Industrial Batteries Market Growth & Trends
The global industrial batteries market size is projected to reach USD 27.44 billion by 2027 registering a CAGR of 6.0%, according to a new report by Grand View Research, Inc. High demand for back-up power batteries in grid-level energy storage application for solar and wind power projects will boost the market growth during the forecast period. Moreover, increasing usage of these batteries in various applications, such as UPS and motive power, is anticipated to drive the market. Industrial batteries offer benefits, such as reduction in manufacturing cost, high durability, lower maintenance costs, and low discharge rate capability, which is expected to increase their demand further.
Easy availability of batteries of different specifications and sizes will also augment the market growth. Lead acid batteries are relatively cheaper than other batteries and are can be manufactured using lesser technology equipment, which in turn will drive market their demand in the near future. Increasing investments by major manufacturers coupled with the growing number of renewable energy projects with battery storage capability are likely to drive the market. However, volatility in raw material prices will pose a restraint for the market growth.
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Industrial Batteries Market Report
Industrial Batteries Market Report Highlights
- Lead acid battery segment accounted for the largest market share in 2019. Due to growing power demand, national grids are getting pressurized resulting in the increased demand-supply gap for power, which is eventually driving the demand for battery for back-up systems in industrial applications
- Lithium-based batteries accounted for the second-largest market share in 2019 and is projected to register the highest CAGR during the forecast period
- This growth is attributed to the rising demand for lithium-based batteries as they are cost-effective
- The motive power end-use segment accounted for the largest market share in 2019, whereas grid-level energy storage application is projected to expand at the fastest CAGR during the forecast period
- Asia Pacific is forecasted to witness the highest growth from 2020 to 2027. Rapid expansion of industrial sector in China, India, Japan, and South Korea has triggered the demand for industrial batteries in the region
- China is expected to be one of the promising markets in light of energy storage technologies and favorable government support to promote investments in manufacturing sectors
- Major companies in the market have adopted various organic and inorganic growth strategies to expand their product portfolio and geographical footprint
