CLEVELAND, Oct. 28, 2020 /PRNewswire/ -- 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:
- Grid-scale energy storage holds particularly healthy prospects. This emerging battery market segment – which only began to be commercialized at a large scale in 2014 – is expected to see extremely rapid growth, albeit from a small base.
- Rising use of solar and wind power will create an increased need for grid storage systems to manage energy load.
- Demand for smaller-scale energy storage solutions will also expand as residential solar installations become more common.
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:
- primary alkaline batteries
- primary zinc-carbon batteries
- primary lithium batteries
- other primary batteries, including zinc-air, silver-oxide, nickel oxyhydroxide, and all other primary batteries
- secondary lead-acid batteries
- secondary lithium-ion batteries
- secondary nickel-based batteries
- other secondary batteries, such as sodium-nickel chloride, rechargeable alkaline, zinc-air, nickel-hydrogen, sodium-sulfur, silver-zinc, nickel-air, lithium-sulfur, aluminum-air, and zinc bromine
Totals for primary and secondary battery demand in each country are segmented into:
- automotive OEM (including for conventional and hybrid/electric vehicles)
- automotive aftermarket (including for conventional and hybrid/electric vehicles)
- consumer OEM
- consumer replacement
- other markets (e.g., motive power, UPS systems, telecom backup systems, aerospace and defense, energy storage)
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SOURCE The Freedonia Group