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The industrial batteries market is a dynamic sector characterized by a multitude of factors that influence its growth and direction. At its core, the demand for industrial batteries is primarily driven by the growing need for reliable and efficient energy storage solutions across various industries. As businesses strive to enhance productivity and reduce downtime, the importance of dependable power sources has become increasingly evident. This reliance on energy storage is particularly pronounced in sectors such as manufacturing, telecommunications, healthcare, and transportation, where uninterrupted power supply is crucial for operations.
One of the key dynamics shaping the industrial batteries market is technological advancements. As advancements in battery technology continue to evolve, industrial batteries are becoming more efficient, durable, and cost-effective. Innovations such as lithium-ion batteries have revolutionized the industry by offering higher energy densities, longer lifespans, and faster charging capabilities compared to traditional lead-acid batteries. These technological advancements not only improve the performance of industrial batteries but also drive down costs, making them more accessible to a wider range of industries.
Moreover, the shift towards renewable energy sources has had a significant impact on the industrial batteries market. With the increasing adoption of solar and wind power generation, there is a growing need for energy storage solutions to mitigate the intermittent nature of renewable energy production. Industrial batteries play a crucial role in storing excess energy generated during peak production periods for use during periods of low or no production. This demand for energy storage systems to complement renewable energy installations has created new opportunities for growth within the industrial batteries market.
Furthermore, regulatory initiatives and environmental concerns are shaping the market dynamics of industrial batteries. Governments around the world are implementing stringent regulations aimed at reducing carbon emissions and promoting the adoption of clean energy technologies. As a result, industries are under pressure to transition towards more sustainable practices, including the use of eco-friendly battery technologies. Manufacturers are investing in research and development to develop batteries with reduced environmental impact, such as recyclable materials and improved energy efficiency. Compliance with these regulations not only drives innovation within the industry but also influences consumer preferences towards greener solutions.
Market competition is another significant factor driving the dynamics of the industrial batteries market. With the increasing demand for energy storage solutions, numerous companies are vying for market share by offering diverse product portfolios and competitive pricing strategies. Established players are continuously innovating to maintain their competitive edge, while new entrants are disrupting the market with novel technologies and business models. This intense competition fosters innovation and drives down prices, ultimately benefiting consumers and fueling market growth.
Moreover, geopolitical factors and supply chain disruptions can also impact the dynamics of the industrial batteries market. The availability and cost of raw materials, such as lithium and cobalt, are influenced by factors such as geopolitical tensions, trade policies, and mining regulations. Any disruptions in the supply chain can lead to fluctuations in prices and availability of industrial batteries, affecting market dynamics. Manufacturers must carefully monitor these external factors and diversify their supply chains to mitigate risks and ensure continuity of operations.
Industrial Batteries Market Highlights:
Industrial Batteries Market Overview
The industrial batteries market value is registered as USD 18 billion in 2020 and is expected to exhibit a significant growth of 7.1% CAGR with industrial batteries market size of USD 31.8 billion during the forecast period (2021-2030).
Industrial batteries are electrochemical devices that are capable of high-energy power sources, and rechargeable. During discharge, these batteries convert high-energy active materials. These batteries are used to power various end-use applications like grid storage and uninterrupted power supply systems. These batteries are used in light vehicles, backup systems for telecommunication and data storage sectors.
The advantage of industrial batteries is not emitting hazardous acids like sulphuric acid. These are more sustainable towards other batteries and reduces carbon emissions. For its eco-friendly nature, it increases the demand in the coming years.
COVID-19 Analysis
Due to the sudden outbreak of COVID-19 and restrictions on trade and commerce, the industrial battery market is slightly declined for some time. The maximum supply chain of the industrial battery is connected with China which leads to negative production and sales in the first two quarters of the pandemic situation. Moreover, the purchasing power of people related to the fastest-growing economies is also negatively impacting the market.
On the other hand, the usage of electrical products is increased in this pandemic situation by most of the companies implemented work from home and it requires electrical devices and batteries. Hence the demand for electrical devices and industrial batteries is propelled. This pandemic situation saw a rise in consumer awareness regarding eco-friendly products. However, most of the countries are switching to electric vehicles which boosts the growth of the market. By these factors, we can say that the industrial batteries market is benefited from this pandemic situation.
In order to meet the rapidly increasing demand for clean energy storage solutions, Noida-based RCRS Innovations Ltd., the parent company of lithium-ion battery pack manufacturer EXEGI, plans to invest INR 50 crore this year to expand its production capacity of lithium battery packs from the current 300 MWh and introduce new product lines. In the upcoming fiscal year, RCRS Innovations intends to establish a giga-scale battery facility. It will soon introduce new products, including megawatt-hour-level energy storage solutions in container form, for use in large-scale industrial facilities across several industries. The TOPCon line of solar panels will also be introduced by the company.
Within its Suminoe factory, Panasonic Energy Co., Ltd. declared in 2024 that it had finished building a new production development facility. The state-of-the-art facility, devoted to next-generation manufacturing, will work as a center for the advancement of production process technology and will increase the company's manufacturing competitiveness and worldwide production capacity.
Market Dynamics
Drivers
Growing electrification in most of the industrial, commercial, and household works is driving the growth of the market. The rapid expansion of the telecommunication sector is boosting the demand for high storage capacity backup batteries. Industrial batteries are the primary source of power for a few applications like automated machinery, robots, and light vehicles which propels the growth of the market. Implementation of government regulation towards carbon emission is projected to rise the demand for lithium-ion batteries and hence increases the demand for the industrial batteries market.
