Battery electrification
It's been estimated that, the world gets on track for net zero emissions by 2050, then the annual market opportunity for manufacturers of wind, solar panel, lithium-ion batteries, electrolysers and fuel cell grows tenfold to USD 1.2 trillion by 2050, around 3.5 times larger. These five elements alone would be larger than today's oil industry and its associated revenues.
Battery Electrification
Battery electrification can simply mean the adaption of electric power in device that store electrical energy, Batteries are the medium for electrification so they play a vital role in better electrification, the use of advance battery result in efficient implementation of battery electrification in transportation system. the state of being charged with electricity. With over 3 billion electric vehicles on the road and 3 terawatt-hours (TWh) of battery storage deployed in the NZE in 2050, batteries play a central part in the new energy economy. They also become the single largest source of demand for various critical minerals such as lithium, nickel and cobalt.
Roles of battery electrification
Emission of greenhouse gases
For conventional vehicles, their operation represents their largest contribution to global warming emissions. Roughly 90 percent of global warming emissions from combustion vehicles occur at the tailpipe. In contrast, all global warming emissions associated with BEVs occur “upstream.” That is, they come from manufacturing vehicles and generating electricity to power them. For BEVs, battery and vehicle manufacturing can contribute 14 to 24 percent of a BEV’s life cycle global warming emissions depending on where and how batteries are manufactured, as well as on the sources of raw materials.
Recycling of batteries
When an EV battery pack reaches the end of its useful life in a vehicle, it is still likely to retain more than two-thirds of its initial energy storage capacity for example, the range of a BEV decreasing from 300 to 200 miles. In some cases, such batteries could be refurbished for use in another vehicle or in a lower-power, stationary application. For example, a market could emerge for using second-life batteries for low-cost energy storage for utilities and electricity consumers. With the growing use of BEVs, the economic potential for reusing their batteries could further decrease the cost of new EVs and increase the value of used EVs. Newer entrants are hustling to catch up in a bid to become one of the would major battery recycling companies,Redwood materials, the nevada based start up founded by former tesla CTO JB Strauber, recently raised a $700 million series C round that will enable the company to expand its facilities across the U.S and Europe and hire hundreds more workers. This year battery Resourcers, a start up based in Worcester, Massachusetts, announced plans to build new plants in Massachusetts and Michigan, and signed an agreement with Honda to recycle batteries from Honda and Acura EVs.
Economic impact
It will be necessary to build adequate production facilities to meet demand for energy storage which could require building gigafactory. It's estimated that the european demand for energy storage will be approximately 450 - 630 GWh in 2030, and 1,000-1,400 GWh in 2040.Given the average production capacity of a single gigafactory, to meet the demand 11-16 factories would be built by 2030, and 26-35 by 2040. These projects that will create new jobs, both directly and indirectly and attract related economic activities and services. it will thus contribute to increasing the attention of other investors.These economic impact can rise the GDP of the nation to a significant high, driving in more revenue for economic growth.
Key players in electrification of batteries
Public policy will play an important role in enabling the wide spread reuse of EV batteries and promoting the recycling of their constituent materials. Currently, national and regional policies for waste management and recycling do not consider the impact of large flows of EV batteries primarily because the BEV market did not exist when such policies went into place. On a global level, the World Economic Forum has organized corporations, governments, and public interest groups around the world with the aim of solving key data transparency challenges related to EV batteries.
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