Industrial Batteries Market Outlook: Regional Growth Opportunities...

Industrial Batteries Market Outlook: Regional Growth Opportunities and Challenges

Posted 2024-09-11 17:24:22

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The report "Industrial Batteries Market by Battery Type (Lead-acid, Lithium-ion), End-Use Industry (Stationary, Motive), and Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast to 2029", Industrial Batteries Market size is projected to grow from USD 21.2 billion in 2024 to USD 34.7 billion by 2029, at a CAGR of 10.3%. The market research report presents a complete judgment of the market through strategic insights on future trends, industrial batteries market size, share, growth factors, supplier landscape, demand landscape, Y-o-Y growth rate, CAGR, pricing analysis.

The market for industrial batteries is being driven by the growing need for grid energy storage solutions as a result of continuous grid modernization. The two most common renewable energy sources that are stored in networks are solar and wind energy. However, fluctuations in the process of energy creation are caused by clouds or wind currents that fluctuate. These variations make flexible grid systems—which are used to store energy—necessary. Industrial batteries are starting to play a crucial role in modernising the grid. When there is a surplus of power produced above what is needed, these solutions assist grid operators in conserving energy. Adoption of these technologies enhances the distribution, transmission, and production of electric power supply systems' flexibility and dependability.

Browse in-depth TOC on "Industrial Batteries Market"
228 – Tables
51 – Figures
250 – Pages

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The lead acid battery is expected to account for the largest share of the industrial batteries Market, by battery type, during the forecast period, in terms of value.

By battery type, Lead-acid batteries are anticipated to account for the largest market share during the forecast period in terms of value due to their widespread use and proven reliability in various industrial applications. These batteries are favored for their cost-effectiveness, robust performance, and ability to provide high surge currents, making them ideal for applications such as backup power systems, forklifts, and large-scale energy storage. The mature technology and established supply chain infrastructure further contribute to their dominant market position. Additionally, ongoing advancements in lead-acid battery technology, such as improved energy density and longer lifespan, ensuring sustained demand and market leadership in the industrial battery market.

By end-use industry, stationery segment is accounted for the largest market share during the forecast period in terms of value.

Based on end-use industry, The stationary segment is projected to hold the largest market share in terms of value during the forecast period due to its critical role in providing reliable power solutions across various industries. This includes applications such as backup power for data centers, telecommunications, and uninterruptible power supplies (UPS) for essential infrastructure. The growing emphasis on maintaining continuous power availability in an increasingly digital and connected world drives demand for industrial batteries. Additionally, the rising adoption of renewable energy sources requires efficient energy storage solutions, further boosting the industrial batteries market. The proven reliability, long service life, and advanced energy management capabilities of these batteries make them indispensable for ensuring operational continuity and grid stability.

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North America is projected to register the largest market share during the forecast period.

North America is accounted for the largest market share in the industrial batteries market during the forecast period, driven by several key factors. The region's robust industrial base significantly boosts demand for reliable and efficient energy storage solutions, and other factors. The strong presence of data centers and telecommunications infrastructure, requiring continuous power backup, also contributes to North America's dominant market position in the industrial batteries sector. The manufacture of industrial batteries in North America are EnerSys Inc. (US), East Penn Manufacturing Company (US), and others.

Industrial Batteries Market Trending Key Players

Some of the leading players in this market include C&D Technologies, Inc. (US), EnerSys, Inc. (US), Exide Industries Ltd. (India), Crown Batteries (US), GS Yuasa Corporation (Japan), among others.

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