Due to the increasing dependency on electrical gadgets, the demand for uninterrupted electrical energy is accelerated. Additionally, the emerging economies are highly preferring electrification and increasing urbanization is majorly influencing the demand for the global market. Uncertainty in raw material prices and availability of raw materials like lead, lithium, cobalt is bolstered the market growth.
Restraint
The cost of lithium-ion or lithium-ion batteries is very expensive. Even though it is the fastest-growing segment, the price of the battery is limiting the market growth. According to the report of the United States Department of Energy (DOE), by 2020, the price of lithium-ion batteries is USD 125/kWh and is expected to decline the price by USD 73kWh by 2030.
Opportunities
To control pollution, most countries are implementing stringent norms for avoiding toxic chemicals and make nature eco-friendly by switching to electric vehicles. Hence by increasing the demand for electric vehicles leads to a rise in demand for the industrial batteries market. The advanced technologies in industrial batteries by end-users and manufacturers are creating an opportunity to rise the growth of the global market.
Challenges
The toxic organic chemicals are used during the production of industrial batteries. Most of the countries are implementing strict regulations regarding such chemicals which restricts the growth of the industrial batteries market. This factor is acting as a challenging factor for the industrial batteries market.
Study Objectives -
- To provide detailed information about the industrial batteries market structure along with various forecast segments and sub-segments for the next 10 years.
- To provide the factors that are affecting the growth of the industrial batteries market value.
- To analyze the industrial batteries market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.
- To provide history and forecast revenue segments and sub-segments of the industrial batteries market revenue for the main geographies.
- To provide the country-level analysis of the current industrial batteries market size and future prospective.
- To provide country-level analysis of the industrial batteries market industry growth by region, form, and application.
- To provide a strategic profile of the prominent key players in the market, analyze their core competencies, and draw a global industrial batteries market growth landscape.
- To track and analyze new product developments, strategic alliances, and global industrial batteries market research.
Segment Overview
The global industrial batteries market has been divided into segments based on type, application, and region.
Based on Type
The global industrial batteries market based on the type is classified into few types such as lead-acid-based, nickel-based, and lithium-based & others. Out of these types, lead-acid batteries hold a maximum share of about 48% in the next years due to their low manufacturing cost, longer shelf-life, and high electrical processing capacity. Moreover, lithium-based batteries are considered to be the fastest-growing segment for their excellent properties like longer shelf life, lightweight & less volume, recyclability, etc. Apart, these batteries require less maintenance and have a high capacity volume ratio
Based on Application
By application, the global industrial batteries market is categorized into few types as telecommunication, power storages, industrial equipment, electric grid storage, and others. During the forecast period, the telecommunication segment is predicted to grow at a significant growth due to proliferating IT companies, the telecommunication sector is growing at a rapid expansion in developing countries.
Based on Region
Region-wise, globally, the industrial batteries market is divided into five main geographies such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among them, Asia-Pacific held a major industrial batteries market share due to the presence of the four main countries like India, Japan, China, and South Korea which are the major key players in this region.
Regional Analysis -
Geographically, the industrial batteries market is analyzed into four major regions like North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Out of these regions, Asia-Pacific is accounting for the largest market share due to the presence of four emerging countries like Japan, India, China, and South Korea who are the major key players in the region. Rapid industrialization and development of the IT sector are boosting the huge demands in this region. North America is holding the second largest market share due to demand for industrial batteries by the automobile industry, electric grid storage, and the IT sector.
During the forecast period, Europe is holding moderate growth due to the growing expenditure on innovation and developmental works. The presence of automobile manufacturers in Germany is expected to surge the demand in this region. Owing to the requirements of the oil & gas production units, the industrial batteries market is also accelerating in the Middle East & Africa region. Due to industrialization and developmental works, Latin America is also projected to witness huge demand for the industrial batteries market.
Competitive Landscape
The prominent key players in the industrial batteries market outlook are the following:
- Exide Technologies Inc. (India)
- Johnson Controls Inc. (U.S.)
- Enersys Inc. (U.S.)
- Saft Groupe S.A. (France)
- GS Yuasa Corporation (Japan)
- Northstar Battery Company LLC (Sweden)
- C & D Technologies, Inc. (U.S.)
- Toshiba International Corporation (Japan)
- Robert Bosch GmbH (Germany)
- East Penn Manufacturing Company (U.S.)
Recent Developments December 2021-Eternity Technologies, an eminent industrial battery developer, is about to introduce QUASAR, its latest line of Carbon Nano Motive batteries that offer more power, have extended run times and provide quicker recharge compared to the traditional lead batteries. Designed primarily for heavy-duty material handling sectors like electric forklift trucks, these industrial batteries can be completely charged in only four hours and can offer much higher flexibility than conventional batteries. QUASAR Carbon Nano motive batteries have use in material handling equipment with outdoor, and multi-shift cold storage applications with around 50% more power. QUASAR is also the perfect industrial battery for really high temperatures outdoor or indoor.December 2021-Stryten Energy LLC, an energy storage solutions developer based in the US, has acquired Tulip Richardson Manufacturing (TRM), a developer of custom injection molding items serving the industrial lead battery, consumer, and automotive markets.In December 2020, a subsidiary of Saft, TOTAL introduced an innovation of batteries in India.The manufacturer of the Industrial battery inverted Energy launched a new li-ion battery plant in Okhla. Report Overview:
This global industrial batteries market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the industrial batteries market drivers, restraints, challenges, and opportunities. The industrial batteries market forecast segments are type, application, and region.
Segmentation Table
The industrial batteries market trends have been segmented globally based on the type, application, and region.
By Type
Lead-acid-based, nickel-based, lithium-based & others.
By Application
Telecommunication, power storages, industrial equipment, electric grid storage, and others are the few applications.
By Region
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the industrial batteries market.
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