Post Covid19: Industrial Batteries Market To Reach USD 14.13 Billion By 2027 | CAGR 4.8% — Forencis Research
Global Industrial Batteries Market: Key Highlights
- According to the new market research report “Industrial Batteries Market by Type (Lead Acid, Lithium Based, Nickel-Based), by End-Use Industry (Telecom & Data Communication, Uninterruptible Power Supply (UPS)/Backup, Grid-Level Energy Storage, Industrial Equipment), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global Industrial Batteries market is estimated to reach USD 14.13 Billion by 2027 at a CAGR of around 4.8% during the review period.
- The industrial batteries are designed exclusively only for industrial uses. These are electrochemical devices that convert higher-level active materials into an alternate state during discharge
- These batteries are used in electric vehicles to transporting, lifting, or moving materials to warehouses
- Battery materials are chemical and metals widely used to manufacture primary and secondary batteries. These materials depend on the properties such as crystallinity, porosity, crystal size and shape, doping, and surface modification
Global Industrial Batteries Market: Key Market Dynamics
- Increase in demand for plug-in vehicles, rising need for automation and battery-operated material-handling equipment in industries, propelling demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for industrial applications are the key driving factors
- Moreover, government incentives for clean energy sources and the adoption of the electric vehicle is also a key factor that driving the global industrial batteries market
- However, the safety issues related to battery usages is acting a major restraint towards the market growth up to a certain extent
- High demand from data centers and telecom companies is expected to create huge market opportunities for key market players in the industrial battery market
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Global Industrial Batteries Market: Regional Overview
The Asia-Pacific region is expected to hold the major market share in the global industrial battery market. It is also estimated to be the fastest-growing regional market over the forecast period owing to a strong industrial base and rise in civil infrastructure activities, especially in China, India, Australia, and several Southeast Asian. Various initiatives by the Indian government are encouraging industrial establishments in the country, which is anticipated to drive the demand for industrial batteries over the forecast period.
- North America
North America is expected to be the second-largest market in the industrial batteries market. This can be attributed to the strong presence of key manufactures. The U.S. is the major contributor in the North America industrial battery market owing to Robust manufacturing base and rapid growth of the automotive industry in the U.S. will augment the demand for industrial vehicles, such as a battery-operated forklift, which will drive the demand for industrial batteries over the forecasted years.
Global Industrial Batteries Market: Key Players Overview
- Johnson Controls:
Honeywell International Inc. is a global diversified technology and multi-industrial company. The Company is focused on developing energy solutions, integrated infrastructure and transportation systems. The company majorly works through the following business segments, building technologies & solutions, and former business units. Power Solutions services both automotive OEMs and the battery aftermarket by providing advanced battery technology, coupled with systems engineering, marketing and service expertise. The Company is the largest producer of lead-acid automotive batteries in the world, producing and distributing approximately 154 million lead-acid batteries annually in approximately 70 wholly- and majority-owned manufacturing or assembly plants, distribution centers and sales offices in approximately 20 countries worldwide.
- Exide Technologies:
Exide Technologies is a US-based company engaged in the designs, manufactures, markets and sells a range of lead-acid storage batteries. The company operates through Storage Batteries & allied products, Life Insurance Business and Others segments. Storage batteries & allied products segment includes the holding company and some of its subsidiaries manufacture lead-acid storage batteries and allied products. Exide technologies have subsidiaries in the UK, Singapore and Sri Lanka and its exports span 45 countries across the globe.
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