Industrial Batteries Market: Lithium-ion batteries to remain the key battery type being utilized over coming years
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00240 Format: PDF Pages: 250
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.
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.
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:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Battery Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|