New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “Industrial Battery Market Solutions, Size, Share and Growth Forecasts to 2027 - Global Analysis and Forecasts by Type (Lead-acid Batteries, Lithium-based Batteries, Nickel-based Batteries, Others); Application (Telecom & Data Communication, Industrial Equipment, Uninterruptible Power Supply (Ups)/Backup, Mining, Marine, Others),” The industrial battery market size was valued at USD 12.50 Bn in 2019 to reach USD 21.89 Bn by 2027; it is expected to grow at a CAGR of 7.3% from 2020 to 2027.
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Global Industrial Battery Market - Report Scope:
| Market Size Value in | USD 12.50 Billion in 2019 |
| Market Size Value by | USD 21.89 Billion by 2027 |
| Growth rate | CAGR of 7.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 164 |
| No. of Tables | 60 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Type ; Application /Backup |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Industrial Battery Market: Competitive Landscape and Key Developments
Exide Technologies Inc., Enersys Inc., Saft Groupe S.A., GS Yuasa Corporation, LG Chem, Panasonic Corporation, Robert Bosch GmbH, East Penn Manufacturing Company, Saft Groupe SA, C&D Technologies, Inc., and General Electric Company are among the leading players profiled in the industrial battery market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under industrial battery market are mentioned below:
In 2019: GE secured a contract to supply and integrate a grid-scale battery technology at the Solar River solar farm in South Australia.
In 2018: Robert Bosch announced the inauguration of its new R&D center in Suzhou, China. This new R&D center employs around 1,500 associates and focus majorly on manufacturing of mobility as well as connected solutions.
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Growing Adoption of Electric Vehicles on Industrial Sector and Increasing Battery Innovation Initiatives by Key Players to Provide Lucrative Opportunities for Industrial Battery Market Growth During (2020-2027):
Industrial batteries are specially designed batteries that can operate under harsh industrial temperatures such as extreme temperatures, more vibrations, and heavy use. Industrial batteries perform batter and are designed to be more powerful. In the present market scenario, the companies are rigorously working towards the development of highly efficient batteries that caters to the varying industrial battery needs. The demand for energy storage systems in the market is also growing. The energy storage systems store energy during the off-peak time and use energy during peak times. Some of the major companies offering energy storage systems include GE Company, Samsung SDI, Exide, LG Chem, and Saft Batteries, among others. The demand for UPS is also growing across the industrial sector owing to the growing focus towards the safe down of the process during a power failure.
The industrial battery market growth is dominated by North America during the forecast period. Technological advancements have led to a highly competitive market in the region as the populations attract several technological developments due to high spending powers. Moreover, companies are continuously enhancing the overall business processes to meet the customer demand for high-quality products and services. The presence of various industry players such as Ametek Inc. and Crown Battery Manufacturing in North America is supporting regional growth. Adding to this, governments of countries such as the US and Canada are supporting the ongoing developments in the renewable energy sector. For instance, Canada adopted the Quebec Energy policy 2030 with a goal to build a sustainable economy with low carbon and energy-efficient solutions. Significant factors contributing to the market growth include declining lithium-ion battery prices, growing renewable sector, rapid adoption of electric vehicles, and increased sales of consumer electronics.
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Global Industrial battery Market: Industry Overview
The industrial battery market has been segmented on the basis of type, application, and geography. Based on type, the industrial battery market is segmented into lead-acid batteries, lithium-based batteries, nickel-based batteries, and others. In terms of application, the industrial battery market is segmented into telecom and data communication, industrial equipment, uninterruptible power supply (Ups)/backup, grid-level energy storage, mining, marine, and others. Based on geography, the industrial battery market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The industrial battery market in Asia Pacific is projected to witness impressive growth during 2018 – 2025. The factors such as the growing industrial equipment, mining, and marine industries, among others, in this region, stringent environmental regulations, and reduced labor costs associated with battery recycling are the factors boosting the APAC industrial battery market growth. Japan Portable Rechargeable Battery Recycle Centre (JBRC), a nonprofit organization, provides used battery collection boxes across the country for recycling. The increased production of Lithium-ion batteries is further driving the APAC industrial battery market. The manufacturing of lithium-ion industrial battery increased in the region mainly due to their capability to deliver superior performance relative to other rechargeable batteries, and less self-discharging rate. Asian battery manufacturers dominate the market due to the strong manufacturing base established in Asia, which later enabled quick scaling up of the production volume and further development and optimization of the technology.
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