The latest report by IMARC Group, titled “Industrial Batteries Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global industrial batteries market size reached US$
20.8 Billion in 2022. Industrial batteries are electrochemical devices that power grid storage and uninterrupted power systems (UPS). They are used for large, rugged equipment as they offer resistance to vibrations and extreme temperatures. These batteries are cost-effective, highly reliable, have a well-established supply chain, and provide high power density and life expectancy. They are increasingly used in medical safety alarms, tracking systems, automobile accessories, and medical equipment. Consequently, industrial batteries find applications in energy, grid storage, utility, and telecommunication systems.
Global Industrial Batteries Market Trends:
The market is primarily driven by the rising demand for efficient and reliable power backup solutions in industrial settings. In addition, the increasing utilization of industrial batteries in data centers and the telecom sector is fueling the market growth. Apart from this, rapid industrialization resulting in the expansion of warehouse spaces and the growing number of manufacturing units are escalating the demand for industrial batteries. Besides this, the significant growth of the e-commerce industry and emerging requirement for factory automation are also propelling the market growth. Moreover, governments in various countries are taking initiatives to reduce environmental pollution caused due to non-renewable sources. As a result, renewable energy sources, such as wind and solar, are converted into variable power and stored in energy storage systems (ESS), thus facilitating the product adoption rate. Furthermore, technological advancements like the launch of green industrial batteries that are environment-friendly and help reduce carbon footprints are creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 30.3 Billion by 2028, exhibiting a CAGR of
6% during 2023-2028.
- Based on the drive type, the market has been segmented into electric, hydraulic, and others.
- On the basis of technology, the market has been classified into lithium-ion, lead-acid, and other batteries.
- The market has been categorized based on the application into forklift, telecom, UPS, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Amara Raja Group, American Battery Solutions, Bulldog Battery Corporation, C&D Technologies Inc., EnerSys, Exide Industries Limited, GS Yuasa Corporation, Industrial Battery & Services Inc., Johnson Controls International, Panasonic Corporation, and Saft (TotalEnergies SE).
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