Industrial Batteries Market
These batteries have a higher rate of discharge and produced looking at parameters of doping, porosity, surface modification, and crystallinity. In 2020, the industrial batteries market value is registered as USD 18 billion and is expected to exhibit a significant growth of 7.1% CAGR with industrial market size of USD 31.8 billion during the forecast period (2021-2028).
Competitive Outlook
GS Yuasa Corporation, C&D Technologies, Inc., Northstar Battery Company LLC, Saft Groupe S.A., Robert Bosch GmbH, Toshiba International Corporation, Exide Technologies Inc., Johnson Controls Inc., East Penn Manufacturing Company, and Enersys Inc. are some of the notable players profiled in the global industrial batteries market.
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Market Scope
The global industrial batteries market is set to achieve a stupendous valuation by the end of the forecast period owing to rapid industrialization, huge power needs, increased expenditure on storage activities, and high capacity for storage. The need for uninterrupted electricity demand and automation of processes which require industrial batteries can fuel the market demand in the coming years. Moreover, the consumption of consumer electronic products among the masses such as smartphones, TVs, flashlights, cameras, and other electronic paraphernalia can bode well for the market.
Development of rugged batteries to be operational in extreme conditions and remote locations can create opportunities for the global Industrial Batteries Market. Lithium-based batteries may be the norm to replace lead batteries in the coming years. Applications in snow space, subsea, and aerospace sectors will work in favor of the market. The emergence of distributed energy resources to combat the energy crunch in residential and commercial areas can beckon the requirement for industrial batteries.
But strict regulations of the use of toxic chemicals in the production of industrial batteries can hamper the market growth.
Segmentation
The global industrial batteries market is categorized based on type and application.
Based on type, the market is split into acid, nickel-based, lithium-based, and others. The lithium-based segment is expected to successfully lead the market owing to its high battery life and discharge rate cycles.
Based on the application, the industrial batteries market is categorized into telecommunication, power storages, industrial equipment, electric grid storage, and others. The telecommunication application can create massive demand for the market till the end of the forecast period owing to the use of Internet and emergence of remote working.
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Regional Analysis
The global industrial batteries market covers five regions: Asia Pacific (APAC), Europe, Latin America, North America, and the Middle East & Africa (MEA).
The APAC region can register the highest growth rate during the forecast period owing to the expansion of the telecommunication sector. Availability of smartphones and other consumer electronic products as well as laying of underground fiber optic cables for seamless internet connectivity can fuel the regional market growth. In addition, efforts by governments to shift to renewable energy sources can be lucrative for the market.
North America is deemed to prosper owing to the U.S. and the spate of large industrial sectors setting base in the region. The development of lithium-ion batteries with a long shelf-life is likely to have a positive influence on the market. On the other hand, Europe can see a spate of demand due to the need for industrial batteries in Russia, Italy, France, Germany, the U.K., and Spain. Large number of automotive manufacturers in Germany can induce heavy demand for batteries with long performance.
The MEA industrial batteries market is touted to prosper owing to its massive demand in Kuwait, Saudi Arabia, Iran, and United Arab Emirates. High need for industrial grade cells with a long battery life will be opportune for the market to expand successfully in the region.
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