DUBLIN--(BUSINESS WIRE)--The "Global Industrial Batteries Market With Covid-19 Impact Analysis, By Battery Type (Lead-acid, Lithium-ion), End-Use Industry (Stationary, Motive), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Industrial batteries market size is projected to grow from USD 18.1 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 9.2% between 2022 and 2027.
The Industrial batteries market is expected to grow at a moderate growth rate owing to factors such as increasing demand in plug-in vehicles, rising adoption of lithium-ion batteries in renewable energy sector, and increasing demand for grid energy storage systems owing to ongoing grid modernization. Availability of low-cost substitutes and issues related to transportation and storage of used or spent batteries are hindering the growth of Industrial batteries market.
Lithium-ion industrial batteries is projected to witness considerable CAGR during the forecast period
Lithium-ion industrial batteries market is projected to witness a considerable growth during the forecast period. The growth in this segment is attributed to its properties such as lightweight, portable, and smaller in size as compared to other types of batteries, which has increased their adoption in various applications.
The Stationary segment projected to lead the Industrial batteries market from 2022 to 2027
The stationary segment is the fastest-growing Industrial batteries market by end use. Stationary end-use industry comprises of Telecommunication, UPS and Grid level applications . Grid level has the highest CAGR among all the other applications due to the in-grid and off-grid renewable energy deployments which are witnessing steady growth in developed as well as emerging countries. Batteries have been utilized for energy storage applications over many years. However, recently, the battery storage technology has gained higher traction as a resource to support higher levels of electricity generation from renewable energy.
North America projected to account for the maximum share of the global Industrial batteries market during the forecast period
North America is projected to lead the global Industrial batteries market from 2022 to 2027. North America is the world's leading consumer as well as producer of Industrial batteries. The market in the region is driven because of the developed economies such as US and Canada which have large number of industrial batteries manufacturers as well as consumers. This growth and development are mainly attributed to the high economic growth rate in the region, followed by heavy investments across industries, such as electric vehicle and recreational vehicles.
- Increasing Demand for Plug-In Vehicles
- Rising Adoption of Lithium-Ion Batteries in Renewable Energy Sector
- Increasing Demand for Grid Energy Storage Systems Owing to Ongoing Grid Modernization
- Availability of Low-Cost Substitutes
- Issues Related to Transportation and Storage of Used or Spent Batteries
- Advancements in Telecommunication Sector
- Increasing Battery Innovation Initiatives by Established Players
- Limited Usage and Overheating Issues of Industrial Batteries
- Disruptions in Supply Chain due to COVID-19 Pandemic
- Amaron Batteries
- C&D Technologies, Inc.
- Crown Battery
- East Penn Manufacturing Company
- Enersys Inc.
- Exide Industries
- Gs Yuasa Corporation
- Leoch International Technology Limited Inc.
- Lg Chem
- Narada Power
- Northvolt Ab
- Ritar International Group
- Rolls Battery
- Saft Groupe
- Samsung Sdi Co., Ltd.
- Sk Innovation
- U.S. Battery Mfg.
- Victron Energy
- Vision Group
- Yuasa Battery (Thailand) Public Company Limited
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