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Industrial Batteries Market Growth Analysis, Top Segments, and Research Report 2024-2033
Industrial Batteries Market Analysis
As per the report, 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 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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Telecommunications Sector Expansion Fuels Growth In The Industrial Battery Market
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. The number of telecom towers increased to 660,000 in 2021. Therefore, the rapid expansion in the telecommunication sector is driving the growth of the industrial battery market.
Innovations In Power Management Solutions Transforming The Industrial Batteries Market
Product innovation is a key trend gaining popularity in the industrial batteries market. Major companies operating in the industrial battery sector are focused on developing innovative solutions for battery power management systems to gain a competitive advantage. For instance, in April 2022, Narada Power, a China-based battery manufacturing company, launched a 512-volt high-voltage lithium battery backup power system. The system is designed for industrial use, especially for Internet Data Centers (IDCs). It uses a lithium-ion (Li-ion) battery as a key component. The product's unique benefits include high power discharge, high energy density, high safety and reliability, and it can also be utilized for high-voltage direct current (HDVC) and uninterruptible power supply (UPS) purposes. The high-voltage lithium batteries used for the system are 60% lighter and have a 50% lower carbon footprint in comparison to a similar system utilized for conventional lead batteries.
The industrial batteries market covered in this report is segmented -
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
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Major companies operating in the industrial batteries market include Exide Industries Ltd., C&D Technologies Inc., Enersys Inc., GS Yuasa Corporation, Northstar Battery Company LLC., Amara Raja Batteries Ltd., American Battery Solutions, Bulldog Battery Corporation, Crown Batteries, HOPPECKE Industrial Batteries Ltd., Zhejiang Narada Power Source Co. Ltd., SK Innovation Co. Ltd., The Sunlight Group, TAB batteries, East Penn Manufacturing, EnerSys, Johnson Controls, C&D Technologies, Saft Group, FIAMM Energy, Hoppecke, HBL Power Systems, GS Yuasa, NorthStar Battery, Leoch International, Hitachi Chemical, Narada Power, Storage Battery Systems (SBS), Advanced Energy
Contents of the report:
1. Executive Summary
2. Industrial Batteries Market Report Structure
3. Industrial Batteries Market Trends And Strategies
4. Industrial Batteries Market - Macro Economic Scenario
5. Industrial Batteries Market Size And Growth
…..
27. Industrial Batteries Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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