Product ID: SQMIG20D2124
Global Industrial Batteries Market Size, Share, Growth Analysis, By Type(Lead-acid, lithium-based), By Application(Motive Power, Telecom & Data Communication) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2124 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
64 |
Figures:
75
Global Industrial Batteries Market Insights
Global Industrial Batteries Market size was valued at USD 18.21 billion in 2022 and is poised to grow from USD 19.33 billion in 2023 to USD 31.37 billion by 2031, growing at a CAGR of 6.20% during the forecast period (2024-2031).
Increasing adoption of renewable energy sources, including solar and wind power, has created a significant demand for energy storage solutions, leading to a growth in the industrial batteries market. The growing implementation of smart grids and microgrids, coupled with the need for grid stabilization and peak load management, further contributes to the market expansion. Additionally, the rising deployment of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is driving the demand for industrial batteries in the automotive sector, as these batteries are crucial for powering EVs and providing range extension in HEVs. Moreover, the industrial sector requires reliable and uninterruptible power supply for critical operations, such as manufacturing, telecommunications, and data centers, which is fueling the demand for industrial batteries. Technological advancements, such as the development of high-capacity and long-lasting lithium-ion batteries, are enhancing the performance and efficiency of industrial batteries.
Furthermore, the market is witnessing a shift towards sustainable and environmentally friendly battery chemistries, including lithium iron phosphate (LiFePO4) and solid-state batteries. However, challenges like high costs, limited recycling infrastructure, and safety concerns associated with certain battery chemistries pose potential hurdles to market growth. Nevertheless, the global industrial batteries market is poised for significant expansion as industries across various sectors recognize the importance of efficient energy storage solutions to ensure uninterrupted operations, optimize energy consumption, and reduce carbon footprint. Overall, the global industrial batteries market is poised for substantial growth as industries across various sectors increasingly recognize the importance of efficient and reliable energy storage solutions.
US Industrial Batteries Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Industrial Batteries Market Segmental Analysis
Global Industrial Batteries Market is segmented by type, application, and region. Based on type, the market can be segmented into lead-acid, lithium-based and others. Based on application, the market is segmented into Motive Power, Telecom & Data Communication, Uninterruptible Power Supply (UPS)/Backup, Grid-Level Energy Storage. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The lead-acid battery segment is the largest and is expected to dominate the market during the forecast period. These batteries are widely used in Uninterruptible Power Supply (UPS) systems due to their high-power density and long lifespan. UPS systems provide backup power in case of main power failure. The excellent electric manageability of lead-acid batteries is projected to drive segment growth. They are also extensively utilized in motive industry applications, particularly in forklifts, due to their affordability, reliability, and well-established supply chain. The segment is expected to benefit from rapid industrialization, increasing manufacturing units, expanding warehouse space, and the growing e-commerce sector, along with investments in emerging economies.
The lithium-based product segment is anticipated to register the highest compound annual growth rate (CAGR) during the forecast period. Lithium-ion batteries find applications in various industrial sectors, including UPS systems, industrial automation systems, and grid-level storage systems. The demand for renewable energy sources is on the rise due to the depletion of fossil fuels and concerns about environmental pollution. Renewable sources like wind and solar produce variable power, which needs to be stored for later use. Energy Storage Systems (ESS) play a crucial role in storing renewable energy, thereby driving the demand for lithium-ion batteries.
Analysis by Application
Motive power is the largest segment and is expected to maintain its leading position throughout the forecast period. This segment has a wide range of applications in the motive industry, especially in forklifts. The growth is attributed to rapid industrialization, an increasing number of manufacturing units, expanding warehouse spaces, and the rising demand for forklift truck replacement.
The grid-level energy storage segment is projected to witness the fastest CAGR during the forecast period. The global energy storage systems market's growth is expected to drive the consumption of industrial batteries. Grid energy storage systems are expected to compete with traditional power generation, transmission, and distribution systems. As the industry progresses, manufacturers are expected to adopt new business models to implement and operate storage assets, leading to more reliable and cost-effective grid operations through the use of industrial batteries.
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Global Industrial Batteries Market Regional Insights
Asia-Pacific (APAC) region dominated the global market due to rapid industrialization, a large manufacturing base, and the presence of key industries such as automotive, electronics, and telecommunications. Countries like China, Japan, and South Korea are major contributors to the growth of the industrial batteries market in the region. Additionally, the increasing deployment of renewable energy systems and the adoption of electric vehicles in APAC are driving the demand for industrial batteries.
North America is expected to witness fastest growth in the industrial batteries market. The region is experiencing a surge in demand for energy storage solutions, driven by the integration of renewable energy sources, the need for grid stabilization, and the rising adoption of electric vehicles. Factors such as government incentives, favorable regulatory frameworks, and advancements in battery technologies are fostering the growth of the industrial batteries market in North America. The United States and Canada, in particular, are leading the way in terms of investments in energy storage projects and the implementation of smart grid infrastructure.
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Global Industrial Batteries Market Dynamics
Drivers
Increasing adoption of renewable energy sources
- One key driver of the global industrial batteries market is the increasing adoption of renewable energy sources. As countries strive to reduce their dependence on fossil fuels and mitigate climate change, there is a growing emphasis on harnessing renewable energy, such as solar and wind power. Industrial batteries play a crucial role in storing and managing the intermittent power generated by these renewable sources, enabling a reliable and consistent energy supply. This driver is expected to fuel the demand for industrial batteries across various sectors.
