CLEVELAND, Oct. 28, 2020 /PRNewswire/ —Â Though representing a relatively small share of total demand, battery storage in solar and wind energy systems is a key growth area in the $106 billion global battery market, with significant long-term growth opportunities expected as the technology takes hold and renewable energy generation expands:
Global Demand for Batteries if Forecast to Grow 8.1% Annually Through 2024
A new Freedonia Group analysis projects global demand for batteries to rise 8.1% per year through 2024 to $156 billion, driven primarily by expansion of the hybrid and electric vehicle (HEV) industry, which makes use of high-value lithium-ion batteries. Sales of batteries in a wide variety of consumer products will also increase as spending levels rise.
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Global Batteries is now available from The Freedonia Group. This study covers the global battery industry. Demand by product and market are presented in US dollars. For each country, product demand is presented for:
Totals for primary and secondary battery demand in each country are segmented into:
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SOURCE The Freedonia Group