications. This initiative aims to give the batteries a second life, providing significant environmental and economic benefits.In September 2023, Smartville introduced the Smartville 360 Battery Energy Storage System (BESS) at the RE+ 2023 conference. The Smartville 360™ BESS is a fully integrated, turnkey energy storage solution that incorporates high-quality repurposed automotive lithium-ion battery packs from a range of automotive makes and models.In June 2023, BeePlanet Factory announced an agreement with SungEel HiTech (South Korea), Samsung C&T (South Korea), Metales de Navarra S.A. (Spain), Truck&Wheel Group (Spain), and Sodena (Spain) to collaborate on the reuse and recycling of lithium-ion batteries EVs. With an investment of USD 20.25 million (EUR 18.5 million), the newly formed company, BeeCycle, will operate on a 31,000 sqm site in Caparroso, Navarra. The project is set to employ 60-70 personnel to handle the processing of batteries that have reached the end of their life cycle or scrap from cell manufacturing.In June 2023, B2U Storage Solutions Inc. developed technology capable of integrating thousands of used EV batteries into arrays that can store megawatts of electricity from wind, solar, and other renewable sources. This technology effectively extends the lifespan of EV batteries before they are eventually recycled to recover their components.In March 2023, Smartville deployed its Smartville 360 energy storage system at the University of California San Diego’s Library Annex. This installation is designed to help UC San Diego reduce demand on the local utility grid after sunset and avoid peak electricity rates.In February 2023, B2U Storage Solutions, a leading provider of large-scale energy storage systems using second-life EV batteries, announced that 25 MWh of storage capacity is now operational at its SEPV Sierra hybrid solar storage facility in Lancaster, California. The project’s storage capacity includes 1,300 reused EV battery packs sourced from Honda and Nissan.In May 2021, ECO STOR signed an agreement with Nissan Motor Co. Ltd. (Japan), a leading Japanese multinational automobile manufacturer, to reuse EV batteries for energy storage projects and to recycle batteries once they reach the end of their life in an EV.

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Scope of the Report:

Second-life EV Batteries Market Assessment—by Application

Power BackupGrid ConnectionEV ChargingRenewable Energy StorageOther Applications

Second-life EV Batteries Market Assessment—by End Use

CommercialResidentialIndustrial

Second-life EV Batteries Market Assessment—by Geography

Asia-PacificNorth AmericaEuropeLatin AmericaMiddle East & Africa

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Plant-based Food Market Report Summary

Particulars

Details

Number of Pages

93

Format

PDF

Forecast Period

2024–2031

Base Year

2023

CAGR (Value)

43.9 %

Market Size (Value)

USD 28.17 Billion by 2031

Segments Covered

By Application

Power BackupGrid ConnectionEV ChargingRenewable Energy StorageOther Applications

By End Use

CommercialResidentialIndustrial

Region Covered

North America, Asia-Pacific, Europe, Latin America, Middle East & Africa

Key Companies

B2U Storage Solutions, Inc. (U.S.), RePurpose Energy Inc. (U.S.), BeePlanet Factory SL (U.S.), ReJoule (U.S.), Cactos Oy (Finland), ECO STOR AS (Norway), Connected Energy Ltd. (U.K.), Smartville Inc. (U.S.), Lohum Cleantech Private Limited (India), and DB Bahnbau Gruppe GmbH (Germany)

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Runergy Passes Synesgy ESG Assessment with Good Level of Sustainability

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September 11, 2024

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SHANGHAI, Sept. 11, 2024 /PRNewswire/ — Runergy, a leading solar energy company and a BNEF Tier 1 PV module manufacturer, has passed Synesgy’s Environmental, Social and Governance (ESG) assessment with a Good Level of Sustainability overall and Excellent Level rating within the scope of business, which marks a key milestone for Runergy as a company with a good level of compliance with ESG principles, in line with national and international best practices.

