- The solar batteries market will grow by a projected $11.2 billion during 2020-2027
- In Japan, the lithium ion battery segment will reach a market size of $287.4 Million by 2027
The solar batteries market will grow by a projected $11.2 billion during 2020-2027 driven by a revised compounded annual growth rate (CAGR) of 15 per cent as per a report by ResearchandMarkets. It also said that the lithium ion battery market is forecast to grow at over 18.1 per cent and reach a market size of $9 billion by the end of 2027.
It said that the coronavirus pandemic has brought out a series of unprecedented events affecting every industry. It added, “The lithium-ion Batteries market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.”
Changing relationship between China and the rest of the world
The report said that the United States is forecast to readjust to 12.7 per cent CAGR. Within Europe, Germany will add over $407.3 million to the region’s size over the next seven to eight years. It added that over $341.3 million worth of projected demand in the region will come from Rest of European markets. In Japan, the lithium ion battery segment will reach a market size of $287.4 million by 2027.
As per the report, the changing relationship between China and the rest of the world will shape up the competition and opportunities in the solar batteries market. It added that the world’s second-largest economy will grow at 20.6 per cent over the next couple of years and add approximately $2.2 billion in terms of addressable market opportunity.