Industrial Batteries Market worth $28.1 billion by 2027 - At a CAGR of 9.2%

Industrial Batteries Market Industry Leaders & New Revenue Pockets

Industrial batteries are durable and utilized in devices that have a continuous demand for power. They are primarily installed in products that require voltage stability under all conditions, have a reasonable life, offer consistent performance, and are favorably priced.

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Industrial batteries are used in end-use industries such as stationery and motive. The stationary end-use industry includes applications such as telecommunication, UPS, and grid level. Motive end-use industry includes applications such as low speed electric vehicles, floor scrubbers, material handling equipment, marine, and recreational vehicles. The outbreak and the spread of the COVID-19 have impacted the energy industry supply chain, particularly renewable energy technologies and industrial batteries. The key components utilized in industrial batteries are majorly manufactured in the Asia Pacific. The pandemic has exposed the overdependence of the world on the region, especially on China for key raw materials. The COVID-19 pandemic caused a disruption in supply chain of Industrial batteries ecosystem as there were many restrictions imposed on international trade and travel. The spike in raw material prices also led to certain volatility in demand for Industrial batteries materials. However, rising adoption of lithium-ion batteries in renewable energy sector is increasing the demand for Industrial batteries materials. Lithium-ion batteries offer better electrochemical performance than lead-acid, nickel-cadmium, and nickel-metal hydride batteries. These batteries have a long life and offer increased power, excellent efficiency, and low self-discharge. They are majorly used in energy storage systems which store energy generated from renewable energy sources such as solar and wind. Various players in the market are undertaking efforts to improve the performance of lithium-ion batteries which has made them an attractive option for stationary energy storage applications.

MarketsandMarkets expects 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 market for industrial batteries is segmented based on battery type such as lead-acid, lithium-ion and other batteries which include nickel-based, sodium-nickel chloride, nickel, and sodium-sulfur. The growth of the lithium-ion batteries market can be attributed due to its exception qualities like they are lightweight, portable, and smaller in size as compared to other types of batteries, which has increased their adoption in various applications.

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The Industrial batteries market is classified, based on end-use industry as Stationary and Motive. The stationary segment is projected to register the fastest growth in the overall Industrial batteries market during the forecast period. Industrial batteries are becoming an integral part of grid modernization. These systems help grid operators save electricity when the electricity generated exceeds the demand. The adoption of these systems improves the reliability and flexibility of electricity supply systems with respect to the generation, transmission, and distribution of electric power. Companies are increasingly involved in modernizing the electricity grid with the help of industrial batteries.

The Industrial batteries market is also studied for regions, which includes, North America, Europe, Asia Pacific, Middle East & Africa and South America. The North America region accounted for the largest market share in 2021 for Industrial batteries.