The global Industrial batteries market size is projected to grow from USD 18.1 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 9.2% between 2022 and 2027. The Industrial batteries market is expected to grow at a moderate growth rate owing to factors such as increasing demand in plug-in vehicles, rising adoption of lithium-ion batteries in renewable energy sector, and increasing demand for grid energy storage systems owing to ongoing grid modernization. Availability of low-cost substitutes and issues related to transportation and storage of used or spent batteries are hindering the growth of Industrial batteries market.
“Lithium-ion industrial batteries is projected to witness considerable CAGR during the forecast period.”
Lithium-ion industrial batteries market is projected to witness a considerable growth during the forecast period. The growth in this segment is attributed to its properties such as lightweight, portable, and smaller in size as compared to other types of batteries, which has increased their adoption in various applications.
“The Stationary segment projected to lead the Industrial batteries market from 2022 to 2027.”
The stationary segment is the fastest-growing Industrial batteries market by end use. Stationary end-use industry comprises of Telecommunication, UPS and Grid level applications . Grid level has the highest CAGR among all the other applications due to the in-grid and off-grid renewable energy deployments which are witnessing steady growth in developed as well as emerging countries. Batteries have been utilized for energy storage applications over many years. However, recently, the battery storage technology has gained higher traction as a resource to support higher levels of electricity generation from renewable energy.
“North America projected to account for the maximum share of the global Industrial batteries market during the forecast period.”
North America is projected to lead the global Industrial batteries market from 2022 to 2027. North America is the world’s leading consumer as well as producer of Industrial batteries. The market in the region is driven because of the developed economies such as US and Canada which have large number of industrial batteries manufacturers as well as consumers. This growth and development are mainly attributed to the high economic growth rate in the region, followed by heavy investments across industries, such as electric vehicle and recreational vehicles.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and other executives from various key organizations operating in the Industrial batteries market.
- By Company Type: Tier 1: 52%, Tier 2: 31%, and Tier 3: 17%
- By Designation: C-level Executives: 47%, Directors: 31%, and Others: 22%
- By Region: North America: 41%, Europe: 30%, Asia Pacific: 19%, and Rest of World: 10%
The global Industrial batteries market comprises major manufacturers such as report EnerSys, Inc. (US), C&D Technologies, Inc. (US), Exide Industries Ltd. (India), GS Yuasa Corporation (Japan), Crown Batteries (US), East Penn Manufacturing Company (US), Leoch International Technology Limited Inc. (China), Samsung SDI Co., Ltd. (South Korea), LG Chem (South Korea), Narada Power (China), Vision Group (China), Saft Groupe (France), Hoppecke (Germany), Tab (Slovenia), Sunlight (Greece), Yuasa (Thailand), Rolls Battery(Canada), U.S. Battery Manufacturing (US), Victron Energy (Netherlands) and SK Innovation (South Korea).
The market study covers the Industrial batteries market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on battery type, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the Industrial batteries market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall Industrial batteries market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.