The report “Industrial Batteries Market With Covid-19 Impact Analysis, By Battery Type (Lead-acid, Lithium-ion), End-Use Industry (Stationary, Motive), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) – Global Forecast to 2027“The global Industrial batteries market size is projected to grow from USD 18.1 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 9.2% between 2022 and 2027. Increasing demand for grid energy storage systems owing to ongoing grid modernization is driving the Industrial batteries market. Solar and wind energy are the leading renewable energy types stored in grids. However, clouds or fluctuating wind currents lead to variations in the process of energy generation. Such fluctuations create the requirement for flexible grid systems utilized to store energy. Industrial batteries are becoming an integral part of grid modernization. These systems help grid operators save electricity when the electricity generated exceeds the demand. The adoption of these systems improves the reliability and flexibility of electricity supply systems with respect to the generation, transmission, and distribution of electric power.
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• 302 Market data Tables
• 46 Figures
• 260 Pages and in-depth TOC on “Industrial Batteries Market – Global Forecast to 2025″
Some of the prominent key players are:
· EnerSys, Inc. (US)
· C&D Technologies, Inc. (US)
· Exide Industries Ltd. (India)
· GS Yuasa Corporation (Japan)
· Crown Batteries (US)
· East Penn Manufacturing Company (US)
· Leoch International Technology Limited Inc. (China)
Opportunities: Increasing battery innovation initiatives by established players
There has been a significant increase in the R&D initiatives undertaken by battery manufacturers for developing different battery chemistries. More manufacturers are focusing on innovating batteries based on lithium-ion technology. Though lithium-ion batteries are technically advanced and have longer life, not many manufacturers produce these batteries. Developing and high growth country like India imports these batteries and has no domestic manufacturer. However, many manufacturers are now investing on launching new products and making them globally available. For instance, a leading manufacturer, Narada Power launched 512V high voltage lithium-ion battery backup power system specially for UPS and HDVC systems. RELiON also launched InSight 12V which is a new lithium-ion battery specially for marine and RV applications.
The stationary end-use industry is estimated to dominate the Industrial batteries market, in 2022
By end-use industry, the Stationary segment is expected to lead the overall Industrial batteries market in 2022. Stationary industrial batteries are utilized in UPS, telecommunication, and grid level or emergency power applications. These batteries are by nature shallow-cycle cells solely intended to remain close to fully charged for the majority of the lifetime of battery, with only a few occasional deep discharges. These batteries are utilized in static applications in the commercial and residential sectors, and also by utilities.
North America projected to account for the largest share in the Industrial batteries market during the forecast period
In 2022, North America is estimated to account for the largest share in the Industrial batteries market and is projected to register the highest CAGR of 8.9% between 2022 and 2027. Growth of the North American market is attributed to the increasing demand for renewable energy storage systems in the residential, non-residential, and utility sectors. Companies such as Tesla, Inc., ABB, General Electric, and Honeywell are the key players in the region focusing on installing and providing industrial batteries-based energy storage systems. According to the U.S. Energy Information Administration, large-scale industrial batteries are increasingly being adopted across power grids in the US. Over 90% industrial battery power capacity in the US was provided by batteries based on the lithium-ion technology. The country is expected to account for a significant market share in the near future as it is home to various players.
