The industrial batteries market is projected to grow at a CAGR of 6.5% from 2016 to 2021
The industrial batteries market is projected to reach USD 10.84 billion by 2021, at a CAGR of 6.5% between 2016 and 2021. The rising demand for grid-connected solutions, government incentives for the use of green and clean energy, and recyclability of the batteries are expected to propel the growth of the market.
Telecom & Data Communication was the largest end-user industry segment of the industrial batteries market
Telecom & data communication was the largest segment of the industrial batteries market in 2015, and is projected to be the fastest-growing segment from 2016 to 2021. The growth of this segment can be mainly attributed to the growth in the telecom industry and increasing demand for high efficiency power backup.
The Lithium-based industrial batteries segment projected to grow at the highest CAGR
Based on type, lead-acid batteries was the largest segment of the industrial batteries market in 2015. Lithium-based batteries is expected to be the fastest-growing segment of the market, since these batteries are rapidly being adopted owing to their increased life, recyclability, and low emission.
Asia-Pacific led the global industrial batteries market
Asia-Pacific was the largest market for industrial batteries in 2015; the market in the region is expected to be the fastest–growing during the forecast period. China, Japan, and South Korea are the major markets for industrial batteries in Asia-Pacific. The increasing demand for industrial batteries and government support for the use renewable energy devices in several countries is expected to act as a key driver for the growth of industrial battery market in Asia-Pacific.
Profile break-up of primary participants for the report:
• By Company Type – Tier 1 – 40 %, Tier 2 – 25%, Tier 3 – 35%
• By Designation – C level – 35%, Director level – 40%, Others – 25%
• By Region – North America – 25%, Europe – 20%, Asia-Pacific – 40%, Middle East & Africa – 10%, Central & South America – 5%
Furthermore, as a part of qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by different market players, including Johnson Controls (U.S.), GS Yuasa (Japan), Exide Technologies Inc. (U.S.), EnerSys Inc. (U.S.), and SAFT Group S.A. (France), among others.