The industrial batteries market value is registered as USD 18 billion in 2020 and is expected to exhibit a significant growth of 7.1% CAGR with industrial batteries market size of USD 31.8 billion during the forecast period (2021-2030).
Industrial batteries are electrochemical devices that are capable of high-energy power sources, and rechargeable. During discharge, these batteries convert high-energy active materials. These batteries are used to power various end-use applications like grid storage and uninterrupted power supply systems. These batteries are used in light vehicles, backup systems for telecommunication and data storage sectors.
The advantage of industrial batteries is not emitting hazardous acids like sulphuric acid. These are more sustainable towards other batteries and reduces carbon emissions. For its eco-friendly nature, it increases the demand in the coming years.
Due to the sudden outbreak of COVID-19 and restrictions on trade and commerce, the industrial battery market is slightly declined for some time. The maximum supply chain of the industrial battery is connected with China which leads to negative production and sales in the first two quarters of the pandemic situation. Moreover, the purchasing power of people related to the fastest-growing economies is also negatively impacting the market.
On the other hand, the usage of electrical products is increased in this pandemic situation by most of the companies implemented work from home and it requires electrical devices and batteries. Hence the demand for electrical devices and industrial batteries is propelled. This pandemic situation saw a rise in consumer awareness regarding eco-friendly products. However, most of the countries are switching to electric vehicles which boosts the growth of the market. By these factors, we can say that the industrial batteries market is benefited from this pandemic situation.
Growing electrification in most of the industrial, commercial, and household works is driving the growth of the market. The rapid expansion of the telecommunication sector is boosting the demand for high storage capacity backup batteries. Industrial batteries are the primary source of power for a few applications like automated machinery, robots, and light vehicles which propels the growth of the market. Implementation of government regulation towards carbon emission is projected to rise the demand for lithium-ion batteries and hence increases the demand for the industrial batteries market.
Due to the increasing dependency on electrical gadgets, the demand for uninterrupted electrical energy is accelerated. Additionally, the emerging economies are highly preferring electrification and increasing urbanization is majorly influencing the demand for the global market. Uncertainty in raw material prices and availability of raw materials like lead, lithium, cobalt is bolstered the market growth.
The cost of lithium-ion or lithium-ion batteries is very expensive. Even though it is the fastest-growing segment, the price of the battery is limiting the market growth. According to the report of the United States Department of Energy (DOE), by 2020, the price of lithium-ion batteries is USD 125/kWh and is expected to decline the price by USD 73kWh by 2030.
To control pollution, most countries are implementing stringent norms for avoiding toxic chemicals and make nature eco-friendly by switching to electric vehicles. Hence by increasing the demand for electric vehicles leads to a rise in demand for the industrial batteries market. The advanced technologies in industrial batteries by end-users and manufacturers are creating an opportunity to rise the growth of the global market.
The toxic organic chemicals are used during the production of industrial batteries. Most of the countries are implementing strict regulations regarding such chemicals which restricts the growth of the industrial batteries market. This factor is acting as a challenging factor for the industrial batteries market.
The global industrial batteries market has been divided into segments based on type, application, and region.
The global industrial batteries market based on the type is classified into few types such as lead-acid-based, nickel-based, and lithium-based & others. Out of these types, lead-acid batteries hold a maximum share of about 48% in the next years due to their low manufacturing cost, longer shelf-life, and high electrical processing capacity. Moreover, lithium-based batteries are considered to be the fastest-growing segment for their excellent properties like longer shelf life, lightweight & less volume, recyclability, etc. Apart, these batteries require less maintenance and have a high capacity volume ratio
By application, the global industrial batteries market is categorized into few types as telecommunication, power storages, industrial equipment, electric grid storage, and others. During the forecast period, the telecommunication segment is predicted to grow at a significant growth due to proliferating IT companies, the telecommunication sector is growing at a rapid expansion in developing countries.
Region-wise, globally, the industrial batteries market is divided into five main geographies such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among them, Asia-Pacific held a major industrial batteries market share due to the presence of the four main countries like India, Japan, China, and South Korea which are the major key players in this region.
Regional Analysis -
Geographically, the industrial batteries market is analyzed into four major regions like North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Out of these regions, Asia-Pacific is accounting for the largest market share due to the presence of four emerging countries like Japan, India, China, and South Korea who are the major key players in the region. Rapid industrialization and development of the IT sector are boosting the huge demands in this region. North America is holding the second largest market share due to demand for industrial batteries by the automobile industry, electric grid storage, and the IT sector.
During the forecast period, Europe is holding moderate growth due to the growing expenditure on innovation and developmental works. The presence of automobile manufacturers in Germany is expected to surge the demand in this region. Owing to the requirements of the oil & gas production units, the industrial batteries market is also accelerating in the Middle East & Africa region. Due to industrialization and developmental works, Latin America is also projected to witness huge demand for the industrial batteries market.
The prominent key players in the industrial batteries market outlook are the following:
This global industrial batteries market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the industrial batteries market drivers, restraints, challenges, and opportunities. The industrial batteries market forecast segments are type, application, and region.
The industrial batteries market trends have been segmented globally based on the type, application, and region.
By Type
Lead-acid-based, nickel-based, lithium-based & others.
By Application
Telecommunication, power storages, industrial equipment, electric grid storage, and others are the few applications.
By Region
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the industrial batteries market.
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 31.24 Billion 2030: Significant value |
| CAGR | 7.1% (2022 to 2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Johnson Controls Inc. (U.S.), Exide Technologies Inc. (India), Enersys Inc. (U.S.), Saft Groupe S.A. (France), GS Yuasa Corporation (Japan), Northstar Battery Company LLC (Sweden), C&D Technologies, Inc. (U.S.), Robert Bosch GmbH (Germany), East Penn Manufacturing Company (U.S.), and Toshiba International Corporation (Japan) |
| Key Market Opportunities | Energy density Power density Stability or cyclability Prices Safety |
| Key Market Drivers | Rapid industrialization Rising demand for high capacity power storages Increasing expenditure on research activities |
Frequently Asked Questions (FAQ) :
Industrial batteries market size of USD 31.8 billion during the forecast period 2021-2030
Exide Technologies Inc. (India), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Enersys Inc. (U.S.), Northstar Battery Company LLC (Sweden), GS Yuasa Corporation (Japan), Robert Bosch GmbH (Germany), East Penn Manufacturing Company (U.S.), C&D Technologies, Inc. (U.S.), and Toshiba International Corporation (Japan) are expected to play prominent roles in the industrial batteries market.
The Asia Pacific industrial batteries market to register the fastest CAGR between 2021 and 2030
Rising need for uninterrupted electric energy supply to inspire growth for the industrial batteries market growth.
Strict regulations regarding the use of toxic chemicals can hamper the industrial batteries market growth.
Industries like industrial equipment, power storages, telecommunication, and electric grid storage are going to take the industrial batteries market forward.
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 (2021-2030).
$31.8 billion
7.1%
North America
2021 - 2030
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
