Industrial Batteries Market Surge Towards Solid Growth by 2024

Global Industrial Batteries Market: Overview

The industrial battery is any battery that is designed exclusively only for industrial uses. These batteries are used in electric vehicles to transporting, lifting, or moving materials to warehouses. The main function of industrial batteries is to supply energy to end-users. These batteries are used in industries for lifting heavy equipment such as trucks, forklifts, and others. Industrial batteries act as an energy source to massive data centers and ensure to run the internet continuously. They are heavier, large in size, and more powerful as compared to consumer batteries. Industrial batteries offer applications such as backup power, energy regulation, and operating power.

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Global Industrial Batteries Market: Segmentation

The global industrial batteries market is categorized based on end-user as an uninterruptible power supply or backup, telecom & data communication, industrial equipment, grid-level energy storage, and others. Of these, telecom & data communication is the leading segment in the global market. This segment is attributed to higher growth due to escalating demand for high-efficiency power backup. Based on types, the global industrial batteries market is segmented as nickel-based batteries, lead-acid batteries, lithium-based batteries, and others. Of these, the lead-acid battery is the largest segment across the globe and is projected to be the fastest-growing segment in the near future. They are globally accepted owing to low emission, increased life, and recyclability.

Global Industrial Batteries Market: Growth Factors

Consumer inclination towards green and clean energy and government support for strict regulations for environment conservation are major growth factors of the global industrial batteries market. In addition, recyclability of the batteries may also influence the global market in the coming years. Grid-connected solutions are increasingly adopted for uninterruptible power supply showing significant growth in future. Moreover, lithium-ion batteries are broadly used in the many applications, which are further anticipated to witness growth in the next few years. However, safety issues related to battery usage and huge initial capital investment required are major restraining factors of the global industrial batteries market growth.

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Global Industrial Batteries Market: Regional Analysis

Geographical segments include North America, Europe, Asia-Pacific, Latin America and the Middle East. Asia-Pacific is expected to witness growth in the industrial batteries market in the near future due to increasing adoption of batteries in this region. However, emerging markets such as South Korea, China, and Japan are major markets for industrial batteries, which are expected to boost the global market growth. Rising government support for renewable energy devices and increasing demand for industrial batteries are anticipated to boost the global industrial batteries market in the near future in Asia Pacific region.

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Global Industrial Batteries Market: Competitive Players

Key players in the global industrial batteries market are GS Yuasa Corporation, East Penn Manufacturing Company, Robert Bosch GmbH, Enersys Inc., and Northstar Battery Company LLC. Other players influencing the global market are Saft Groupe S.A., C&D Technologies, Inc., Johnson Controls Inc., and Exide Technologies Inc.

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