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Industrial Batteries Market: Revenue Growth is Making Marketplace Explosive
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Global industrial batteries market size was valued at $9.02 billion in 2020, and industrial batteries market forecast to reach $30.84 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030. Battery technologies are an essential catalyst to unlock growth and new advances in sectors such as electric vehicles (EVs), electronic devices, and battery energy storage (BES) for renewable energy.
Increase in reliance on battery storage is significantly driving the demand for industrial batteries across the globe. Industrial batteries are majorly applicable across telecom & data communication, and energy sectors. Ongoing advancements in the industrial batteries due to innovative efforts have further enhanced the efficiency of these batteries, creating abundant growth opportunities in the global industrial batteries market share.
The report offers detailed segmentation of the global industrial batteries market based on type, application, and region.
Based on type, the lithium-ion battery segment held the largest share in 2020, accounting for more than two-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the lead-based segment is estimated to register the fastest CAGR of 13.9% from 2021 to 2030.
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Based on application, the telecom and data communication segment accounted for the highest share in 2020, contributing to more than one-fourth of the global industrial batteries market, and is projected to continue its leadership status during the forecast period. However, the equipment segment is estimated to witness the highest CAGR of 14.8% from 2021 to 2030.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, owing to presence of abundant industrial battery material reserves in China, India, Australia, and other Asia-Pacific countries.
Leading players of the global industrial batteries market analyzed in the report include Johnson Controls, Inc., Enersys, Inc., Exide Technologies, Inc., GS Yuasa Corp., Saft Groupe S.A., C&D Technologies, Inc., Northstar Battery Company LLC, East Penn Manufacturing Co., Robert Bosch GmbH, and LG Chem.
These players are spending significantly over research and development to attain key developments in the industrial batteries market. For instance, the acquisition of the Alpha Technologies Group of firms by EnerSys was finalized in 2018. EnerSys' competitive position is likely to be boosted by the acquisition of the Alpha Group, which will allow it to provide a broader product range in the broadband, telecom, renewable energy, and industrial markets.
Key findings of the study
• The Asia-Pacific industrial batteries market is projected to grow at the highest CAGR of nearly 15.1%, in terms of revenue, during the forecast period supporting industrial batteries market trends
• As per industrial batteries market analysis, depending on type, the lithium-ion battery accounted for the largest market share in 2020.
• On the basis of application, the telecom & data communication dominated the market, in terms of share, in 2020.
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