Industrial Batteries Market to Surpass a Valuation of US$ 40,400.0 Mn by 2032 | Adoption of new battery technologies with longer range, faster charging, and less range degradation, as well as rising demand for grid energy storage systems as a result of ongoing grid modernization: ChemView Consulting

Industrial Batteries Market Overview

According to a research survey conducted by ChemView Consulting, in 2022, the Global Industrial Batteries Market was worth US$ 18,100.0 Mn and is expected to grow at a CAGR of 9.4% over the forecast period. The market is expected to hit US$ 40,400.0 Mn by 2032 end.

The industrial sector’s growing need for backup power and the need for batteries for grid-level energy storage applications are what are fueling the market’s expansion. Additionally, the widespread use of these batteries in several applications, including motive power and UPS, is predicted to fuel market growth.

Lithium-ion batteries are increasingly used in the renewable energy industry, increasing the need for industrial batteries. Lead-acid, nickel-cadmium, and nickel-metal hydride batteries cannot compete with the electrochemical performance of lithium-ion batteries. In addition to a higher power, great efficiency, and minimal self-discharge, these batteries have a long lifespan.

The main factors contributing to increased energy storage are made possible by lithium-ion energy storage devices, facilitating the integration of cheap wind and solar energy into networks. In turn, this decreases total energy expenditures and cuts carbon dioxide emissions.

ChemView Consulting has analyzed that Longer battery life, faster charging, less range degradation, and a lower starting price: these battery technologies will arrive early enough in the EV adoption curve to contribute significantly to its tipping point. These include improved battery design to ensure longer battery life and a circular economy model to recover used materials.

As a result, many scientists are working on different battery technologies. For instance, Sila Nanotechnologies is replacing the graphite anode, which accounts for much of the bulk and about 15% of the weight of today’s lithium-ion batteries, with a form of silicon that it claims will give battery cells a 20 to 40% increase in energy density while also charging faster.

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Segments Covered in Report

By Battery Type:

  • Lead-acid
  • Lithium-ion
  • Others

By Application:

  • Telecom & Data Communication
  • Uninterruptible Power Supply
  • Energy
  • Equipment
  • Grid Storage
  • Others

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the Industrial Batteries Market

  • Based on the batter type, Lead-acid battery accounted for the largest share of over 47.0% in 2019 and is estimated to be the dominant segment in the forecast period. Lead-acid batteries find application in Uninterruptible Power Supply (UPS) systems as they provide high power density and enhanced life expectancy.
  • With a CAGR of 8.9% during the projected period, North America is anticipated to have the fastest growth in the industrial battery market.
  • The greatest market for industrial batteries is in North America. This study divides North America into the US, Canada, and Mexico. Due to the increased need for renewable energy storage in residential, commercial, and utility settings, the industrial battery industry is expanding at the fastest rate. It is anticipated that these industries will propel market expansion in this area.

Competition Summary

Key companies covered in the market study are EnerSys, Inc, C&D Technologies, Inc, Exide Industries Ltd, GS Yuasa Corporation, Crown Batteries, East Penn Manufacturing Company, Leoch International Technology Limited Inc, Samsung SDI Co., Ltd, LG Chem, Narada Power, Vision Group, Saft Groupe, Hoppecke, Tab, Sunlight and Yuasa.

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.

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