LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global battery market in the telecommunication industry provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global battery market in the telecommunication industry will grow at a CAGR of over 9% during the forecast period. The increase in power consumption is a major factor driving the market’s growth.
The off-grid energy storage technologies decrease the transmission and distribution losses and increase the efficiency of power plants. Also, the use of off-grid storage technologies makes transmission and distribution more flexible and aids in meeting the peak demand and increases system efficiency. Thus, growing power consumption becomes one of the key drivers for the global off-grid energy storage system market. The growing population and rapid urbanization have driven power consumption globally. The rise in power consumption has led to outages and heavy loads during peak hours in many countries. One of the causes for power outages is the considerable loss of electricity during the transmission and distribution of electricity from power plants.
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In this report, Technavio highlights the declining Li-ion battery prices as one of the key emerging trends in the global battery market in the telecommunication industry:
Declining Li-ion battery prices
The global Li-ion battery market has been gaining traction and growing at a rapid pace. The factor that is differentiating Li-ion batteries and lead-acid batteries is the price. At present, the cost of Li-ion batteries is more than that of the lead-acid batteries. But, Li-ion batteries manufacturers are working on technological advances and are trying to decrease their price. The companies are enhancing Li-ion batteries in every possible way, which will lead to year-by-year cost reduction of these batteries. The prices of batteries are expected to reduce further during the forecast period.
“There has been an increase in the use of Li-ion batteries. Also, companies are developing Li-ion batteries for industrial applications and telecom towers. This will exponentially increase the demand for Li-ion batteries in the global battery market in the telecommunication industry,” says a senior analyst at Technavio for research on energy storage.
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Global battery market in the telecommunication industry segmentation
This market research report segments the global battery market in the telecommunication industry into the following products (lead-acid battery and Li-ion battery) and key regions (the Americas, APAC, and EMEA).
The lead-acid battery segment held the largest market share in 2017, accounting for nearly 67% of the market. The market share of this segment is expected to decrease by nearly 8% by 2022. However, this segment is anticipated to dominate the market throughout the forecast period.
APAC was the leading region for the global battery market in the telecommunication industry in 2017, accounting for a market share of almost 55%. The market share of this region is expected to increase by close to 2% during the forecast period.
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