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Growth | Trends And Future Market Analysis For Global Battery Market
A report from Blackridge Research and Consulting projected that the global battery market rising interest in PV/hybrid solutions in recent times due to the decline in components costs.
The battery industry has progressed at an impressive speed in the past two decades, supported by the growing power demand of modern portable consumer electronics, electric vehicles, and the increasing adoption of intermittent renewable power generation.
With the outbreak of the COVID-19 pandemic, there is a sharp pullback in economic activity due to mandatory lockdowns and other containment measures. According to the IMF World Economic Outlook published in June 2020, the world economy is set to post a -4.9% GDP growth rate in 2020. That will be a downgrade of 8.2% from January 2020. The impact of COVID-19 pandemic on the energy, automobile, and battery industries has already been profound.
In Q1 2020, automobile OEMs production decline, continued softness, and early lockdown measures in China due to coronavirus, among other factors, led to a fall in revenue and profits for many of the battery manufacturers. Further, Chinese battery manufacturers had to delay their production due to a shortage of labour, raw materials, and logistic issues.
The COVID-19 pandemic has slowed battery supply chains as most of the battery cells are manufactured in China, thereby highlighting the overwhelming dependence on China and the associated supply chain risks. This has spurred interest among various stakeholders for localization/
Blackridge Research's Global Battery Market report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting the growth of the battery market.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the battery market, important commercial developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, battery market size, and demand forecast, growth rates will also be provided in the report.
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Blackridge Research & Consulting