How Has The Industrial BatteriesMarket Size Evolved In Recent Years?
The industrial batteries market has seen considerable growth due to a variety of factors.
• In recent years, the market size for industrial batteries has experienced notable growth. It is projected to expand from $15.37 billion in 2024 to $16.73 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 8.9%.
The historic growth of this market can be linked to factors such as the growth of industrialization and manufacturing, the development of telecommunications infrastructure, the integration of renewable energy, and environmental regulations.
What Is The Projected Growth Of The Industrial Batteries Market?
The industrial batteries market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size for industrial batteries is predicted to experience a significant uptick. By 2029, it's projected to reach a valuation of $23.57 billion at a Compound Annual Growth Rate (CAGR) of 8.9%.
This growth in the forecast period is primarily linked to the escalating demand for energy storage, growth in e-mobility, expansion of IoT and edge computing, the electrification of industries, and advancements in space exploration and aerospace. Lithium-ion dominance, enhancements in energy density, rapid charging technologies, eco-friendly chemical formulations and hybrid energy storage are some of the major trends expected to shape the forecast period.
What Are The Key Drivers Fueling Growth In The Industrial Batteries Market?
The industrial battery market is anticipated to experience significant growth, driven by the accelerated expansion of the telecommunication sector. Essentially, telecommunications involves the electronic communication of information over large distances. Industrial batteries play a critical role in this sector as a power backup for network equipment, operating DC (direct current) equipment, and supplying energy to remotely located base stations unable to access the national grid. For example, Invest India, a national investment promotion and facilitation agency based in India, reported a subscriber base of 1.17 billion mobiles in the Indian telecom industry as of April 2022. Consequently, the industrial battery market's growth is being fuelled by the swift development in the telecommunications sector.
What Are The Principal Market Segments In The Global Industrial Batteries Industry?
The 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
Subsegments:
1) By Lithium-Ion Battery: Lithium Cobalt Oxide (LCO) Batteries, Lithium Iron Phosphate (LiFePO
4) Batteries, Lithium Nickel Manganese Cobalt (NMC) Batteries
2) By Nickel-Based Battery: Nickel Cadmium (NiCd) Batteries, Nickel Metal Hydride (NiMH) Batteries
3) By Lead-Based Battery: Lead-Acid Batteries (Flooded), Absorbent Glass Mat (AGM) Batteries, Gel Lead-Acid Batteries
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Which Emerging Market Trends Are Altering The Industrial Batteries Sector?
The emphasis on product innovation is becoming a crucial trend within the industrial batteries market. Major corporations functioning in this sector are concentrating heavily on producing creative solutions for managing battery power systems, as a way to secure a rivalry edge. A clear demonstration of this occurred in April 2022, when Narada Power, a battery producer based in China, unveiled a high-voltage lithium battery backup power structure of 512 volts. The setup, specifically constructed for industrial applications like Internet Data Centers (IDCs), utilizes the lithium-ion (Li-ion) battery as its major component. Some distinctive features of the product include high-energy density, reliable safety measures, high power discharge, and multipurpose usage, including high-voltage direct current (HDVC) and an uninterruptible power supply (UPS). The high-voltage lithium batteries used in the system weigh 60% less and leave a carbon footprint that is 50% smaller than a comparable system operating with traditional lead batteries.
Who Are the Key Players in the Industrial Batteries Market?
Major companies operating in the industrial batteries market include:
• 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
What are the Regional Insights into the Industrial Batteries Market?
North America was the largest region in the industrial batteries market in 2024. Asia-Pacific is 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.
