Press release
Emerging Trends to Drive Industrial Batteries Market Growth at 8.5% CAGR Through 2029
Industrial Batteries Market
Industrial Batteries Market Size Growth Forecast: What to Expect by 2025?
Over the past few years, a robust growth has been observed in the market size of industrial batteries. The market, which is projected to rise from $15.37 billion in 2024 to $16.52 billion in 2025, is expected to witness a compound annual growth rate (CAGR) of 7.5%. The growth seen in the previous period can be ascribed to factors such as industrialization, manufacturing growth, advancement in telecommunications infrastructure, the incorporation of renewable energy, and environmental regulations.
How Will the Industrial Batteries Market Size Evolve and Grow by 2029?
Strong expansion is expected in the industrial batteries market over the coming years, with a projected growth to $22.91 billion by 2029. This represents a compound annual growth rate (CAGR) of 8.5%. Factors contributing to this growth during the forecast period include increased demand for energy storage, the broadening scope of e-mobility, the surge in IoT and edge computing, the electrification of various industries, and activities in space exploration and aerospace. Key trends during this period will likely be the predominance of lithium-ion, enhancements in energy density, the advent of rapid charging technology, environmentally-friendly chemical compositions, and hybrid energy storage.
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What Drivers Are Propelling the Growth of Industrial Batteries Market Forward?
The burgeoning growth in the telecommunication industry is anticipated to be a major catalyst for the advancement of the industrial battery market. Telecommunications involve the remote transmission of data electronically. Industrial batteries play a crucial role in this sector by acting as a power reserve for network equipment-related servers, operating DC (the direct current) devices and fueling remotely located base stations that are not connected to the national power grid. For example, Invest India, the National Investment Promotion and Facilitation Agency of India notes that as of April 2022, the telecom sector in the country has witnessed a surge in mobile subscriber number reaching 1.17 billion. As a result, this quick proliferation of the telecommunication industry is propelling the industrial battery market forward.
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What Are the Key Trends Driving Industrial Batteries Market Growth?
In the industrial batteries market, product innovation is emerging as a significant trend. Many leading companies in this sector are devoting their efforts to creating cutting-edge solutions for battery power management systems, aiming to outdo their competitors. For example, Narada Power, a company from China that manufactures batteries, introduced a 512-volt high-voltage lithium battery backup power system in April 2022. This system has been developed specifically for industrial applications, with a particular emphasis on Internet Data Centers (IDCs). A lithium-ion (Li-ion) battery is a central component of this system. The system offers several distinct advantages, including a high power discharge, high energy density, and a high level of safety and reliability. It can also be applied to high-voltage direct current (HDVC) and uninterruptible power supply (UPS) systems. These high-voltage lithium batteries, which the system uses, are 60% lighter and offer a 50% reduction in carbon footprint when compared to traditional lead battery systems.
What Are the Key Segments in the Industrial Batteries Market?
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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Who Are the Key Players Shaping the Industrial Batteries Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in 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.
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