Battery Market in Telecommunication Industry Expected to Grow $5.95 Bn by 2026: Report
The global battery market size in the telecommunication industry is expected to grow by USD 5.95 billion, progressing at a CAGR of 13.45 % from 2021 to 2026, according to Technavio's latest market report.
August 03, 2022. By News Bureau
Technavio categorizes the battery market in the telecommunication industry as a part of the global renewable electricity market within the global independent power and renewable electricity market.
Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the growth of the battery market in the telecommunication industry during the forecast period.
The following factors are expected to drive the growth of the market during the forecast period:
- Increase in power consumption
- Rising focus on green telecom towers
- The rise in data usage
However, Li-ion battery manufacturers are working on technological advances and are trying to reduce their prices. Over the past decade, the prices of Li-ion batteries dropped by nearly 80%.
Companies are enhancing Li-ion batteries, which will lead to year-over-year cost reduction. The prices of batteries are expected to reduce further during the forecast period. Due to the factors mentioned above, there has been an increase in the use of Li-ion batteries.
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