Global industrial batteries market was worth USD 17.2 Billion in 2019. It is projected to grow at 6.0% compound annual growth rate (CAGR), between 2020 and 2027. The market is growing due to rising demand for industrial back-up power and increased demand for grid-level energy storage applications. The market growth is expected to be fueled by the widespread use of these batteries in various applications such as UPS and motive energy. In 2019, the U.S. held the largest market share in North America's regional market. This trend is expected to continue in the future due to expanding product applications in telecom & data communications, uninterruptible electricity supply (ups), and other areas.
The strong presence of major manufacturers, like Exide, Johnson Controls and Odyssey in the U.S., is expected to boost market growth over the forecast period. The U.S. and Canada will see a growing demand for forklifts due to a growing manufacturing industry, as well as an increase in warehouses. Lead-acid Batteries are used extensively for motive power applications such as forklifts in the manufacturing sector.
Favorable government policies to encourage domestic infrastructural growth through the National Infrastructural Plan, are expected to increase demand for industrial batteries over the forecast period. The market's growth will be limited by the high capital cost and safety concerns regarding battery charging and disposal.
The largest share, 47%, was held by lead-acid batteries in 2019. It is expected to continue to dominate the market during the forecast period. Because of their high power density and extended life expectancy, lead-acid batteries are used in Uninterruptible Energy Supply (UPS). An UPS system is an electrical device that supplies power when main power or input power sources are unavailable. Segment growth is expected to be driven by the high electric manageability of lead acid batteries.
Because of their reliability, low cost and established supply chains, they are used in the motive industry, including forklifts. The future will see rapid industrialization and an increase in manufacturing units. Over the next eight year, segment growth will be boosted by increased warehouse space, a growing ecommerce sector, high demand for forklift trucks replacement, and growing investments from players in emerging economies.
The highest CAGR is expected to be in the lithium-ion product segment during the forecast period. The HTML0-ion lithium-ion batteries can be used in many industrial applications such as UPS systems and industrial automation systems. Due to the increasing demand for renewable energy and the environmental pollution from non-renewable resources, fossil fuels are being depleted. Wind and solar produce variable power, which must be stored. Energy Storage Systems (ESS), aid in the storage of renewable energy sources for future use. Consequently, the forecast period will see an increase in the demand for lithium-ion batteries.
The largest segment, motivating power, accounted for 33% of global share in 2019, was the motive power segment. This segment will continue to hold its position as the largest in the future due to the broad range of products used in the motive industry, including forklifts.
The segment will continue to grow due to rapid industrialization and the emergence of more manufacturing units. The segment will continue to grow over the next eight year thanks to the expansion of warehouse space, a growing e-commerce industry, and a rising demand for forklift trucks replacement.
Grid-level energy storage is expected to grow at a CAGR of more than 9% over the forecast period. Over the next few years, the growth in the global energy storage system market will increase the demand for industrial batteries. Grid energy storage systems will compete with conventional or traditional power generation, transmission, and distribution systems.
Manufacturers will be able to adopt new business models to manage and implement storage assets as the industry grows. The use of industrial batteries will allow grids to function more efficiently and at a lower cost.
Asia Pacific accounted for more than 34% of global market share in 2019. It was the largest regional market. The strong industrial base and increase in civil infrastructure activity, particularly in China, India and Australia, make it the fastest-growing region market for the forecast period. The Indian government has taken several initiatives to encourage industrial establishments, which will drive demand for industrial batteries in the future.
The region's developing economies have seen strong growth in their commercial and industrial sectors, including telecom and IT. This has resulted in a high demand for industrial batteries to provide back-up power for these facilities.
North America is expected to be the second largest regional market, with the U.S. being the main contributor. The strong presence of key manufacturers, such as Odyssey, Johnson Controls, Exide and Johnson Controls in the U.S. is what explains this. The robust manufacturing base and rapid growth in the U.S. automotive industry will increase the demand of industrial vehicles such as a battery-operated picklift. This will fuel the demand for industrial batteries in the coming years.
In order to increase their market share and expand their service offerings, key companies have engaged in various inorganic and organic growth strategies. The following are some of the most prominent players in industrial batteries:
Johnson Controls, Inc.
Exide Technologies, Inc.
Enersys, Inc.
Saft Groupe S.A.
GS Yuasa Corp.
Northstar Battery Company LLC
C&D Technologies, Inc.
Robert Bosch GmbH
East Penn Manufacturing Co.
Up Market Research published a new report titled “Industrial Batteries Market research report which is segmented by End Use (Motive Power, Grid-level Energy Storage), by Battery Type (Lithium-based, Lead-acid), By Players/Companies Exide Technologies Inc, GS Yuasa Corp, Northstar Battery Company LLC, Saft Groupe SA, C&D Technologies Inc, Robert Bosch GmbH, Enersys Inc, East Penn Manufacturing Co, Johnson Controls Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Industrial Batteries Market Research Report |
By End Use | Motive Power, Grid-level Energy Storage |
By Battery Type | Lithium-based, Lead-acid |
By Companies | Exide Technologies Inc, GS Yuasa Corp, Northstar Battery Company LLC, Saft Groupe SA, C&D Technologies Inc, Robert Bosch GmbH, Enersys Inc, East Penn Manufacturing Co, Johnson Controls Inc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 231 |
Number of Tables & Figures | 162 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End Use (Motive Power, Grid-level Energy Storage), by Battery Type (Lithium-based, Lead-acid).
Industrial Batteries Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Industrial Batteries Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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