Industrial Battery Market Share, Size, Trend and Forecast 2027

According to the new research report published by The Insight Partners, titled "Industrial Battery Market to 2027 - Global Analysis and Forecasts by Type (Lead-acid Batteries, Lithium-based Batteries, Nickel-based Batteries, Others); Application (Telecom & Data Communication, Industrial Equipment, Uninterruptible Power Supply (Ups)/Backup, Mining, Marine, Others)", the global industrial battery market is expected to reach US$ 21,893.5 Mn by 2027, registering a CAGR of 7.3% during the forecast period 2020-2027.

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Industrial batteries are specially designed batteries that can operate under harsh industrial temperatures such as extreme temperatures, more vibrations, and heavy use. Industrial batteries perform batter and are designed to be more powerful. In the present market scenario, the companies are rigorously working towards the development of highly efficient batteries that caters to the varying industrial battery needs. The demand for energy storage systems in the market is also growing. The energy storage systems store energy during the off-peak time and use energy during peak times. Some of the major companies offering energy storage systems include GE Company, Samsung SDI, Exide, LG Chem, and Saft Batteries, among others. The demand for UPS is also growing across the industrial sector owing to the growing focus on the safe down of the process during a power failure.

The demand for Lithium-based batteries is expected to grow significantly during the forecast period. The adoption of Lithium batteries is expected to grow across various verticals owing to the advantages offered by it, such as low emissions, increased lifecycle, and recyclability. The companies operating in the market are focusing on the development of new products to gain a strong customer base and achieve a significant market share. For instance, in 2020, GS Yuasa Corporation launched SNS-TN series of valve-regulated stationary lead-acid batteries. These batteries are ideal for applications with high discharge frequency as well as for applications requiring the float charge. Also, in 2019 East Penn Manufacturing launched a complete line of both Lead and Lithium material handling battery products for Class I, II, and III operations.

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Grid-connected solutions for uninterruptable power supply drives the demand for industrial battery

The most prominent and essential types of renewable energy sources are solar and wind that are stored in the grid. However, the covering of the sun by clouds or fluctuations in the wind current might lead to variations in the process of energy generation. Such changes create a need for flexible grid systems for energy storage. Industrial battery energy storage systems help the grid operators to save electricity when the quantity of power exceeds the demand for electricity. Thus, the increased adoption of these systems helps in improving the reliability and flexibility of the electricity supply system with respect to generation, transmission, and distribution activities. During transmission and distribution, battery energy storage systems handle various aspects such as asset deferral, harmonic suppression, voltage support, frequency regulation, and power quality.

Major key players covered in this report:
1. C&D Technologies, Inc.
2. East Penn Manufacturing Company
3. EnerSys
4. Exide Industries Limited
5. General Electric Company
6. GS Yuasa International Ltd.
7. LG Chem
8. Panasonic Corporation
9. Robert Bosch GmbH
10. Saft Groupe SA

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Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

This release was published on openPR.