In the 1990s and the early 2000s, conventional batteries were mainly used in consumer electronics, but today, industrial batteries are powering a range of end-use applications such as grid storage and uninterrupted power systems. Furthermore, uninterruptible power supply (UPS) systems utilize industrial batteries as a backup power source to provide uninterrupted power to critical equipment in case of power outages. UPS systems are commonly used in data centers, hospitals, manufacturing facilities, and other applications where uninterrupted power supply is essential.
According to Data Bridge Market Research, the Global Industrial Batteries Market is expected to reach the value of USD 10.56 billion in 2021 and is likely to reach USD 18.28 by 2029, and is expected to grow at a CAGR of 7.10% during the forecast period of 2022 to 2029
“Increasing demand for electric vehicles surge market demand"
The increasing demand for electric vehicles (EVs) is a significant driver for the industrial batteries market. As the automotive industry shifts towards electrification, the need for advanced battery technologies to power EVs is rising. Industrial batteries play a crucial role in storing and supplying power to these vehicles, driving the demand for high-performance and reliable battery solutions. The growth of the EV market is fueling investments in battery production capacity and research and development efforts to improve battery performance, energy density, and charging infrastructure, further propelling the industrial batteries market forward.
What restraints the growth of the global industrial batteries market?
“High initial investment can impede the market growth”
The adoption of industrial batteries for businesses and industries can be hindered by the high initial investment required. The cost includes not only the batteries themselves but also the infrastructure and installation expenses. For small and medium-sized enterprises with limited financial resources, this financial burden can be significant and deter them from embracing this technology. Despite the potential long-term benefits, such as increased energy efficiency and reduced operational costs, the upfront investment acts as a restraint, limiting the widespread adoption of industrial batteries in certain sectors.
Segmentation: Global Industrial Batteries Market
The industrial batteries market is segmented on the basis of type and end-user industry
- On the basis of type, the industrial batteries market is segmented into lead-acid, nickel-based, lithium-based, and others
- On the basis of end-user industry, the industrial batteries market is segmented into telecom and data communication, uninterruptible power supply (UPS)/backup, grid-level energy storage, industrial equipment, and others.
Regional Insights: North America dominates the Global Industrial Batteries Market
North America holds a dominant position in the industrial batteries market, primarily driven by the United States' significant market share and the growing production of electric grid storage systems. The region's advanced manufacturing capabilities, strong technological infrastructure, and increasing emphasis on renewable energy sources contribute to the market's growth. Additionally, favorable government initiatives and investments in grid modernization and energy storage projects further bolster the demand for industrial batteries in North America.
The Asia-Pacific region is poised to experience the highest growth rate in the industrial batteries market during the forecast period. This growth can be attributed to the increasing popularity of industrial batteries across various sectors, including manufacturing, automotive, and energy. Additionally, the rapid expansion of the electrical industry in countries such as China and India is driving the demand for industrial batteries. The region's robust industrial infrastructure, expanding renewable energy sector, and supportive government policies further contribute to the market's growth in Asia-Pacific.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-industrial-batteries-market
Recent Developments in Global Industrial Batteries Market
- In October 2021, A joint venture (JV) between Samsung SDI and Stellantis N.V. was announced as the result of a memorandum of understanding (MOU) for the production of battery cells and modules in North America. It plans to start building in 2025. The plant's initial annual production capacity is predicted to be 23 gigatonne-hours, with an eventual expansion to 40 gigatonne-hours.
- In 2021, the Chhattisgarh State Renewable Energy Development Agency (CREDA) issued a request for bids for the purchase of 15,000 low-maintenance lead-acid batteries with a five-year on-site warranty for use in solar applications of various capacities. Amount of the contract: Approximately $1.37 million USD.
The Prominent Key Players Operating in the Global Industrial Batteries Market Include:
- Johnson Controls, Inc. (U.S.)
- Exide Technologies, Inc. (India)
- Enersys, Inc. (France)
- Saft Groupe S.A. (Japan)
- GS Yuasa Corp. (Japan)
- Northstar Battery Company LLC (U.S.)
- C&D Technologies, Inc. (India)
- Robert Bosch GmbH (Germany)
- East Penn Manufacturing Co. (China)
- Toshiba International Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global industrial batteries market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Industrial Batteries Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
