A comprehensive review of the aging mechanism and degradation costs of fresh and second‐life batteries based on analytical and deterministic methods

Abstract Batteries' aging evolution and degradation functions may vary depending on the application area and various stress factors. Studies on its aging characteristics are ongoing, considering the unpredictable tendency of battery degradation during first and secondary usage periods. Battery degradation directly affects operating costs and prevents many stakeholders from making reliable short‐ or long‐term investment plans. Thus, this review study first introduces the battery models commonly used by researchers and provides an overview of the aging mechanism and estimation methods for health status and remaining capacity. Analytical and deterministic aging/degradation functions/models proposed by the researchers are discussed in detail, and cost equations based on degradation are reviewed. This approach was followed for the fresh and second‐life batteries by further investigating the impact of stress factors on the aging process and cost. The details of aging prediction approaches based on traditional methods, machine learning, and artificial intelligence are out of the scope of this review article. Discussing the shortcomings of aging analyses/functions and introducing different perspectives on the degradation characteristics will help researchers and provide a roadmap for many stakeholders.