Restraints
High cost associated with industrial batteries
- A key restraint for the market is the high cost associated with industrial batteries. While advancements in battery technology have improved their performance and efficiency, the cost of manufacturing and deploying industrial batteries remains relatively high. This can be a significant barrier, particularly for small and medium-sized businesses or developing economies with limited financial resources. The high upfront costs of industrial batteries can deter potential customers from adopting energy storage solutions, hindering the market's growth to some extent.
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Global Industrial Batteries Market Competitive Landscape
The competitive landscape of the global industrial batteries market is characterized by intense competition among various market players. Key strategies employed by these players include product innovation, research and development, partnerships, and mergers and acquisitions. Companies strive to develop advanced battery technologies with improved energy storage capacity, longer lifespan, and enhanced safety features to gain a competitive edge. Additionally, market participants focus on expanding their geographical presence and distribution networks to cater to the increasing demand from different regions. The market also witnesses collaborations between battery manufacturers, energy companies, and automotive manufacturers to develop integrated energy storage solutions for a wide range of applications. The competitive landscape is further influenced by factors such as regulatory policies, government initiatives, and the ability to offer cost-effective solutions without compromising on quality and performance.
Top Player’s Company Profiles
- Johnson Controls, Inc. (US)
- Exide Technologies, Inc. (US)
- Enersys, Inc. (US)
- Saft Groupe S.A. (France)
- GS Yuasa Corp. (Japan)
- Northstar Battery Company LLC (US)
- C&D Technologies, Inc. (US)
- Robert Bosch GmbH (Germany)
- East Penn Manufacturing Co. (US)
- Panasonic Corporation (Japan)
- BYD Company Limited (China)
- LG Chem Ltd. (South Korea)
- Samsung SDI Co., Ltd. (South Korea)
- Toshiba Corporation (Japan)
- Hitachi Chemical Co., Ltd. (Japan)
- Contemporary Amperex Technology Co. Limited (CATL) (China)
- BYD Battery Co. Ltd. (China)
- A123 Systems LLC (US)
- Duracell Inc. (US)
- Trojan Battery Company (US)
Recent Developments
- In May 2022, Johnson Controls announced the inauguration of the OpenBlue Innovation Center at its headquarters in Cork, Ireland. The center is part of a global network of OpenBlue Innovation Centers focused on creating smart, healthy, and sustainable spaces for customers.
- In April 2022, Narada Power launched a new product designed for the IDC scenario, integrating 512V lithium iron phosphate cells and a three-level BMS. This modular solution offers high power discharge, energy density, safety, and reliability, meeting various power demands for UPS and HVDC systems.
- In March 2022, EnerSys achieved UL certification for their NexSys iON batteries, taking industrial electric-powered vehicle security to new heights. EnerSys provides reliable energy solutions for materials management applications, ensuring secure and robust operations.
- In November 2021, Vision Group collaborated with Baidu and seven other partners to launch the Pinghu DC lithium battery system. This technology has been extensively employed in data centers, demonstrating its feasibility and technological advancement.
- In August 2021, Exide Industries Ltd. introduced the Batmobile Doorstep Service facility, offering a range of inverters and inverter batteries. While Exide's service for their products under warranty is free of charge, there is a fee for other brands or Exide products that are no longer under warranty.
Global Industrial Batteries Key Market Trends
- One key market trend in the global industrial batteries market is the increasing adoption of lithium-ion batteries. Lithium-ion batteries offer several advantages such as higher energy density, longer lifespan, and faster charging capabilities compared to traditional lead-acid batteries. This trend is driven by the growing demand for energy storage solutions in various sectors, including renewable energy integration, electric vehicles, and grid-level storage. The shift towards lithium-ion batteries is propelled by the need for more efficient and sustainable energy storage solutions, leading to advancements in battery technology and increased market penetration of lithium-ion batteries in industrial applications.
Global Industrial Batteries Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global industrial batteries market analysis, the market is experiencing significant growth, driven by growing implementation of smart grids and microgrids, coupled with the need for grid stabilization and peak load management. Lead-acid batteries currently dominate the market due to their high-power density and extensive applications in Uninterruptible Power Supply (UPS) systems and the motive industry. However, lithium-ion batteries are emerging as a rapidly growing segment, fueled by the increasing demand for energy storage systems and the transition towards renewable energy sources. The motive power segment, particularly in the forklift industry, holds a substantial share in the market. The grid-level energy storage segment is also projected to witness significant growth as energy storage systems become more prevalent. In terms of regional dominance, Asia-Pacific leads the market, while North America is the fastest-growing region. The competitive landscape is characterized by intense competition among various companies, with a focus on innovation, partnerships, and geographical expansion. Despite the market's positive trajectory, the high cost of industrial batteries remains a challenge for widespread adoption. Overall, the industrial batteries market is driven by the increasing demand for reliable power backup, the growth of renewable energy, and advancements in battery technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 18.21 billion |
| Market size value in 2031 | USD 31.37 billion |
| Growth Rate | 6.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Industrial Batteries Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Industrial Batteries Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Industrial Batteries Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Batteries Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Batteries Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Industrial Batteries Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Industrial Batteries Market Report Snapshots
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