BANGALORE, India, May 26, 2022 /PRNewswire/ -- Industrial Batteries market is segment by Type - Lead-acid Batteries, Lithium-based Batteries, Nickel-based Batteries, Others, Segment by Application - Telecom & Data Communication, Industrial Equipment, Uninterruptible Power Supply (UPS)/Backup, Grid-Level Energy Storage, Others. It is published in Valuates Reports under the Power Supplies Category.
The Industrial Batteries market size is estimated to be worth USD 6229.2 million in 2022 and is forecast to be a readjusted size of USD 8065.5 million by 2028 with a CAGR of 4.4% during the review period.
The Major Factors Driving The Industrial Batteries Market Are
The Industrial Batteries market is expected to grow as a result of factors such as rising lithium-ion battery adoption in the renewable energy sector and rising demand for grid energy storage systems as a result of ongoing grid modernization.
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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL BATTERIES MARKET
In an emergency, telecom batteries are the backbone of your telecom system's integrity. If you want to avoid service interruptions during power outages and other emergencies, you'll need a reliable telecom battery bank. Lead-acid batteries and lithium-ion batteries are the two main types of batteries used in telecom due to factors like cost-effectiveness and improved discharge and charge efficiency, and longer life span. Thus the increased use of industrial batteries in the Telecom & Data Communication sector is expected to drive the Industrial Batteries Market.
The Industrial Battery Market is expected to grow due to the rising demand for industrial UPS batteries. When the primary source of power fluctuates, an industrial UPS battery backup provides emergency power. A UPS protects data centers and industrial equipment from power outages by managing IT infrastructure and computer systems. This protects businesses from financial and data loss, as well as accidents and human injury. A UPS can help avoid job restarts and preserve a process as industrial equipment becomes more reliant on computer-based control systems.
BESS has played an increasingly important role in the power system in recent years, thanks to rising demands for system flexibility and rapid reductions in battery technology costs. BESS (battery energy storage systems) are a possible solution. BESS enables renewable energy to be efficiently stored and delivered to the grid as needed. Renewable energy projects can provide power at both peak and non-peak times, stabilizing the distribution network, thanks to this optimization of energy output to the grid. More policymakers, regulators, and utilities are seeking to develop policies to jump-start BESS deployment as BESS prices continue to fall and the need for system flexibility grows with the deployment of wind and solar.
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INDUSTRIAL BATTERY MARKET SHARE ANALYSIS
Based on type, the lead-acid battery market is expected to be the most lucrative segment, because of its low production costs, longer shelf life, and high electrical processing capacity. Furthermore, lithium-based batteries are the fastest-growing segment due to their excellent properties such as longer shelf life, lighter weight and volume, recyclability, and so on. Apart from that, these batteries are low-maintenance and have a high capacity-to-volume ratio.
Based on application, the telecommunications segment is expected to grow at a significant rate during the forecast period due to the proliferation of IT companies. In developing countries, the telecommunications sector is rapidly expanding.
Based on region, Asia-Pacific is expected to be the most lucrative segment during the forecast period.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Johnson Controls
- Exide Technologies
- EnerSys
- SAFT Groupe
- GS Yuasa
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SIMILAR REPORTS
- The global lithium-ion battery market was valued at USD 36.7 billion in 2019 and is projected to hit USD 129.3 billion by 2027 at a CAGR of 18.0% from 2020 to 2027.
- The global lead-acid battery market size was valued at USD 39.7 billion in 2018, and is projected to reach USD 59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.
- The global lithium-iron phosphate batteries market size was valued at USD 5.6 billion in 2020, and the lithium-iron phosphate batteries market is forecast to reach USD 9.9 billion by 2030 at a CAGR of 5.9% from 2021 to 2030.
- The global Lithium-Ion Battery Separator market size is estimated to be worth USD 3808.9 million in 2022 and is forecast to be a readjusted size of USD 6565.8 million by 2028 with a CAGR of 9.5% during the review period.
- In 2020, the global Battery Separator market size was USD 8218.6 million and it is expected to reach USD 18940 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 12.7% during 2021-2027.
- In 2020, the global Battery market size was USD 100970 million and it is expected to reach USD 130370 million by the end of 2027, with a CAGR of 3.7% during 2021-2027.
- The global Zinc-Air Batteries market size is estimated to be worth USD 418.9 million in 2022 and is forecast to a readjusted size of USD 607.8 million by 2028 with a CAGR of 6.4% during the review period.
- The global marine battery market size was valued at USD 0.37 billion in 2021 and is projected to reach USD 1.99 billion in 2030 growing at a CAGR of 20.5%.
- The global graphene battery market size was valued at USD 48.8 million in 2019 and is projected to reach USD 398.6 million by 2027, to register a CAGR of 31.2% during the forecast period.
- The global Solid State Battery Market size is projected to reach USD 13680 Million by 2026, from USD 1172.4 Million in 2020, at a CAGR of 50.6% during the forecast period 2021-2026.
- The global Lithium-ion Battery Recycling market size is projected to reach USD 24930 million by 2028, from USD 2543 million in 2021, at a CAGR of 38.1% during 2022-2028.
- In 2020, the global 18650 Lithium Battery market size was USD 6346.1 million and it is expected to reach USD 7091.9 million by the end of 2027, with a CAGR of 1.6% during 2021-2027.
- The global Battery Materials market size is projected to reach USD 53980 Million by 2026, from USD 40540 Million in 2020, at a CAGR of 4.9% during the forecast period 2021-2026.
- The global Thin Film Battery market size is projected to reach USD 953.7 million by 2027, from USD 429.9 million in 2020, at a CAGR of 14.2% during 2021-2027.
- In 2020, the global Printed Battery market size was USD 107.1 Million and it is expected to reach USD 1541.9 Million by the end of 2027, with a CAGR of 45.8% during 2021-2027.
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