MRFR news

The Battery Materials Recycling Market is emerging as a cornerstone of the global energy transition. As electric vehicle (EV) deployment accelerates and energy storage becomes mainstream, the demand for responsible disposal and material recovery from used batteries is reaching critical importance. Governments, corporations, and technology developers are placing battery recycling at the center of their sustainability strategies—driving innovation, regulation, and investment in this evolving market. Market Dynamics The global push for electrification, especially in the mobility and energy storage sectors, is dramatically increasing the consumption of battery-grade materials such as lithium, cobalt, nickel, and manganese. As the volume of spent batteries surges, so does the need for efficient recycling methods to mitigate environmental impacts, reduce reliance on primary raw material extraction, and support circular economy models. A key market driver is the expanding electri...

 The hydrogen energy storage market is rapidly evolving as nations accelerate efforts to transition toward sustainable energy systems. With a growing focus on decarbonization, energy security, and renewable integration, hydrogen is being recognized as a crucial enabler of clean, long-duration energy storage. As renewable energy penetration increases globally, hydrogen energy storage offers a versatile solution for balancing intermittent supply and enabling sector coupling across power, transportation, and industrial applications. Hydrogen energy storage systems convert surplus electricity—mainly from renewable sources—into hydrogen through electrolysis. The stored hydrogen can then be used later to generate electricity or as fuel, making it ideal for managing seasonal energy fluctuations, stabilizing grids, and supporting off-grid or remote energy systems. Market Dynamics The hydrogen energy storage market is primarily driven by the global push for low-carbon energy . Govern...

 The oil field equipment market is witnessing significant growth driven by increasing global energy demand, sustained investment in exploration and production (E&P), and the rapid adoption of advanced technologies. As oil and gas companies ramp up activities to meet consumption needs and optimize operations, the demand for durable, efficient, and smart oil field equipment continues to expand. From drilling rigs to wellheads and pressure valves, equipment innovation is proving essential to unlocking deeper reserves and enhancing productivity across both onshore and offshore fields. Market Dynamics The resurgence in global oil prices following pandemic-related disruptions has reinvigorated drilling and production efforts in key oil-producing regions. As of 2024, Brent crude prices have stabilized at levels that support continued upstream investments, prompting companies to upgrade and expand their equipment portfolios. One of the primary drivers of the oil field equipment ...

 As industries worldwide accelerate their transition toward low-emission technologies, solid oxide fuel cells (SOFCs) are gaining momentum for their high efficiency, fuel flexibility, and environmental advantages. The solid oxide fuel cell market is emerging as a significant player in the global clean energy sector, offering versatile solutions for stationary, portable, and transport-based power generation. As governments push for decarbonization and corporations pursue net-zero targets, SOFCs are carving a strong niche as a dependable and sustainable energy source. Market Dynamics SOFC technology is increasingly being adopted across various sectors due to its ability to convert chemical energy into electricity with high efficiency and low emissions. Unlike other fuel cells, SOFCs operate at high temperatures (typically around 800°C), allowing them to internally reform fuels like hydrogen, methane, and natural gas without the need for external reformers. This makes the technolog...

 The global small-scale LNG market is witnessing robust growth as the demand for clean, flexible, and accessible energy solutions continues to rise. This market, driven by decentralized energy needs, stricter emissions regulations, and the growing adoption of LNG as a transition fuel, is gaining significant traction in both developed and emerging economies. Market Dynamics Small-scale liquefied natural gas (LNG) plays a pivotal role in expanding energy access, especially in off-grid or remote regions where conventional pipeline infrastructure is either uneconomical or unavailable. These systems offer a cost-effective and environmentally friendly alternative to diesel and heavy fuel oil in sectors such as transportation, power generation, and industrial heating. One of the key market drivers is the global shift toward lower-emission fuels. Natural gas, being cleaner than coal and oil, is increasingly being adopted as a transitional energy source. Governments worldwide are int...

 The  battery market  is witnessing explosive growth as the world transitions toward electric mobility and sustainable energy solutions. With surging demand for electric vehicles (EVs), renewable energy storage, and portable electronics, the market has become a cornerstone of the global energy transformation. From lithium-ion to solid-state and flow batteries, advancements in chemistry and design are accelerating adoption across multiple sectors. Market Dynamics The global  battery market  is being reshaped by an urgent global shift toward decarbonization, electrification, and digitalization. Among the most powerful market drivers is the exponential rise of EVs. Governments around the world are implementing stringent emissions targets and banning internal combustion engine (ICE) vehicles to promote electric mobility. This shift is driving substantial investments in battery technology, particularly lithium-ion batteries, which are the backbone of the EV ecosystem...

