Allied Market Research published a report, titled, “Industrial Batteries Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global industrial batteries industry was estimated at $9.0 billion in 2020, and is anticipated to hit $30.8 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030.
Rise in need for eco-friendly energy storage solutions acts as key factor propelling the demand for industrial batteries. Strict government mandates toward the use of green energy in Asia-Pacific, majorly in China and Japan are contributing toward the growth of industrial battery industry. In addition, the Go Green revolution is primarily driving the growth of the industrial batteries market globally.
However, high prices of lithium-ion battery compared to conventional battery systems is expected to hamper the sales of industrial battery during the forecast period. On the contrary, owing to low cost of nickel-based battery than lithium-ion battery, it is increasing as a fast pace in several end-use applications. Moreover, prime advantage of nickel-based battery is flat discharge characteristic—a flat discharge curve simplifies the design of the application in which the battery is used since the supply voltage stays reasonably constant throughout the discharge cycle—but falls off rapidly at the end of the cycle, which is likely to create potential growth opportunities for industrial battery market during the forecast period.
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By type, the lithium-ion battery segment held the largest share in 2020, garnering more than two-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the lead-based segment is estimated to register the fastest CAGR of 13.9% from 2021 to 2030. Lead based batteries deliver bulk power at cheaper rates, which makes the battery cost-effective for forklifts, marine, grid storage, data centers and uninterruptible power supplies (UPS). This factor drives the segment growth.
By application, the telecom and data communication segment accounted for the highest share in 2020, contributing to more than one-fourth of the global industrial batteries market. Increasing urbanization across the globe, flourishing telecom industry coupled with increasing demand for high efficiency power backup is expected to increase demand of industrial batteries throughout the forecast period. This factor drives the growth of the segment. However, the equipment segment is estimated to witness the highest CAGR of 14.8% from 2021 to 2030.
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By region, the region across Asia-Pacific held the major share in 2020, generating more than one-third of the global industrial batteries market. Moreover, this region is estimated to register the largest CAGR of 15.1% during the forecast period. Rapidly increasing industrialization in China and India have fostered the industrial batteries market growth in the recent years.
The major companies profiled in this report include
- Exide Technologies, Inc.
- Saft Groupe S.A.
- GS Yuasa Corp.
- Enersys, Inc.
- Northstar Battery Company LLC
- LG Chem
- Johnson Controls, Inc.
- C&D Technologies, Inc.
- Robert Bosch GmbH
- East Penn Manufacturing Co..
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Covid-19 Scenario:
- The outbreak of the pandemic gave way to several lockdown measures, which in turn disrupted the global industrial sector. Also, shortage of raw materials and unavailability of labor impacted the market negatively
- The declined production led to the supply-demand gap and lowered the growth rate of the market. The demand from the application sectors such as equipment, power supply, and data communication experienced a steep fall off during the initial phase of the pandemic.
- However, the market is expected to recoup soon, since the global situation has started being ameliorated at a gradual pace.
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