The energy storage market in China is expected to post a CAGR of close
to 40% during the period 2018-2022, according to the latest market
research report by Technavio.
However, the growth momentum of the market is expected to decelerate due
to a decline in the year-over-year growth.
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Technavio has published a new market research report on the energy storage market in China from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the energy revolution.
China is one of the largest economies in the world. It is experiencing
high economic growth due to which the power needs of the country have
grown exponentially. The country is undergoing an energy revolution,
where millions of dollars are being invested to increase the share of
renewable energy in meeting its growing energy needs. China has become
the largest wind and solar energy producer in the world due to the
aggressive renewable energy targets.
This market research report on the energy
storage market in China 2018-2022 also provides an analysis of
the most important trends expected to impact the market outlook during
the forecast period. Technavio classifies an emerging trend as a major
factor that has the potential to significantly impact the market and
contribute to its growth or decline.
This report is available at a USD 1,000 discount for a limited time
market snapshot before purchasing
In this report, Technavio highlights the decline in Li-ion battery price
as one of the key emerging trends in the energy storage market in China:
Energy storage market in China: Decline in
Li-ion battery price
The market for Li-ion batteries has been gaining traction and is
witnessing rapid growth. This led to a decline in the demand for
lead-acid batteries. The main factor that differentiates Li-ion
batteries from lead-acid batteries is their price. Li-ion batteries cost
more than lead-acid batteries. However, leading manufacturers of Li-ion
batteries are working on technological advances and are trying to reduce
the price of Li-ion batteries.
“The prices of Li-ion batteries are expected to reduce further during
the forecast period. Also, companies are developing Li-ion batteries by
keeping specific industrial and utility applications in mind. The
declining prices of Li-ion battery will have a favorable impact on the
market, increasing its utilization in the energy storage applications,” says
a senior analyst at Technavio for research on human machine interface.
Energy storage market in China: Segmentation
This market research report segments the energy storage market in China
by application (behind the meter and grid integration).
Behind the meter segment held the largest market share in 2017,
accounting for nearly 54% of the market. This application segment is
expected to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
Five Forces Analysis
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005534/en/