The global  carbon offset and carbon credit market  is witnessing significant growth as governments, corporations, and investors intensify efforts to combat climate change. A rising commitment to net-zero emissions, expanding carbon trading mechanisms, and the adoption of environmentally responsible business practices are key factors fueling market expansion. Market Dynamics Growing concerns over climate change and environmental degradation have made carbon offset and carbon credit mechanisms vital tools in the global sustainability transition. Carbon offset programs allow companies to invest in environmental projects—such as reforestation, renewable energy, and methane capture—to counterbalance their greenhouse gas emissions. Concurrently, carbon credits, representing a metric ton of CO₂ offset, are becoming essential tradable assets in both regulated and voluntary markets. One of the primary growth drivers is the surge in net-zero pledges by major economies and multinational...

 The  steam turbine market  is witnessing steady growth as nations across the world ramp up power generation in response to rising electricity demand. Steam turbines remain a core component in thermal power plants, combined-cycle facilities, and industrial cogeneration systems. Their proven reliability, scalability, and compatibility with both fossil-fuel and renewable-based generation make them indispensable in bridging current energy requirements with future sustainability goals. Market Size & Growth Outlook The global steam turbine market was valued at approximately USD 22.9 billion in 2023 and is projected to grow at a CAGR of around 3% from 2024 through 2032, reaching an estimated USD 28–32 billion. Earlier projections placed the 2023 valuation closer to USD 23.5 billion, with expectations for continued expansion through 2030. The condensing steam turbine segment represents the largest market share, while units above 300 MW continue to dominate revenue generation...

 The  directional drilling market  is undergoing significant expansion as energy companies intensify efforts to tap complex oil and gas reserves. Directional drilling—which allows wells to be steered along non-vertical paths—minimizes surface disruption, enhances reservoir contact, and maximizes recovery. Its efficiency and adaptability are making it essential in both onshore and offshore environments. Directional drilling also supports environmental goals by reducing land disturbance and enabling access to remote reservoirs without extensive infrastructure. This approach is proving vital amid global pressure to balance energy access with responsible environmental stewardship. Market Size & Growth Forecast In 2023, the directional drilling market was valued at approximately USD 12.57 billion and is forecast to grow to about USD 13.76 billion in 2024, reaching USD 31.37 billion by 2032—at a CAGR of around 9.6 % during 2024–2032. Alternative estimates place the 2023 mar...

  The  distributed control system market  is experiencing strong growth as industries increasingly adopt automation, connectivity, and real-time control. DCS solutions, which distribute control actions across local processors throughout a plant, are key to supporting modern manufacturing and process industries. With rising demand for operational efficiency, integration of IoT and AI, and modernization of energy and chemical facilities, DCS platforms are becoming essential in achieving smart, resilient, and safe operations. DCS architectures are now being used in demanding environments—power generation, water treatment, oil and gas, pharmaceuticals, chemicals, food and beverage—making them foundational tools in deploying Industry 4.0 capabilities and remotely controlled industrial assets. Market Size & Growth Outlook The market was valued at about USD 20.6 billion in 2024 and is projected to expand to nearly USD 33.3 billion by 2032, growing at around 6 % CAGR. Other e...

  The  advanced energy storage systems market  is experiencing remarkable growth as global energy systems adopt more renewable power and seek grid stability. These systems—spanning batteries, thermal units, flywheels, compressed air, and pumped hydro—provide critical capabilities for storing excess energy from solar and wind projects and supplying reliable power during peak demand. Their growing role in energy resilience, decarbonization, and modernization is driving innovation and investment from utilities, industries, and governments around the world. Market Size & Growth Forecast In 2023, the market was valued at approximately USD 79.2 billion. It’s projected to reach USD 86.4 billion in 2024, then soar to around USD 159.1 billion by 2032—reflecting a steady CAGR near 8 % over the forecast period. Other analyses report similar growth trajectories through 2030 with CAGR estimates between 8 % and 9 %. This rapid expansion highlights strong demand from renewable energ...