Industrial Batteries Market worth $28.1 billion by 2027 | Key players EnerSys, C&D Technologies, Exide Industries, GS Yuasa Corp, Crown Batteries

According to recent market research the "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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By battery type, the lead-acid battery accounted for the largest share in the overall Industrial batteries market. Lead-acid batteries have a demand high for automobiles due to their lightweight technology. The batteries have a low discharge rate and fast charging capabilities. These batteries can also tolerate overcharging, a definite advantage over other batteries. 95% of the lead-acid battery can be recycled. Due to their high number of advantages and recyclability, the market for lead-acid batteries is continuously growing.

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.

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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. The growth of this market is attributed to rising adoption of lithium-ion batteries in renewable energy sector and increasing demand for grid energy storage systems owing to ongoing grid modernization.

The Industrial batteries market is dominated by large players, such as 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), Samsung SDI Co., Ltd. (South Korea), LG Chem (South Korea), Narada Power (China), Vision Group (China), Saft Groupe (France), Hoppecke (Germany), Tab (Slovenia), Sunlight (Greece), Yuasa (Thailand), Rolls Battery(Canada), U.S. Battery Manufacturing (US), Victron Energy (Netherlands) and SK Innovation (South Korea). These players have adopted various growth strategies, such as expansions, new product developments, acquisitions, and agreements, to enhance their market footprint and improve their product portfolios. Expansion of their manufacturing plants and offices, globally, is the key strategy adopted by the major players to cater to the increasing demand for Industrial batteries products.

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EnerSys Inc. is one of the global leaders providing stored energy solutions for industrial applications. It manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories, and outdoor equipment enclosure solutions for various customers. The company has three operating segments, namely, Energy Systems, Motive Power, and Specialty. Power batteries are utilized in applications such as aerospace, defense, medical, industrial vehicles, forklifts and material handling, renewable energy, rail, nuclear, telecom, and others. In November 2021, EnerSys, Inc. expanded its battery and charger product offering through a Manufacturer Representative Agreement with All Battery Sales and Service, now owned and operated by Concentric, LLC, a leading forklift and critical power supplier.

Other companies have initiated the following developments:

• In April 2022, Narada Power launched new product, which is utilized for the IDC scenario, the system is integrated with 512V lithium iron phosphate cell, three-level BMS, and other core techniques. This is expected to meet different power demands for UPS and HVDC systems, but the modular designed solution also has outstanding characteristics including high power discharge, high energy density, high safety, and reliability.

• In November 2021, Vision Group announced that Baidu launched the Pinghu DC lithium battery system, along with the Vision Group and seven other cooperative partners. Along with the complete verification of the feasibility and advancement of the technology, it is widely utilized in a high number of data centers in Baidu.

• In April 2021, OneCharge announced the launch of new lithium-ion batteries. These lithium batteries are made for electric 4500-lb pallet jacks (Class III lift trucks). They are lightweight but powerful to keep equipment ready anytime.

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