Press release
Industrial Batteries Market Poised for 0.0894573874610789 % Growth, Set to Hit $334.18 Billion by 2029
Industrial Batteries Market Growth
The industrial battery market is projected to experience significant growth due to the swift enlargement of the telecommunication sector. Telecommunication involves the electronic conveyance of information from one place to another. In this field, industrial batteries serve as a backup power supply for network equipment servers, power DC (direct current) appliances, and provide energy to base stations that cannot reach the national grid due to their remote location. Invest India, the National Investment Promotion and Facilitation Agency based in India, reported that as of April 2022, the telecom industry in India boasts a populous of 1.17 billion mobile subscribers. Hence, the speedy expansion of the telecommunication sector is fuelling the growth of the industrial battery market.
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What is the projected compound annual growth rate (CAGR) of the industrial batteries market from 2025 to 2034, and what factors influence it?
The market size for industrial batteries has significantly expanded in the recent past. The market, which is expected to swell from $15.37 billion in 2024 to $16.73 billion in 2025, will do so at a compound annual growth rate (CAGR) of 8.9%. The historical growth of this market has been driven by factors such as industrial and manufacturing development, enhancements in telecommunications infrastructure, the incorporation of renewable energy, and environmental legislation.
In the coming years, the industrial batteries market is projected to experience robust growth, reaching $23.57 billion in 2029 with a compound annual growth rate (CAGR) of 8.9%. The anticipated growth during this period can be linked to factors such as the demand for energy storage, growth of e-mobility, integration of IoT and edge computing, industrial electrification, and advancements in space exploration and aerospace. Key trends during this forecast period include the supremacy of lithium-ion, enhancements in energy density, the development of quick charging technology and environmentally friendly chemistries, as well as hybrid energy storage.
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How are the latest trends influencing the growth of the industrial batteries market?
The industrial batteries market is seeing a significant rise in product innovation. Many leading corporations within this sector are focusing efforts on formulating novel solutions for battery power management to gain an edge over their competitors. For example, Narada Power from China, a producer of batteries, announced in April 2022 a breakthrough in the form of a 512-volt high-voltage lithium battery backup power system. This system, tailor-made for industrial usage, specifically, Internet Data Centers (IDCs), leverages lithium-ion (Li-ion) batteries as its main component. The product stands out with its high power discharge, high energy density, high reliability, and safety. It can also be applied to high-voltage direct current (HDVC) and uninterruptible power supply (UPS) operations. The lithium batteries used in the system are 60% lighter and record 50% less carbon emissions compared to equivalent systems that use traditional lead batteries.
What are the major segments of the industrial batteries market and their role in driving growth?
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
Subsegments:
1) By Lithium-Ion Battery: Lithium Cobalt Oxide (LCO) Batteries, Lithium Iron Phosphate (LiFePO4) Batteries, Lithium Nickel Manganese Cobalt (NMC) Batteries
2) By Nickel-Based Battery: Nickel Cadmium (NiCd) Batteries, Nickel Metal Hydride (NiMH) Batteries
3) By Lead-Based Battery: Lead-Acid Batteries (Flooded), Absorbent Glass Mat (AGM) Batteries, Gel Lead-Acid Batteries
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Which regions are key players in the growth of the industrial batteries market?
North America was the largest region in the industrial batteries market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial batteries market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the industrial batteries market?
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
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What Is Covered In The Industrial Batteries Global Market Report?
•Market Size Forecast: Examine the industrial batteries market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the industrial batteries market for a structured understanding.
•Key Players Overview: Analyze major players in the industrial batteries market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial batteries market.
•Segment Contributions: Evaluate how different segments drive overall growth in the industrial batteries market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial batteries market.
•Industry Challenges: Identify potential risks and obstacles affecting the industrial batteries market.
•Competitive Landscape: Review strategic developments in the industrial batteries market, including expansions, agreements, and new product launches.
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