A new report conducted by Technavio forecasts the global battery market for consumer products to grow by approximately 10% between 2017 and 2021.Consumer products included in the study include power banks, smart phones and laptops. The research firm says an increase in consumer spending, augmented demand from consumer electronics market and increased shipments of smart wearables will drive growth of the global battery market for consumer products.
Revenue generation within the market is expected to rise due to rapid urbanisation, increased consumer awareness on products, high consumer confidence on products, increases in consumer earnings and economic recoveries in emerging economies will leverage enhanced consumer spending.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research, “Developing economies such as China and India offer a lucrative market for consumer electronics products. The market in both countries is categorised with vast population, high disposable income, and an open economy. The increase in disposable income allows the middle-class population to escalate their living standards. This has further increased the sales of consumer electronic products like laptops, smartphones, and smart wearables.”
"New technologies in the consumer electronics segment are driving the growth prospects of the market, which, in turn, is driving the growth of the global battery market for consumer products during the forecast period.
A decrease in the costs of smart wearables such as watches has led in an increase in adoption in developing and developed countries...Due to the decline in costs and increase in the growth of the smart wearables market, the battery market for smart wearables is likely to witness a significant growth during the forecast period,” says Thanikachalam.
Consumer energy efficiency
Meanwhile, US utility Tucson Electric Power filed a proposal with the Arizona Corporation Commission to implement a demand response pilot to help its consumers to improve their energy efficiency, reduce energy usage during peak times and reduce monthly energy bills.
According to a local publication, the energy provider is waiting for an approval from the state energy regulator to implement the Residential Load Management pilot project. Read more...
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