Industrial Battery Market is Expected to Grow at a Robust CAGR

Global Industrial Battery Market is expected to grow owing to increasing demand from data centers & telecom sector and rising renewable energy integration, globally, throughout the forecast period.

According to TechSci Research report, “Industrial Battery Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F”, the Global Industrial Battery market is expected to register robust growth during the forecast period, owing to an increase in the number of vehicles and material-handling equipment. Moreover, the increased use of renewable energy sources in different parts of the world and industrial sector's rapid development is another factor that is anticipated to support the growth of global industrial battery market.

The number of R&D efforts made by battery producers to create various battery chemistries has significantly increased. More producers are concentrating on developing innovative lithium-ion batteries. Although lithium-ion batteries are more durable and technically sophisticated, there aren't many companies that make them. India, a developing nation with strong economic growth, imports these batteries because there is no indigenous manufacturer. However, many businesses are increasingly spending money on the introduction of new products and their global accessibility. 512V high voltage lithium-ion battery backup power system, for instance, was introduced by a reputable manufacturer, Narada Power, specifically for UPS and HDVC systems. InSight 12V, a new lithium-ion battery designed specifically for marine and RV applications, was also introduced by RELiON.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Industrial Battery Market."

The Global Industrial Battery Market is segmented based on type, application, and region. Based on type, the market is divided into lead-acid, lithium-based, and others. Based on application, the market is divided into telecommunication, power storages, industrial equipment, electric grid storage, and others. Based on region, the market is further fragmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Based on type, Lithium-based segment is expected to dominate the market during 2022. Due to increased performance, greater energy density, and declining price, the lithium-ion battery is becoming more popular than other industrial batteries. Comparing LIB's cost to other industrial batteries, it is often greater. To increase Lithium-Ion Battery (LIB) performance and price, however, prominent market companies have been spending money on R&D projects in order to achieve economies of scale. The need for LIB is being fueled by the introduction of brand-new, interesting markets, like energy storage systems (ESS) for both industrial and domestic uses. Due to the decline in prices, lithium-ion batteries are in high demand in the battery energy storage sector.  

To develop and produce li-ion batteries in India and the North American region, US-based li-ion battery company Barrel Energy and Hyderabad-based Roshan Energy Technologies signed a memorandum of understanding (MoU), in February 2021. The Indian government approved a PLI programme of USD2.19 billion in May 2021 in order to develop factories, similar to Tesla's Giga factory to produce lithium-ion EV batteries. The proposal is for attracting investments of USD5.46 billion in order to establish a manufacturing capacity of 50 GWh for advanced chemical cell batteries.

Based on type, Telecommunication segment is expected to dominate the market during 2022. This segment's growth is aided by the increased penetration of smartphones, tablets, and laptop computers. Market participants are developing solutions to meet the increasing demand for satellite TV over the phone and the Internet. Battery storage technology enables increased renewable energy generation. With recent advancements in battery storage technology, they have gained more traction for energy storage applications. They are shallow-cycle cells that are designed to stay charged for the majority of the battery's lifetime, with only a few rare discharges. They are used in stationary applications in commercial and residential buildings, as well as by utilities.

Key market players in the Global Industrial Battery Market are: -

·         C&D Technologies Pvt. Ltd

·         East Penn Manufacturing Company Inc.

·         Enersys, Inc.

·         Exide Industries Ltd

·         GS Yuasa Corporation

·         Amara Raja Batteries Ltd

·         Panasonic Corporation

·         Saft Groupe SA

·         East Penn Manufacturing Co.

·         Robert Bosch GmbH

Download Free Sample Report

Customers can also request for 10% free customization on this report.

" Asia-Pacific is expected to be the dominant region during the forecast period, owing to demand in this field as a result of rapid industrialization and the growth of the IT industry. Additionally, several factors, including rising demand for energy storage solutions, rising adoption of renewable energy sources, and expansion of the region's manufacturing industry, are expected to contribute to the significant growth of the industrial batteries market in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Industrial Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028F Segmented By Type (Lead-Acid, Lithium-Based and Others), By Application (Telecommunication, Power Storages, Industrial Equipment, Electric Grid Storage and Others), By Region,” has evaluated the future growth potential of Global Industrial Battery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global industrial battery market.

Contact

Techsci Research LLC

420 Lexington Avenue,

Suite 300, New York,

United States- 10170                   

Tel: +13322586602

Email: [email protected]

Web: www.techsciresearch.com