According to the report by Expert Market Research (EMR), the global industrial batteries market size reached a value of USD 21.08 billion in 2023. Aided by the escalating demand for reliable, high-capacity energy storage solutions amidst the global push towards renewable energy, electrification, and digitalisation, the market is projected to further grow at a CAGR of 9% between 2024 and 2032 to reach a value of USD 45.93 billion by 2032.
Industrial batteries, characterised by their high durability, capacity, and power output, are integral to ensuring continuity, efficiency, and safety in industrial operations. They range widely in technology, including lead-acid, lithium-ion, nickel-metal hydride, and flow batteries, each offering distinct advantages tailored to specific applications and operational requirements.
As per the industrial batteries market analysis, the global shift towards renewable energy sources, such as solar and wind, necessitates robust energy storage solutions to manage intermittency issues and ensure a stable power supply. Industrial batteries play a pivotal role in energy storage and grid stabilisation, facilitating the efficient use of renewable energy. The diversification of applications for industrial batteries is also a key market driver. Beyond traditional uses in backup power and energy storage, industrial batteries are increasingly utilised in electric vehicles (EVs), material handling equipment, data centres, and smart grid applications, reflecting the broadening scope of the market.
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The demand for uninterrupted power solutions in critical infrastructure, including hospitals, data centres, and telecommunications facilities, is on the rise which presents opportunities for the industrial batteries market growth. Industrial batteries are essential in UPS systems, ensuring reliability and continuity of operations in the event of power disruptions. The trend towards sustainable battery production and recycling is gaining momentum Sustainability concerns are prompting the industrial battery sector to focus on recycling and the circular economy. Recycling batteries aids in reducing environmental pollution and the demand for raw materials, prompting investments in recycling technologies and policies supporting battery lifecycle management.
The electrification of industrial vehicles, including forklifts, mining equipment, and heavy-duty trucks, is a significant trend propelling the industrial batteries market expansion. Industrial batteries are key to this transition, offering a cleaner alternative to traditional fossil fuels. This shift not only supports environmental goals but also reduces operational costs and improves vehicle performance.
Innovations in battery chemistry and design are enhancing the performance, lifespan, and environmental footprint of industrial batteries. Developments in lithium-ion technology, solid-state batteries, and alternative chemistries are expected to offer greater energy density, faster charging times, and reduced risk of fire or leakage, contributing to the industrial batteries market share.
The integration of industrial batteries with the Internet of Things (IoT) and smart technologies is enhancing battery management systems (BMS), enabling real-time monitoring, predictive maintenance, and optimised performance, which are critical for extending battery life and ensuring safety. As technology continues to evolve and market demands grow, the industrial batteries market is poised for further innovation and expansion, playing a pivotal role in powering the future of industrial sectors worldwide.
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Emerging markets present significant growth opportunities for the market. Rapid industrialisation, urbanisation, and investments in infrastructure development in regions such as Asia-Pacific, Africa, and Latin America are driving the demand for industrial batteries for a variety of applications, from energy storage to powering industrial machinery. As per the industrial batteries market outlook, government policies and regulations promoting energy efficiency, renewable energy, and emission reductions are bolstering the industrial batteries market. Incentives for clean energy technologies and mandates for energy storage integration are encouraging the adoption of industrial batteries.
Market Segmentation
The market can be divided based on battery type, end use, and region.
Market Breakup by Battery Type
- Lead-Acid
- Lithium-Based
- Others
Market Breakup by End Use
- Telecom and Data Communication
- Uninterruptible Power Supply (UPS)
- Motive Power
- Grid-Level Energy Storage
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global industrial batteries market. Some of the major players explored in the report by Expert Market Research are as follows:
- Toshiba Corporation
- Johnson Controls International plc
- Robert Bosch GmbH
- Exide Industries Ltd.
- LG Energy Solution, Ltd.
- EnerSys, Inc.
- TotalEnergies S.E.
- C&D Technologies, Inc.
- East Penn Manufacturing Company
- GS Yuasa Corporation
- Crown Battery
- Other
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