New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Industrial Batteries Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industrial Batteries Market Information: By Type (Lead-Acid, Nickel-Based, Lithium-Based, And Others), By Application (Telecommunication, Power Storages, Industrial Equipment, Electric Grid Storage, And Others) And Region- Forecast till 2028” the market is projected to be worth USD 31.24 Billion by 2028, registering a CAGR of 7.1% during the forecast period (2021 - 2028)., The market was valued at USD 18.55 billion in 2020.
Competitive Landscape:
List of the prominent players operating in the global industrial batteries industry profiled are
- Johnson Controls Inc. (U.S.)
- Exide Technologies Inc. (India)
- Enersys Inc. (U.S.)
- Saft Groupe S.A. (France)
- GS Yuasa Corporation (Japan)
- Northstar Battery Company LLC (Sweden)
- C&D Technologies, Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- East Penn Manufacturing Company (U.S.), and
- Toshiba International Corporation (Japan) among others.
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Market USP:
Market Drives
Rapid industrialization, rising need for large capacity power storages, and increasing research spending are some of the significant market dynamics and trends observed in the worldwide industrial batteries market value, according to MRFR report. Furthermore, due to the growing electrification industry, demand for industrial batteries is expected to increase significantly over the assessment period. During the forecast period, rising global uninterrupted electric energy demands are expected to be a major driver of the industrial batteries market. Industrial batteries are widely employed in a variety of industries, including the automation of handling and construction gear, robots, and small transport vehicles. Furthermore, significant urbanization in emerging nations, combined with rising disposable income, is expected to drive market expansion during the assessment period.
Market Restraints:
However, rigorous rules imposed by various government organizations have limited the use of harmful organic compounds in the manufacturing of industrial batteries, which is projected to slow the global industrial batteries market growth.
Browse In-depth Market Research Report (185 pages) on Industrial Batteries
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COVID-19 Analysis
The global pandemic caused by the coronavirus has impacted countless lives and upended areas of health care, transportation, and the economy in practically every country. There are no exceptions in the energy materials and renewable generating and conversion sector, which encompasses battery-powered electric vehicles, grid storage, industrial batteries, and personal electronic gadgets.
Market Segmentation
The market for industrial batteries has been divided into two categories: type and application.
The global industrial batteries market is divided into four types: acid, nickel-based, lithium-based, and others.
Telecommunication, power storages, industrial equipment, electric grid storage, and others are among the applications that make up the worldwide industrial batteries market.
Regional Overview:
Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa make up the worldwide industrial batteries market.
The Asia Pacific industrial batteries market share is expected to grow at a moderate CAGR due to the developing telecommunications industry and increased demand from India and China's growing populations. Furthermore, continued growth of the electrical sector in Asia Pacific nations such as China, India, Malaysia, Thailand, and Japan is likely to increase need for electric grid storages, which will fuel demand for industrial batteries over the projection period.
The United States is likely to be the largest contributor to the regional growth of the industrial batteries market in North America, with considerable demand for industrial batteries expected over the forecast period. The United States held the greatest global market share in terms of value and volume in 2016, and is expected to rise at a modest CAGR due to increased manufacturing of electric grid storages.
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Various nations in Europe, including Italy, Germany, Spain, the United Kingdom, France, and Russia, are expected to see rising demand for industrial batteries as a result of greater investment in innovation and growing purchasing power of enterprises. Furthermore, the presence of major vehicle manufacturers, particularly in Germany, is projected to fuel market expansion. Due to the proliferation of industries as well as the participation of new technologies and ideas in industrial batteries, Latin American countries such as Argentina, Colombia, and Brazil are expected to see significant growth.
Due to the high adoption rate by crude oil producers, demand for industrial batteries is expected to rise in a number of Middle Eastern and African countries, including Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. Furthermore, the presence of massive oil and gas reserves in this region is expected to boost the sector's industrial market expansion.
Segmentation of Market covered in the research:
Industrial Batteries Market Information: By Type (Lead-Acid, Nickel-Based, Lithium-Based, And Others), By Application (Telecommunication, Power Storages, Industrial Equipment, Electric Grid Storage, And Others) And Region- Forecast till 2028
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