The global industrial battery market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising demand for industrial battery from data centers and telecom industry, increasing renewable energy integration around the world, and significant reduction in the prices of lithium-ion battery. As per the International Energy Agency, the demand for renewable energy use increased by 3 percent in 2020. In addition, there was a 7 percent increase in electricity generated from renewables that same year. Along with these, growing emphasis on technologically advanced batteries by manufacturers and end users is expected to create ample opportunities for battery companies to invest and redirect their resources to make a breakthrough battery technology. Furthermore, ongoing technological advancements in industrial battery industries and increase in the annual capacities for industrial batteries, are also projected to drive growth to the market in the forthcoming years.
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The market is segmented by technology into lithium-ion battery, lead-acid battery, and others, out of which, the lithium-ion battery segment is anticipated to hold the largest share in the global industrial battery market on account of the better performance, low price and higher energy density of these batteries as compared to other available alternatives. In addition, surge in the demand for lithium-ion batteries to fulfill the massive increase in the energy requirements is also assessed to boost the growth of the market segment in the future. Moreover, on the basis of end user, the telecom segment is projected to occupy the largest share during the forecast period, which can be credited to the rapid growth in the telecom industry since the last few years and rise in demand for high efficiency power backup.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global industrial battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is estimated to gather the most significant share over the forecast period on the back of the increase in civil infrastructure activities in China, India and Australia, and robust growth of industrial base in the region. Apart from these, rising number of government initiatives for industrial establishments is also expected to drive the region’s market growth in the years to come. Additionally, the market in North America is also predicted to grab a notable share, which can be ascribed to the robust growth of automobile industry in the United States, high manufacturing throughput and strong presence of major market players in the region.
The global industrial battery market is further classified on the basis of region as follows:
Our in-depth analysis of the global industrial battery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising demand for industrial battery from data centers and telecom industry and increasing renewable energy integration around the world.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2030.
Fluctuation in the prices of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more opportunities for market growth in the future owing to the increase in civil infrastructure activities in China, India and Australia, and robust growth of industrial base in the region.
The major players in the market are GS Yuasa Corp., Johnson Controls, Inc., Exide Technologies, Inc., Enersys, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, end user, and by region.
The telecom segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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