Global Industrial Batteries Market is segmented By Type (Vented / Flooded Lead Acid Batteries, Valve-Regulated Lead Acid), By Product (Stationary, M0bile), By Chemical (Lithium-ion Battery, Lead-acid Battery, Nickel Cadmium (Ni-cd) Battery, Others), By Application (Forklift, Telecom, UPS, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Industrial Batteries Market Size
The Global Industrial Batteries Market size reached USD 1.34 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 2.35 billion by 2030. The market is growing at a CAGR of 6.6% during the forecast period 2023-2030. The global industrial batteries market is a rapidly growing sector that includes a wide range of battery technologies used in various industries.
These batteries are designed to provide reliable and long-lasting power solutions for industrial applications such as energy storage, backup power, and electric vehicles.
The vented/flooded lead acid batteries occupied almost 53% of the type segment of the global industrial batteries market. Similarly, the Asia-Pacific region occupied a market share of 29% in the regional segment.
The market trend is driven by several factors such as increasing demand for renewable energy storage, the growing need for uninterrupted power supply and the rising adoption of electric vehicles. The market is also expected to witness significant innovation and consolidation, as established players seek to maintain their market share and new entrants strive to gain a foothold in the industry.
Industrial Batteries Market Scope
|
Metrics |
Details |
|
CAGR |
6.6% |
|
Size Available for Years |
2021-2030 |
|
Forecast Period |
2023-2030 |
|
Data Availability |
Value (USD ) |
|
Segments Covered |
Type, Product, Chemical, Application, and Region |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
|
Fastest Growing Region |
Asia-Pacific |
|
Largest Region |
Asia-Pacific |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To know more Insights - Download Sample
Industrial Batteries Market Dynamics
The Increasing Demand for Renewable Energy Storage Solutions
One of the main drivers of the global industrial batteries market is the increasing demand for renewable energy storage solutions. According to the U.S. Energy Information Administration (EIA), global renewable energy consumption is expected to increase by 2.6% in 2021, and the use of batteries for energy storage is expected to grow in tandem. Governments around the world are also supporting this trend through favorable policies and initiatives.
For instance, in December 2020, the European Union announced its "Green Deal" plan, which aims to make the EU carbon-neutral by 2050 and includes initiatives to support the deployment of battery storage systems. In addition, there have been several product launches in this space.
In February 2021, Tesla launched its new "Megapack" battery storage system, which is designed for large-scale energy storage applications and can provide up to 3 gigawatt-hours (GWh) of energy storage. The respective product launch highlights the increasing interest in large-scale industrial battery storage solutions to support the transition to renewable energy.
The High-Cost Associated With the Manufacture and Disposal of Batteries
One of the main restraints of the global industrial batteries market is the high cost associated with the manufacture and disposal of batteries. According to the US Environmental Protection Agency (EPA), batteries account for nearly 50% of the total lead and 70% of the mercury found in landfills. The respective fact has led to the implementation of strict environmental regulations and recycling programs by governments around the world.
For instance, in the European Union, the Battery Regulation was introduced in 2006 to promote the recycling of batteries and reduce the use of hazardous substances in their manufacture. Despite these efforts, the high cost and environmental impact of industrial batteries remain a challenge for the market. Governments and industry players will need to work together to develop more sustainable and cost-effective battery solutions to overcome this restraint and drive the growth of the industrial battery market.
Industrial Batteries Market Segment Analysis
The global industrial batteries market is segmented based on type, product, chemical, application and region.
Low Cost, Reliability and Long Life
The use of vented/flooded lead acid batteries has seen significant growth in the global industrial batteries market over the past few years. The respective batteries are commonly used in applications such as backup power for telecommunications, uninterruptible power supplies (UPS) and emergency lighting systems.
In terms of government statistics, the Indian government has been promoting the use of lead-acid batteries as part of its "Make in India" initiative, which aims to promote domestic manufacturing. In terms of product launches, several companies have recently launched new Vented/Flooded Lead Acid Batteries.
For example, in February 2021, Exide Industries launched a new range of lead-acid batteries for UPS applications. The respective batteries are designed to provide reliable backup power for critical applications, such as data centers and hospitals. Overall, the Vented/Flooded Lead Acid Batteries segment is expected to continue growing in the global industrial batteries market, driven by their low cost, reliability and long life.
Source: DataM Intelligence Analysis (2023)
Industrial Batteries Market Geographical Share
The Increasing Demand for Reliable and Sustainable Power Sources in Various Industrial Sectors
The Asia-Pacific industrial batteries market has witnessed significant growth in recent years, driven by the increasing demand for reliable and sustainable power sources in various industrial sectors. In China, the government has been promoting the use of renewable energy sources, such as solar and wind power, to reduce the country's reliance on fossil fuels and meet its energy needs.
The government has also been supporting the development of the energy storage industry, which includes industrial batteries, through various policies and incentives. For instance, the Chinese government announced a new policy that provides subsidies for energy storage projects that use advanced technologies, including lithium-ion batteries.
In terms of product launches, several companies have introduced new industrial batteries in the Asia-Pacific region in recent years. For example, in 2020, Samsung SDI launched its new high-energy density lithium-ion battery for industrial applications. The battery is designed to provide longer cycle life and higher energy density than conventional lithium-ion batteries, making it suitable for use in a wide range of industrial applications.
Overall, the Asia-Pacific industrial batteries market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for reliable and sustainable power sources in various industrial sectors.
Source: DataM Intelligence Analysis (2023)
Industrial Batteries Market Companies
The major global players include Statron Ltd., Panasonic Corporation, EXIDE INDUSTRIES LTD., GS Yuasa International Ltd., Ochre Media Pvt Ltd., East Penn Manufacturing Company, EnerSys, United Industrial Service, MEI and Raymond Storage Concepts Inc.
Key Developments
- In January 2021, NorthStar Battery launched a new range of high-performance AGM batteries for use in critical backup power applications. The new batteries are designed to provide reliable power backup for data centers, hospitals, and other critical facilities.
- In March 2021, Tesla unveiled a new industrial battery product called Megapack. This utility-scale battery system is designed for large-scale energy storage applications, such as wind and solar farms.
- In June 2021, LG Chem launched a new range of industrial batteries designed for use in energy storage systems (ESS) for commercial and industrial applications. The new batteries have a high energy density and are designed to provide long-lasting, reliable performance.
Why Purchase the Report?
- To visualize the global industrial batteries market segmentation based on component, installation, power output, connection and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of industrial batteries market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping is available in Excel consisting of key products of all the major players.
The Global Industrial Batteries Market Report Would Provide Approximately 69 Tables, 66 Figures and 167 Pages.
Target Audience 2023
- Manufacturers / Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
