New York, United States, Feb. 06, 2024 (GLOBE NEWSWIRE) — The Global Cobalt Free Batteries Market Size is to Grow from USD 273.5 Million in 2023 to USD 1378.3 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 17.55% during the projected period.
Based on the type, the global cobalt-free batteries market is divided into lithium iron phosphate batteries and lithium manganese oxide batteries. Among these, the lithium iron phosphate batteries segment is expected to hold the largest share of the cobalt-free batteries market during the forecast period. This is a result of the increased interest in and adoption of lithium iron phosphate batteries, especially in the fields of electric vehicles and renewable energy storage. Lithium iron phosphate batteries also offer better thermal stability than typical lithium-ion batteries, which use cobalt as the cathode element and are less prone to overheat or catch fire.Based on the application, the global cobalt-free batteries market is divided into transportation and solar-powered lighting systems. The transportation segment is expected to grow at the fastest pace in the cobalt-free batteries market during the forecast period. This is because cobalt-free batteries are an appealing alternative for the quickly growing transportation sector. After all, they have several benefits, including higher energy density, enhanced safety, and reduced prices.This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Cobalt Free Batteries Market based on the below-mentioned segments:
(GlobeNewsWire)