Industrial Battery Market : Business Overview and Global Development Trends
According to The Insight Partners’ research, the global industrial battery market was US$ 12,501.9 million in 2019 and is slated to be worth US$ 21,893.5 million by 2027, with a CAGR expected to grow at 7.3% during the forecast period. The rising adoption of grid-connected solutions ensures an uninterruptable power supply and increases the requirement for lithium-ion batteries.
Using battery energy storage systems for grid-connected solutions benefits grid operators by enabling electric energy time-shift, renewable energy time-shift, baseload leveling, peak shaving, and renewables capacity firming. There is rising adoption of grid-connected solutions as these systems can reserve excess electricity when generation surpasses demand. Moreover, market players are coming up with new grid solutions for maintaining a competitive edge in the industrial battery market. For example, Siemens offers SIESTORAGE, an intelligent grid solution capable of overcoming the challenges operators face during optimization of grid connections, provision of elastic energy for modern grids, and supporting large energy consumers, which are the three main parameters in power supply. Also, in July 2015, EDP Distribuicao offered a Storage InovGrid tender to Siemens in Évora, Portugal. SIESTORAGE provides services such as voltage regulation, energy backup, and replicating intelligent grids benefits to the grid operators. These are the factors creating more demand for grid-connection solutions.
Earlier, nickel-cadmium batteries were considered a suitable type of battery for portable equipment, ranging from wireless communications to mobile computing devices. Though lithium-ion batteries are presently the most used and most promising for several applications, ranging from smart grids to aerospace. Lithium-ion batteries are gaining popularity due to its impressive attributes such as recyclability, low emission, and long life. Also, these batteries are preferentially adopted for several industrial applications that deem temperature sensitivity, low maintenance, weight, and volume. Governments worldwide are aiming to expand the reach of digitalization and promote the utilization of various electronic devices, and have become the most important storage technology in the areas of portable and mobile applications. Henceforth, the increasing requirement for lithium-ion batteries in many applications is one of the key aspects driving the industrial battery market.
Conversely, the high capital investments required for deployment hinder the global industrial battery market.
Based on type, the global industrial battery market is segmented into lead-acid batteries, lithium-based batteries, nickel-based batteries, and others. Among these, lead-acid batteries led the domain by accounting for US$ 6,119.6 million, a market share of 48.9% in 2019. Further, it is anticipated to continue its dominance by holding 45.6%, i.e., US$ 9,993.9 million by 2027, with a CAGR of 6.4% growth during the forecast period.
On the basis of application, the market is categorized into telecom and data communication, industrial equipment, uninterruptible power supply (UPS)/backup, grid-level energy storage, mining, marine, and others. In 2019, the industrial equipment segment led the market by 48.4% in 2019; it is anticipated to continue its dominance during the forecast period, accounting for 45.8% of the industrial battery market by 2027. Further, the market is projected to reach US$ 10,016.9 million by 2027, and CAGR will record a stellar growth of 6.6% during 2020–2027.
Our regional frame of reference states that Asia Pacific dominated the market by capturing for 36.9%, i.e., market valued at US$ 4,620.9 million in 2019; it will continue to dominate by 2027 by accounting for 35.0% share and market value of US$ 7,664.9 million. Meanwhile, South America is anticipated to record a stellar growth rate of 9.6% CAGR over the forecast timeframe and amass US$ 648.05 million by 2027.
Key players profiled in the global industrial equipment market report are C&D Technologies, Inc; East Penn Manufacturing Company; EnerSys; Exide Industries Limited; General Electric Company; GS Yuasa International Ltd; LG Chem; Panasonic Corporation; Robert Bosch GmbH; and Saft Groupe SA.
- In August 2017, C&D Technologies declared acquisition by KPS Capital Partners to support the organization’s growth organically and through strategic acquisitions.
- East Penn Manufacturing launched a complete line of lead and lithium material handling battery products for Class I, II, and III operations in December 2019.
- In June 2018, Exide Industries announced the launch of the joint venture with Leclanché to build lithium-ion batteries and energy storage solutions.
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