Westford,USA, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The global Industrial Batteries market size is expected to reach USD 29.45 billion by 2030 and exhibit a CAGR of 6.2% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing demand for renewable energy storage solutions as part of the global shift towards sustainable power sources, the expansion of electric vehicle production driving the need for advanced battery technologies, the increasing adoption of grid energy storage systems to enhance energy reliability and efficiency, the rise of smart manufacturing and Industry 4.0 technologies requiring reliable backup power solutions is fueling the market's growth.
According to SkyQuest's latest global research of the Industrial Batteries market, the increasing adoption of lithium-ion batteries for their high energy density and versatility in various applications, the growing focus on recycling and sustainability in battery manufacturing and disposal processes, the emergence of innovative battery technologies such as solid-state batteries for enhanced safety and performance, the integration of energy storage solutions with renewable energy projects to optimize power generation and consumption are the trends that aid in the market's growth.
Browse in-depth TOC on "Industrial Batteries Market"
- Pages - 157
- Tables - 64
- Figures -75
Industrial Batteries (SHM) is a field of engineering that uses sensors to monitor the health of structures over time. This information can be used to identify and predict damage and to take steps to prevent failures.
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Prominent Players in Industrial Batteries Market
- Acellent
- Aconsense
- Applied Acoustics
- Bridge Diagnostics
- Cirrus Research
- Cowi
- E2S
- Encardio
- Fugro
- HBM
- Honeywell
- Infrasense
- International SOS
- MaaXsensors
- MIDAS
- Norsar
- R.M.I.
- RSM
- Sensit Technologies
- Vibrating Systems and Controls
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 18.2 Billion |
| 2030 Value Projection | 29.45 Billion |
| CAGR | 6.2% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Lithium-ion batteries Demand to Grow Substantially in the Forecast Period
Lithium-ion batteries dominate the global online market as they offer one of the highest energy densities among commercially available battery technologies, providing more power per unit of weight and volume. They are versatile and find applications in a wide range of industries, including automotive, renewable energy storage, electronics, and industrial equipment.
Renewable Energy Storage is the Leading Application Segment
In terms of application, Renewable Energy Storage is the leading segment due to the increasing global focus on sustainable and renewable energy sources, such as solar and wind power, which has led to a surge in the deployment of renewable energy projects. Renewable energy sources are often intermittent, with power generation dependent on factors like sunlight and wind. Industrial batteries play a crucial role in storing excess energy during peak production periods for use during periods of low or no generation.
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North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets as it the undergoing rapid industrialization and substantial infrastructure development, driving the demand for reliable and scalable industrial battery solutions to support various applications. Many countries in the Asia-Pacific region are making substantial investments in renewable energy projects. The integration of industrial batteries with renewable energy sources, such as solar and wind, aligns with the region's commitment to sustainable energy practices.
A recent report thoroughly analyzes the major players operating within the Industrial Batteries market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Industrial Batteries.
Key Developments in Industrial Batteries Market
- Johnson Controls announced the inauguration of the OpenBlue Innovation Center at its headquarters in Cork, Ireland. The center is part of a global network of OpenBlue Innovation Centers focused on creating smart, healthy, and sustainable spaces for customers.
- Narada Power launched a new product designed for the IDC scenario, integrating 512V lithium iron phosphate cells and a three-level BMS. This modular solution offers high power discharge, energy density, safety, and reliability, meeting various power demands for UPS and HVDC systems.
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Key Questions Answered in Industrial Batteries Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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