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Industrial Batteries Global Market Size is Expected to Grow $22.19 Billion By 2028 with CAGR of 9.2% | Key Players: Exide Industries Ltd., Enersys Inc., GS Yuasa Corporation, Crown Batteries, GS Yuasa
Industrial Batteries Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Industrial Batteries industry. This report on Industrial Batteries market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The industrial batteries market size has grown strongly in recent years. It will grow from $14.24 billion in 2023 to $15.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to industrialization and manufacturing growth, telecommunications infrastructure, renewable energy integration, environmental regulations. The industrial batteries market size is expected to see strong growth in the next few years. It will grow to $22.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
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Key Market Players:
Exide Industries Ltd., C&D Technologies Inc., Enersys Inc., GS Yuasa Corporation, Northstar Battery Company LLC., Amara Raja Batteries Ltd., American Battery Solutions, The Progressive Corporation are prominent players in the Industrial Batteries industry.
Market Drivers:
The rapid expansion of the telecommunication sector is expected to propel the growth of the industrial battery market going forward. Telecommunications is referred to as the electronic transmission of information over a distance. Industrial batteries in telecommunications are used as power backup for network equipment-related servers, to run DC (direct current) equipment, and to provide power for base stations that are remotely situated and have no access to the national grid. For instance, according to Invest India, an India-based National Investment Promotion and Facilitation Agency, the telecom industry in India has a subscriber base of 1.17 billion mobiles as of April 2022.
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Market segments for Industrial Batteries include:
1) By Type: Lithium-Ion Battery, Nickel-Based Battery, Lead-Based Battery
2) By Application: Telecom and Data Communication, Uninterruptible Power Supply (UPS), Energy, Equipment, Grid Storage, Other Applications
3) By End User: Domestic, Industrial
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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