Global Industrial Batteries market overview 2024, Forecast To 2033
2 Feb, 2024
The industrial batteries market has witnessed robust growth, advancing from $14.24 billion in 2023 to $15.62 billion in 2024, with a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period is attributed to industrialization and manufacturing growth, telecommunications infrastructure, renewable energy integration, and environmental regulations. The market is anticipated to experience substantial growth, reaching $22.19 billion in 2028, with a CAGR of 9.2%. Contributing factors include the growing demand for energy storage, e-mobility expansion, IoT and edge computing, electrification of industries, and space exploration and aerospace. Major trends in the forecast period encompass lithium-ion dominance, energy density improvements, rapid charging technology, eco-friendly chemistries, and hybrid energy storage.
Global Industrial Batteries Market Key Driver
The industrial battery market is expected to grow significantly with the rapid expansion of the telecommunication sector. The telecom industry in India, with a subscriber base of 1.17 billion mobiles, is expanding, as reported by Invest India. The increasing number of telecom towers indicates a surge in demand for industrial batteries to support network equipment, driving the industrial battery market.
Get A Free Sample Of The Global Industrial Batteries Market ReportGlobal Industrial Batteries Market Segments
The global industrial batteries market covered in this report is segmented –
1) By Type: Lithium-Ion Battery, Nickel-Based Battery, Lead-Based Battery
2) By Application: Telecom and Data Communication, Uninterruptible Power Supply (UPS), Energy, Equipment, Grid Storage, Other Applications
3) By End User: Domestic, Industrial
By Geography: The regions covered in the Industrial Batteries market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the industrial batteries market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the industrial batteries market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Industrial Batteries Industry Players
Exide Industries Ltd., C&D Technologies Inc., Enersys Inc., GS Yuasa Corporation, Northstar Battery Company LLC., Amara Raja Batteries Ltd., American Battery Solutions, Bulldog Battery Corporation, Crown Batteries, HOPPECKE Industrial Batteries Ltd., Zhejiang Narada Power Source Co. Ltd., SK Innovation Co. Ltd., The Sunlight Group, TAB batteries, East Penn Manufacturing, EnerSys, Johnson Controls, C&D Technologies, Saft Group, FIAMM Energy, Hoppecke, HBL Power Systems, GS Yuasa, NorthStar Battery, Leoch International, Hitachi Chemical, Narada Power, Storage Battery Systems (SBS), Advanced Energy
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Industrial Batteries Market Overview
Industrial batteries refer to electrochemical devices that convert higher-level active materials into an alternate state during discharge. Industrial batteries are heavy-duty and can work in harsh environments. They are available in various sizes and shapes as per industrial needs. Industrial batteries are used to provide power to equipment in various industries such as automation, construction machinery, robotics, and small transport vehicles that work on battery power. Industrial batteries convert chemical energy into electricity.
Industrial Batteries Global Market Report 2023 provides data on the global industrial batteries market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial batteries market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.