Industrial Batteries Market Size to Worth USD 390.5 Bn by 2032

According to Precedence Research, the global industrial batteries market size was estimated at USD 32.82 billion in 2022 and it is projected to worth around USD 390.5 billion by 2032 and expanding at a CAGR of 28.10%.

Tokyo, May 09, 2023 (GLOBE NEWSWIRE) -- Asia Pacific industrial batteries market revenue was USD 9.8 billion in 2022. The global industrial batteries market is expected to expand significantly in the coming years, owing to rising demand for dependable and uninterrupted power supply across a wide range of industries. The market is also expected to benefit from the increasing adoption of renewable energy sources, which necessitate the use of battery storage solutions to manage fluctuations in power supply.

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The production, distribution, and sale of batteries used in various industrial applications such as power plants, manufacturing facilities, warehouses, and transportation systems are all part of the industrial batteries market. In the event of a power outage or disruption, these batteries are typically designed to provide backup power or to serve as the primary source of power.

They have a longer life than traditional batteries and can be used in remote areas and extreme temperatures where devices must be self-powered. They can be recharged and are widely used in energy, grid storage, utility, and telecommunications systems. Cathode, anode, and electrolyte are among their constituents. Furthermore, manufacturers have developed various solutions and improved equipment with upgraded technology to reduce operating costs and increase the productivity of industrial batteries. This has increased the product's demand in equipment manufacturing applications. To increase supply and introduce new battery technologies, industrial battery manufacturers are collaborating with raw material suppliers.

Regional snapshots

The industrial batteries market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The presence of four emerging countries, namely Japan, India, China, and South Korea, has resulted in Asia-Pacific having the largest market share. Rapid industrialization and the growth of the IT sector are increasing demand in this sector. North America has the second largest market share for industrial batteries due to demand from the automobile industry, electric grid storage, and the IT sector.

Europe is expected to grow at a moderate pace during the forecast period, owing to increased R&D spending. The presence of automobile manufacturers in Germany is expected to increase demand in this region. The Middle East and Africa's industrial battery market is expanding due to the needs of oil and gas production units. As a result of its industrialization and development efforts, Latin America is expected to have a high demand for industrial batteries.

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Scope of the report

Market Revenue by 2032USD 390.5 Billion
Asia Pacific Revenue Share36% in 2022
North America Revenue Share29% in 2022
Key PlayersToshiba International Corporation, East Penn Manufacturing Company, C&D Technologies, Inc., Robert Bosch GmbH, Northstar Battery Company LLC, GS Yuasa Corporation, Saft Groupe S.A., Enersys Inc., Exide Technologies Inc., Exide Industries Ltd., Johnson Controls Inc., and Others

Report highlights

  • On the basis of type, the industrial batteries market is segmented into lead-acid, lithium-based, nickel-based and others. Lead-acid batteries hold a maximum share during the forecast period.
  • On the basis of application, industrial batteries market is segmented electric grid storage, telecommunication, motive power and others. During the forecast period, the global telecommunications sector is expected to grow at a rapid pace.
  • On the basis of sterilization method, the industrial batteries market is segmented into steam sterilization, ethylene oxide (ETO) sterilization, gamma sterilization, and other. Steam sterilization is the dominant method used in the sterilization pouch market.
  • On the basis of geography, the industrial batteries market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific has the largest market share due to the presence of four emerging countries, namely Japan, India, China, and South Korea, which are major key players in the region.

Market dynamics

Market Drivers

Previously, industrial batteries, such as lead-acid batteries, were the most cost-effective technology. Lead-acid batteries, on the other hand, are losing ground in terms of cost-effectiveness as alternative battery technologies proliferate. Rechargeable batteries are being replaced by alternative battery storage technologies such as supercapacitors, fuel cells, and UPS-powered flywheels. Flywheels and fuel cells are being used to meet power needs in both mobile and stationary applications. Furthermore, advances in supercapacitors have made them suitable for energy storage applications in the automotive sector, which are expected to grow further. These developments limit the market for industrial batteries. Furthermore, the high cost of lithium-ion batteries or lithium-ion batteries may impede market growth.

In the production of industrial batteries, toxic organic chemicals are used. Most countries have stringent regulations in place for such chemicals, limiting the growth of the industrial battery market. This factor is posing a challenge to the market for industrial batteries. Lead-acid batteries, for example, contain lead, a toxic heavy metal that, if ingested or inhaled, can harm the nervous system, kidneys, and other organs. Cadmium, which is found in nickel-cadmium batteries, is a known carcinogen that can cause lung cancer and other health issues. Organic solvents found in lithium-ion batteries, such as ethylene carbonate and dimethyl carbonate, can be toxic and flammable.

Market Opportunities

The amount of R&D initiatives launched by battery manufacturers to develop various battery chemistries has significantly increased. More manufacturers are focusing on the development of lithium-ion batteries. Despite the fact that lithium-ion batteries are more technologically advanced and have a longer lifespan, they are not widely produced. Because it lacks a domestic manufacturer, India, a developing and rapidly growing country, imports these batteries. However, many manufacturers are now investing in new product development and global distribution. A leading manufacturer, for example, recently introduced a 512V high voltage lithium-ion battery backup power system designed specifically for UPS and HDVC systems. RELiON also debuted the InSight 12V, a new lithium-ion battery specifically designed for marine and RV applications.

Related Reports

Recent developments

In April 2022, Narada Power unveiled a new product for the IDC scenario, which includes a 512V lithium iron phosphate cell, a three-level BMS, and other core technologies. The modularly designed solution is expected to meet a wide range of power requirements for UPS and HVDC systems, but it also has outstanding characteristics such as high-power discharge, high energy density, high safety, and reliability.

Market Segmentation

By Type

  • Lithium-Based
  • Nickel-Based
  • Lead-Acid Based
  • Others

By Application

  • Electric Grid Storage
  • Industrial Equipment
  • Power Storages
  • Telecommunication
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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