The Industrial Batteries Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Batteries Global Market Report 2024, The industrial batteries market size has grown strongly in recent years. It will grow from $14.24 billion in 2023 to $15.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. 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 $22.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. 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.
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.
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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
Product innovation is a key trend gaining popularity in the industrial batteries market. Major companies operating in the industrial battery sector are focused on developing innovative solutions for battery power management systems to gain a competitive advantage. For instance, in April 2022, Narada Power, a China-based battery manufacturing company, launched a 512-volt high-voltage lithium battery backup power system. The system is designed for industrial use, especially for Internet Data Centers (IDCs). It uses a lithium-ion (Li-ion) battery as a key component. The product’s unique benefits include high power discharge, high energy density, high safety and reliability, and it can also be utilized for high-voltage direct current (HDVC) and uninterruptible power supply (UPS) purposes. The high-voltage lithium batteries used for the system are 60% lighter and have a 50% lower carbon footprint in comparison to a similar system utilized for conventional lead batteries.
The industrial batteries market report table of contents includes:
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