automotive OEM (including for conventional and hybrid/electric vehicles). Totals for primary and secondary battery demand in each country are segmented into: 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.other primary batteries, including zinc-air, silver-oxide, nickel oxyhydroxide, and all other primary batteries.For each country, product demand is presented for: Demand by product and market are presented in US dollars. This study covers the global battery industry. Global Batteries is now available from The Freedonia Group. Sales of batteries in a wide variety of consumer products will also increase as spending levels rise. Global Demand for Batteries if Forecast to Grow 8.1% Annually Through 2024Ī 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. Demand for smaller-scale energy storage solutions will also expand as residential solar installations become more common.Rising use of solar and wind power will create an increased need for grid storage systems to manage energy load.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. Grid-scale energy storage holds particularly healthy prospects.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:
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