Industrial Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. Segmented By Type (Lead-Acid, Lithium-Based and Others), By Application (Telecommunication, Power Storages, Industrial Equipment, Electric Grid Storage and Others), By Region, Competition. 2018-2028F

Global Industrial Battery market is expected to grow at a robust pace in the forecast period 2024-2028, owing to continuous technological developments in the industrial battery sector, rising annual industrial battery deployment capabilities, and strict government restrictions put in place to curb rising pollution. Additionally, the market for industrial batteries is expected to rise as a result of the growing use of industrial batteries in applications like forklift power or backup power for data centers and telecom base stations and availability of raw materials like lead, lithium, and cobalt.

Industrial batteries are different kind of batteries that are made with a specific use in mind. Industrial batteries are built to resist a greater amount of vibration, heavy use, and a wide range of temperatures. Heavy machinery like forklifts, electric drills, and other industrial devices are often powered by industrial batteries. They can operate in conditions where a typical battery would fail since they are stronger than the usual battery. Industrial batteries have a wide range of applications, including monitoring the structural strains on bridges and taking seismic readings underwater.

Rise in Electricity Demand Propelling the Growth of Global Industrial Battery Market

The market is expanding as more industrial, commercial, and domestic tasks are becoming electrified. The demand for backup batteries with large storage capacities is increasing as a result of the telecommunications industry's quick expansion. For a few applications, including automated machinery, robotics, and light vehicles, industrial batteries serve as the principal source of power, which drives the market's expansion. The market for industrial batteries is expected to grow in demand as a result of the implementation of government regulations aimed at reducing carbon emissions. As people become more dependent on electrical appliances, the need for uninterrupted electrical power increases. Additionally, electrification is greatly preferred in emerging economies, and growing urbanization has a significant impact on global demand.

Expandable Use of Lithium-ion battery in the Renewable Energy Sector

Lead-acid, nickel-cadmium, and nickel-metal hydride batteries cannot compete with the electrochemical performance of lithium-ion batteries. In addition to higher power, excellent efficiency, and low self-discharge, these batteries have a long lifespan. They are mostly employed in energy storage systems that stored power produced by clean energy sources like solar and wind. The performance of lithium-ion batteries is being worked on by a number of market participants, which has made them a desirable option for stationary energy storage applications. Increased energy storage is made possible by lithium-ion energy storage systems, facilitating the integration of cheap wind and solar energy into networks. In turn, this decreases overall energy expenditures and cuts carbon dioxide emissions. The use of lithium-ion technology in utilities allows for 90% battery efficiency whereas in public utility applications, the use of advanced lead-acid batteries and flow batteries yield efficiencies of 80% and 70%, respectively.

As lithium-ion batteries are increasingly used in the renewable energy industry, there is an increase in the need for industrial batteries. All of these elements encourage the use of industrial batteries, which fuels the market's expansion.

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Market expansion is being fueled by the electrification of more and more domestic, commercial, and industrial tasks. The demand for backup batteries with substantial storage capacity is rising as a result of the telecommunications industry's quick expansion. Industrial batteries are the main power source for some applications, including automated machinery, robotics, and light vehicles, which is driving market expansion. Moreover, government carbon emission limits are anticipated to boost demand for lithium-ion batteries. As people's reliance on electronic gadgets develops, there is a rising demand for continuous electrical energy. Thus, these factors are expected to drive the demand for Global Industrial Battery Market.

Increasing the Usage of AI in Battery Manufacturing's R&D Phase is Expected to Boost the Global Industrial Battery Market

As the number of cycles, contemporary batteries can withstand has grown, the extension of battery life is seen as one of the most significant advancements in batteries in recent years. Manufacturers of batteries invest a lot of money in research and development to extend battery life. In March 2019, scientists from the Massachusetts Institute of Technology, Stanford University, and Toyota Research Institute announced the creation of a machine learning model that can accurately predict the battery's service life using artificial intelligence and extensive experimental data collection. Such applications of AI in battery R&D offer market participants numerous chances for expansion, which is projected to promote market growth in the near future.

Availability of Low-Cost Substitutes and Supply Disruptions are Expected to Hinder the Growth of Global Industrial Battery Market

Industrial batteries, like lead-acid batteries, have traditionally been the most economical technology. Lead-acid batteries are, however, losing ground to alternative battery technologies in terms of cost-effectiveness. Rechargeable batteries are being replaced by emerging alternative battery storage technologies such as supercapacitors, fuel cells, and flywheels powered by UPS. Flywheels and fuel cells are now being used for stationary and moving applications' power needs. Supercapacitors have also advanced to the point where they are appropriate for energy storage applications in the automobile industry, which are anticipated to grow.

Moreover, due to the regional concentration of raw materials for industrial batteries, metal deposits in nations like China and the Democratic Republic of Congo (DRC) raise the possibility of supply shortages in the event of any export restrictions. Thus, the above factors cause hindrance to the growth of Global Industrial Battery market.

Recent Developments

·         The Chhattisgarh State Renewable Energy Development Agency (CREDA) issued a request for proposals in 2021 for the purchase of 15,000 low-maintenance lead-acid batteries with a five-year on-site warranty for solar applications of various capacities in the state. The buy-back option for used batteries is also included in the contract. The investment is expected to be around USD1.37 million.

·         Nexcharge, a joint venture between Exide Industries of India and Leclanche SA of Switzerland, said in May 2022 that it would scale up output at its lithium-ion battery plant to 100% within four years. The battery manufacturing facility, which began mass production in May, is now functioning at 30% to 40% of its 1.5-Gigawatt hours (GWh) installed capacity. The plant, which also contains a cell testing lab, was built and set up with USD33 million in investment from Nexcharge.

·         Alpine Power Systems, a provider of cutting-edge solutions for critical power, telecom, and motive power, announced in October 2022 that they had purchased Evergreen industrial batteries. The purchase was undertaken to bolster Alpine's already top-ranked programme for certified used and rental forklift batteries and chargers. Under the present ownership, this is Alpine's 24th acquisition. To expand on their national model, Alpine intends on bringing the entire talented Evergreen Team on board. The purchase of Evergreen's assets includes their sizable inventory of batteries and chargers, a 29,000 SF corporate location, as well as their cars, tooling, equipment, and other things.

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Market Segmentation

The Global Industrial Battery Market is segmented based on type, application, and region. Based on type, the market is bifurcated 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 divided into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Market players

Report Scope:

In this report, Global Industrial Battery Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

o   Industrial Battery Market, By type:

o   Lead-Acid

o   Lithium-Based

o   Others

o    Industrial Battery Market, By Application:

o   Telecommunication

o   Power Storages

o   Industrial Equipment

o   Electric Grid Storage

o   Others    

o   Industrial Battery Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§   India

§  Japan

§  South Korea

§  Australia

§  China

o   Europe

§  Germany

§  United Kingdom

§  France

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East

§  Saudi Arabia

§  South Africa

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Industrial Battery Market.

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Company Information

• Detailed analysis and profiling of additional market players (up to ten).

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