LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global battery materials market to grow at a CAGR of over 9% during the forecast period, according to their latest market research report.
The increasing demand for smart wearables is one of the major trends being witnessed in the global battery materials market 2018-2022. Smart wearables, such as smart watches, smart glasses, and smart bands are increasingly becoming popular. With technological advancements in the consumer electronics market, several companies have come up with several smart wearables at attractive prices, which will increase the demand for such products during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global battery materials market is the rise in solar PV installations:
Global battery materials market: Rise in solar PV installations
Solar power plants or solar power systems need batteries to store energy, and they use various types of batteries, such as lead-acid batteries, Li-ion batteries, gel cell batteries, and nickel-based batteries to do so. With the growth in the establishment of solar power plants, there will be an increased demand for battery materials, which will lead to the growth of the global battery materials market during the forecast period.
According to a senior analyst at Technavio for research on specialty chemicals, “The increasing need for electricity is one of the major drivers for the global energy market. Electricity consumption is expected to increase by 40% by 2040. In the current scenario, industrial electric motor systems contribute one-third to the increase in power demand. With this rapid growth in electrical consumption and increasing concerns about climate change, many countries are focusing on renewable energy, such as solar PV and wind, to meet the energy demand.”
Global battery materials market: Segmentation analysis
The global battery materials market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC led the market in 2017 with a market share of nearly 65%. The region is expected to dominate the market through 2022, with an increase in its market share.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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