Synesgy is a global digital platform for ESG sustainability assessment within the supply chain developed by CRIF Ratings, a credit rating agency operating under ESMA supervision. Its ESG assessment methodology follows generally accepted international sustainability standards, including the Global Reporting Initiative (GRI) and the Sustainable Development Goals (SDGs).

CRIF specializes in credit bureau reporting & business information systems, analytics, outsourcing, and processing services, as well as advanced digital solutions for business development and open banking. More than 82,000 companies, 10,000 banks and financial institutions, and 600 insurance companies are using CRIF’s services in more than 40 countries. The Synesgy ESG assessment is now a key reference for assessing companies of all sizes and sectors in Italy and Europe, with good ratings demonstrating a company’s solid performance, financial strength, and the ability to innovate, and to be a reliable partner of sustainable development.

Synesgy’s ESG score is an assessment of the level of compliance of a company with ESG factors with considerations of its sector and geographical area. Being certified by Synesgy is a testament of Runergy’s excellent performance in ESG and its commitment to sustainable development and high standards of social responsibility in daily operations.

“From an environmental perspective, we are unwavering in our commitment to sustainable practices. We leverage eco-friendly materials and production processes to minimize our carbon footprint and promote responsible operations,” said Yu Bing, global marketing director of Runergy. “Our dedication to sustainability is further evidenced by our impressive ESG rankings, which have earned us recognition from Dun & Bradstreet, EcoVadis and Achilles.”

Runergy has received multiple ESG awards, including the highest rating of Very Good by Dun & Bradstreet; the Bronze Medal in Sustainability Rating by EcoVadis with top 35 percent ranking; and being ESG certified at the highest level by Achilles.

Since June 2023, Runergy has been a member of the United Nations Global Compact, a voluntary initiative promoting responsible business conduct. As a global photovoltaic enterprise, Runergy continues to integrate its vision of sustainable development into its business strategy and operations, and provide customers with efficient, sustainable products and services.

“In the future, Runergy will continue to pursue sustainable development and collaborate with our partners to shape a sustainable green future,” said Yu.

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Skyworth Hits An Extraordinary Milestone: Over 36 Million Google TVs™ and other Android TV™ OS Devices Shipped Worldwide

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September 11, 2024

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SHENZHEN, China, Sept. 10, 2024 /PRNewswire/ — Skyworth celebrates a huge win! It surpassed 36 million shipments of Google TVs and other Android TV OS devices globally this year. This incredible achievement not only affirms Skyworth as a global leader in the industry but also highlights its growth in the global market share.

Why is it significant?

With Google TV and Android TV recognized as popular TV platforms, Skyworth is proud of the success it has shared throughout its partnership. Its collaborative efforts in developing first-class TVs and streaming devices – including its range of Portable TVs, Outdoor TVs, Frame+ TVs, and more – will continue to deliver exceptional entertainment experiences worldwide. As of June 30, 2024, they have shipped over 36 million Google TV and Android TV OS devices, making Skyworth one of the leading contributors in this market.

Engineering for users’ lifestyle

Skyworth is all about pushing boundaries. They’ve rolled out a lineup of Google TVs, Android TVs, set-top boxes, and various streaming devices that aren’t just cutting-edge-they’re game-changing. These products are designed with users in mind, delivering top-notch tech and a variety of options to meet the diverse needs of consumers around the globe.

What’s Next?

They‘re not stopping here! They are growing gracefully! Skyworth is committed to continuing their streak of innovation and creating even more Google TV and other Android TV OS devices for users’ home. Expect more exciting launches that will redefine their entertainment experience.

Stay Tuned

In upcoming events such as IFA 2024 Berlin, IBC 2024 Amsterdam and Google APAC TV Summit 2024 Bangkok, Skyworth Group shall unveil an exciting new range of AI-powered features on its next gen eco-smart devices for new revenue streams.

Lookout for the world’s first AI Karaoke TV, gaming TV with exceptional sound effects, and best-selling QLED+ 100-inch TV. Their Lifestyle series will feature portable TVs and the Frame+ TV, while the Magic Sound series promises an immersive audiovisual experience.

