The growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Market research Company, Technavio mentions in a report that energy storage market in China is expected to post Compound Annual Growth Rate (CAGR) of around 40 percent in the period 2018-2022.
However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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.
Consequently, 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.
These aggressive renewable energy targets have led China to be the world’s largest solar and wind energy producer.
Per the Technavio report, the market for Li-ion batteries has been gaining traction and is witnessing rapid growth. However, leading manufacturers of Li-ion batteries are working on technological advances and are trying to reduce the price of Li-ion batteries.
Senior Analyst, Technavio, Research on Human Machine Interface said, “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.”
Further, the report includes market ecosystem, characteristics and segmentation analysis among other factors of consideration.