Industrial Batteries Market

Industrial Batteries Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Industrial Batteries Market was worth US$ 18,100.0 Mn and is expected to grow at a CAGR of 9.4% over the forecast period. The market is expected to hit US$ 40,400.0 Mn by 2032 end.

The industrial sector’s growing need for backup power and the need for batteries for grid-level energy storage applications are what are fueling the market’s expansion. Additionally, widespread use of these batteries in several applications, including motive power and UPS, is predicted to fuel market growth.

Lithium-ion batteries are increasingly used in the renewable energy industry, increasing the need for industrial batteries. Lead-acid, nickel-cadmium, and nickel-metal hydride batteries cannot compete with the electrochemical performance of lithium-ion batteries. In addition to a higher power, great efficiency, and minimal self-discharge, these batteries have a long lifespan.

Market Dynamics

THE DEMAND FOR LITHIUM-ION BATTERIES DRIVES THE GROWTH

As lithium-ion batteries are increasingly used in the renewable energy industry, there is an increase in the need for industrial batteries. Lead-acid, nickel-cadmium and nickel-metal hydride batteries cannot compete with the electrochemical performance of lithium-ion batteries. In addition to a higher power, great efficiency, and minimal self-discharge, these batteries have a long lifespan.

They are mostly employed in energy storage systems that keep power produced by clean energy sources like solar and wind. The performance of lithium-ion batteries is being worked on by many industry participants, making them a desirable alternative for stationary energy storage applications.

Increased energy storage is made possible by lithium-ion energy storage devices, facilitating the integration of cheap wind and solar energy into networks. In turn, this decreases total energy expenditures and cuts carbon dioxide emissions.

RECENT DEVELOPMENTS CONSTRAINTS THE MARKET

Industrial batteries, like lead-acid batteries, have traditionally been the most economical technology. Lead-acid batteries are, however, losing ground to alternative battery technologies in terms of cost-effectiveness. Rechargeable batteries are being replaced by emerging alternative battery storage technologies such as supercapacitors, fuel cells, and flywheels powered by UPS.

Flywheels and fuel cells are now being used for power needs for stationary and moving applications. Supercapacitors have also advanced to the point where they are appropriate for energy storage applications in the automobile industry, which are anticipated to grow. These developments constrain the market for industrial batteries.

COVID-19 Impact

The COVID-19 outbreak has impeded the expansion of the industrial battery sector since big producers have trouble meeting the demand for parts and raw materials from lower-tier suppliers. To help in the fight against COVID-19, major battery manufacturers like Samsung SDI Co., Ltd. have changed their attention to producing healthcare products like masks and sanitizers.

Market Segments Covered in Report

By Battery Type:

• Lead-acid
• Lithium-ion
• Others

By Application:

• Telecom & Data Communication
• Uninterruptible Power Supply
• Energy
• Equipment
• Grid Storage
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why are Lead –acid Type Industrial Batteries projected to have the larger market share?

Lead-acid battery accounted for the largest share of over 47.0% in 2021 and is estimated to be the dominant segment in the forecast period. Lead-acid batteries find application in Uninterruptible Power Supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that provides a power supply when the main power or input power sources fail. The high electric manageability of lead-acid batteries is expected to fuel the segment’s growth over the forecast period.

Why is the Telecommunication segment expected to fare well in Industrial Batteries Market?

Lead-acid and lithium-ion batteries are the two main types used in telecom due to cost-effectiveness, improved discharge and Charge efficiency and longer life span. Due to the proliferation of IT companies, the telecommunications segment is expected to grow at a significant rate during the forecast period. The telecommunications industry is rapidly expanding in developing countries.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a CAGR of 8.9% during the projected period, North America is anticipated to have the fastest growth in the industrial battery market. Due to the increased need for renewable energy storage in residential, commercial, and utility settings, the industrial battery industry is expanding faster. It is anticipated that these industries will propel market expansion in this area.

Competition Analysis

Market players have used various methods to improve their product portfolios, increase their market share, and improve their chances for development in the industrial batteries market.

Some of the key developments that have taken place in the Industrial Batteries Market include:

• In April 2021, New lithium-ion batteries from One Charge were introduced; these batteries are designed for 4500-lb motorized pallet jacks (Class III lift trucks). They are strong but lightweight to keep equipment ready at all times.
• In November 2021, Vision Group announced that Baidu launched the Pinghu DC lithium battery system, along with the Vision Group and seven other cooperative partners. Along with the complete verification of the feasibility and advancement of the technology, it is widely utilized in many data centers in Baidu.

A list of some of the key suppliers present in the market are:

• EnerSys, Inc.
• C&D Technologies, Inc.
• Exide Industries Ltd.
• GS Yuasa Corporation
• Crown Batteries
• East Penn Manufacturing Company
• Leoch International Technology Limited Inc
• Samsung SDI Co., Ltd.
• LG Chem
• Narada Power
• Vision Group
• Saft Groupe
• Hoppecke
• Tab
• Sunlight
• Yuasa
• Rolls Battery
• S. Battery Manufacturing
• Victron Energy
• SK Innovation

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.