*Google TV is the name of this device’s software experience and a trademark of Google LLC.
Google, YouTube, Android TV, YouTube Music, and other marks are trademarks of Google LLC.*

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Sungrow Host Successful 2024 Photovoltaic and Energy Storage Technology Seminar in Dubai, in partnership with AMEA Power

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September 11, 2024

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DUBAI, UAE, Sept. 11, 2024 /PRNewswire/ — Sungrow, the global leading PV inverter and energy storage system provider, in collaboration with AMEA Power, one of the fastest-growing renewable energy companies in the region, recently hosted the 2024 Photovoltaic and Energy Storage Technology Seminar (Sungrow OSKA Day – PV&ESS Technical Seminar 2024) in Dubai, UAE. During the event, a long-term service agreement (LTSA) was signed for renewable energy projects for AMEA Power’s 500MW Abydos Solar PV Project in Egypt and the 70MW Sheikh Mohamed Bin Zayed Solar PV Project in Togo. The seminar brought together numerous technical experts and engineers from AMEA Power, Danway, and Sungrow to discuss cutting-edge technologies and challenges in the PV and ESS sectors.

In-depth BESS Technical Exchange: Participants engaged in detailed discussions on safety design for energy storage systems, large-scale combustion testing, and the latest innovations in grid simulation technology. These technical insights were shared by experts from Sungrow OSKA, the Energy Storage Technology Platform, and the Central Research Institute, offering valuable real-world applications for battery energy storage systems (BESS). The session engaged attendees in a lively Q&A, enhancing their understanding of the technology.

Innovative PV Products Demonstrations: Attendees witnessed live demonstrations of the 1+X operation and maintenance model, which highlighted Sungrow’s latest advancements in inverter efficiency and reliability.

Key Signing Ceremony: A long-term service agreement (LTSA) was signed for renewable energy projects for AMEA Power’s 500MW Abydos Solar PV Project in Egypt and the 70MW Sheikh Mohamed Bin Zayed Solar PV Project in Togo, marking a pivotal milestone in Sungrow and AMEA Power’s ongoing collaboration. This agreement strengthens their commitment to advancing clean energy initiatives and underscores their dedication to driving renewable energy development across the Middle East and Africa.

Sungrow has built a robust local service network across the Middle East and North Africa, including one dedicated customer service center and a network of over 15 certified service partners. To support this, Sungrow operates a global warehousing hub in Dubai, alongside five regional warehousing centers, ensuring 24/7 remote support, and spare parts delivery within one business day. To further improve service quality and efficiency, Sungrow has established six regional training centers in the region, with over 100 certified service engineers, providing comprehensive, professional services aimed at maximizing customer value.

“At AMEA Power, we are committed to advancing renewable energy solutions and ensuring the highest standards of technical excellence across all our projects. Partnering with Sungrow for this training session on cutting-edge solar photovoltaic and energy storage technologies, reinforces our commitment to innovation. The signing of the long-term service agreements for our 500MW Abydos Solar PV Project in Egypt and the 70MW Sheikh Mohamed Bin Zayed Solar PV Project in Togo further strengthens our focus on operational efficiency and sustainable growth,” stated Mahabir Sharma, Chief Technical Officer of AMEA Power.

“Sungrow will rely on its advanced technology, exceptional quality, and premium service to continue its commitment to the Middle East and African markets, contributing more to the global development of clean energy. The Sungrow OSKA Day series will continue, bringing more innovative ideas and solutions to promote the widespread application of clean energy globally,” commented by Lynn Xia, Director of Sungrow OSKA team II.

About AMEA Power
Headquartered in Dubai, AMEA Power is a developer, investor, owner and operator of renewable energy projects. As one of the fastest-growing renewable energy companies in the region, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and emerging Asia. With projects in 20 countries, a 6GW+ project pipeline, and 1,600MW+ in operation and under/near construction, the company is rapidly expanding its investments in wind, solar, energy storage, and green hydrogen, demonstrating its long-term commitment to the global energy transition. For more information, please visit www.ameapower.com.

About Sungrow

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com.  

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