Overview and Scope
Industrial batteries refer to electrochemical devices that convert higher-level active materials into an alternate state during discharge. Industrial batteries are heavy-duty and can work in harsh environments. They are available in various sizes and shapes as per industrial needs. Industrial batteries are used to provide power to equipment in various industries such as automation, construction machinery, robotics, and small transport vehicles that work on battery power. Industrial batteries convert chemical energy into electricity.
Sizing and Forecast
The industrial batteries market size has grown strongly in recent years. It will grow from <b>$14.24 billion in 2023 to $15.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. </b> The growth in the historic period can be attributed to industrialization and manufacturing growth, telecommunications infrastructure, renewable energy integration, environmental regulations.
The industrial batteries market size is expected to see strong growth in the next few years. It will grow to <b>$22.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. </b> The growth in the forecast period can be attributed to energy storage demand, e-mobility expansion, iot and edge computing, electrification of industries, space exploration and aerospace. Major trends in the forecast period include lithium-ion dominance, energy density improvements, rapid charging technology, eco-friendly chemistries, hybrid energy storage.
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Segmentation & Regional Insights
The industrial batteries market covered in this report is segmented –
1) By Type: Lithium-Ion Battery, Nickel-Based Battery, Lead-Based Battery
2) By Application: Telecom and Data Communication, Uninterruptible Power Supply (UPS), Energy, Equipment, Grid Storage, Other Applications
3) By End User: Domestic, Industrial
<b>North America</b> was the largest region in the industrial batteries market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial batteries market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rapid expansion of the telecommunication sector is expected to propel the growth of the industrial battery market going forward. Telecommunications is referred to as the electronic transmission of information over a distance. Industrial batteries in telecommunications are used as power backup for network equipment-related servers, to run DC (direct current) equipment, and to provide power for base stations that are remotely situated and have no access to the national grid. For instance, according to Invest India, an India-based National Investment Promotion and Facilitation Agency, the telecom industry in India has a subscriber base of 1.17 billion mobiles as of April 2022. The number of telecom towers increased to 660,000 in 2021. Therefore, the rapid expansion in the telecommunication sector is driving the growth of the industrial battery market.
Key Industry Players
Major companies operating in the industrial batteries market include <b> Exide Industries Ltd., C&D Technologies Inc., Enersys Inc., GS Yuasa Corporation, Northstar Battery Company LLC., Amara Raja Batteries Ltd., American Battery Solutions, Bulldog Battery Corporation, Crown Batteries, HOPPECKE Industrial Batteries Ltd., Zhejiang Narada Power Source Co. Ltd., SK Innovation Co. Ltd., The Sunlight Group, TAB batteries, East Penn Manufacturing, EnerSys, Johnson Controls, C&D Technologies, Saft Group, FIAMM Energy, Hoppecke, HBL Power Systems, GS Yuasa, NorthStar Battery, Leoch International, Hitachi Chemical, Narada Power, Storage Battery Systems (SBS), Advanced Energy </b>
The industrial batteries market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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