Dublin, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The "Industrial Batteries Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The latest market research report on industrial batteries has been released, offering a comprehensive analysis of the industry and forecasting a robust growth trajectory into 2024. Highlighted within the report are major sectors contributing to the market's expansion, including increased adoption in the telecommunications industry and the escalating demand from the rapidly-growing electric vehicle (EV) landscape.
With innovation at the forefront, the report discusses the significant strides in battery technologies such as lithium-ion, nickel-based, and lead-based batteries. It emphasizes the crucial role these batteries play across diverse industrial applications, powering essential equipment in automation, construction, and beyond.
Understanding the Market Dynamics
The industrial batteries market is witnessing a strong surge, with its value projected to increase from $14.24 billion in 2023 to $15.62 billion in 2024, representing a CAGR of 9.7%. The historical period has shown considerable growth, heavily influenced by factors like increased industrialization, enhancement of manufacturing capabilities, advancements in telecommunications infrastructure, and the global shift towards renewable energy integration.
The anticipated continuation of this growth pattern suggests an impressive leap to $22.19 billion by 2028, with a CAGR of 9.2%. This surge is attributed to several key drivers, including the burgeoning need for energy storage solutions, the evolution of e-mobility, advancements in IoT and edge computing, industrial electrification, and forward leaps in aerospace technologies.
Regional and Segment Analysis
An in-depth examination of the market segments provides clarity on the usage of industrial batteries across different sectors. The Asia-Pacific region is projected to be the fastest-growing market segment in the coming years, as it continues to bolster its telecommunications and manufacturing infrastructure.
Key Market Trends and Innovations
- The predominance of lithium-ion battery technology due to their lighter weight and lower environmental impact.
- Enhancements in energy density and the evolution of rapid charging technologies.
- Emerging hybrid energy storage solutions combining the strengths of various battery types.
- Incorporation of eco-friendly battery chemistries to reduce the carbon footprint.
Companies in this sphere are constantly innovating, with recent advancements like high-voltage lithium battery systems for Internet Data Centers (IDCs) and new flow battery technologies offering greater flexibility for renewable energy storage.
Strategic Acquisitions and Developments
Strategic endeavors in the market include recent corporate acquisitions such as the purchase of Lithium Werks by Reliance New Energy, which is set to expand the conglomerate's capabilities in the industrial battery and energy sector. Notable players featured in the research include global leaders such as Exide Industries Ltd., Enersys Inc., GS Yuasa Corporation, and several others that are shaping the industrial batteries landscape.
The comprehensive report delves into a wide array of relevant topics within the industrial batteries market, from detailed regional analyses covering North America, Asia-Pacific, and other key areas, to in-depth coverage of individual countries' contributions to market growth. Industry stakeholders, investors, and participants will find the report's insights invaluable for understanding the current state of the market and its future trajectory.
The research provides a critical lens on the market's competitive landscape, offering businesses the knowledge to make informed decisions and strategize accordingly for sustained growth in the ever-evolving industrial batteries industry.
Companies Profiled
- 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
For more information about this report visit https://www.researchandmarkets.com/r/50yrja
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