Pune, April 03, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the size for Industrial Batteries Market reached USD 21.34 billion in 2022, and is anticipated to expand to USD 44.11 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period of 2023-2030.
Industrial batteries are large-sized, heavy-duty batteries designed to provide power to industrial equipment and machinery. These batteries are used in a variety of industries, including manufacturing, transportation, telecommunications, and renewable energy. Industrial batteries are typically constructed with rugged and durable materials to withstand harsh environments, high temperatures, and heavy usage. They come in a variety of chemistries, including lead-acid, lithium-ion, nickel-cadmium, and nickel-metal hydride.
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Industrial Batteries Market Report Scope
| Report Attributes | Details |
| Market Size in 2021 | US$ 21.34 Billion |
| Market Size by 2028 | US$ 44.11 Billion |
| CAGR From 2023-2030 | 9.5% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By Type (Lithium-Ion Battery, Nickel-based, Lead-based) • By Application (Telecom & Data Communication, Uninterruptible Power Supply (UPS), Energy, Equipment, Grid Storage, Others) |
| Market Drivers | • Most industrial, commercial, and home operations are becoming increasingly electrified. • The telecommunications industry's tremendous growth. |
Market Analysis
The industrial batteries market is witnessing a significant surge in demand, primarily due to the rising adoption of lithium-ion batteries in the renewable energy sector. The superior electrochemical performance of these batteries over other options has made them the preferred choice for energy storage applications. Lithium-ion batteries are extensively used in systems that store energy generated from renewable sources, such as solar and wind. As the world increasingly moves towards clean energy, the demand for industrial batteries has been on the rise. Moreover, the industrial sector has been one of the significant consumers of industrial batteries, especially for applications such as backup power for telecom base stations and data centers or to power forklifts.
Impact of Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine has the potential to significantly impact the industrial batteries market. The market includes various types of batteries used in industries such as manufacturing, transportation, and energy storage. It is important for industry stakeholders to monitor the situation and prepare for potential disruptions in the supply chain and changes in demand.
Key Regional Development
The Asia Pacific region has emerged as a crucial hub for the production and consumption of industrial batteries, owing to the increasing demand from developing economies such as China, India, and Japan. The region's strong manufacturing base, coupled with the burgeoning renewable energy sector, has propelled the growth of the industrial batteries market in recent years. The growth of the industrial battery market in the Asia Pacific region is expected to continue in the coming years, driven by factors such as the increasing demand for energy storage solutions, the growth of the automotive industry, and the expanding manufacturing base in the region.
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Key Takeaway from Industrial Batteries Market Study
- The telecommunication sector segment is one of the key drivers of market, as it heavily relies on backup power solutions to maintain uninterrupted communication services. With the increasing demand for reliable and efficient communication systems, the need for high-quality and durable industrial batteries is also on the rise.
- The lithium-ion batteries segment is expected to witness robust growth in the market, driven by the increasing demand for EVs and renewable energy systems, as well as the numerous advantages that these batteries offer over traditional battery technologies.
Recent Developments Related to Industrial Batteries Market
- Clean Electric, a startup focused on manufacturing batteries for electric vehicles, has recently announced that it has raised $2.2 million in seed funding. The funding round was led by an undisclosed group of investors who were interested in Clean Electric's innovative technology and business model. The startup's batteries are designed to be more efficient and environmentally friendly than other options on the market, making them an attractive choice for eco-conscious consumers.
- Canada has taken a significant step forward in its efforts to promote electric vehicles (EVs) by ramping up its production of EV batteries. The country's push to create more sustainable transportation options has gained momentum with the establishment of multiple EV battery manufacturing plants in recent years.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Industrial Batteries Market Segment, By Type
9. Industrial Batteries Market Segment, By Application
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. Conclusion
About SNS Insider
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