Global Industrial Batteries Market, By Battery Type (Lithium-based Batteries, Nickel-based Batteries & Lead-acid Batteries), By End User (Industrial Equipment, Grid-level Energy Storage, (UPS)/Backup, Motive Power, Telecom & Data Communication), By Geography (Europe, North America, Latin America, APAC, Middle East, and Africa) – Industry Statics and Forecast to 2028
Global Industrial Batteries Market Overview
Industrial batteries are prepared for proficient or mechanized processes that are durable and require propulsion power supplies located in remote or extreme environments where battery replacement is challenging. Industrial batteries are subject to a variety of requirements that need to be met, including the most efficient, portable, and economical batteries. The lead-acid battery segment dominates the industrial battery market due to its long-lasting life expectancy and high power productivity.
The Asia-Pacific region holds the largest market share in the world’s industrial batteries, following Europe and North America. China dominates the Asia-Pacific market due to the government’s favorable policies and the promotion of industrialized industrial batteries in the region. In addition, the region has a rebellious private infrastructure that enables rapid deployment of new product applications.
Global Industrial Batteries Market: Analysis and Insights
According to Pheonix Research, the “Global Industrial Battery Market” is valued at US $ 10,154.9 million in 2020 and is estimated to reach a market value of US $ 29,171.6 million by 2028. North America leads the global industrial battery market and is expected to endure a CAGR of 15.1% throughout the forecast period 2021-28.
Demand for industrial batteries has become very important and is expected to grow exponentially. The industrial battery market is booming due to the growth of the renewable energy sector and the increasing demand from the automotive sector. The increasing demand for backup power supplies and the demand for high-capacity batteries combine to drive the market. Favorable government regulations and policies will drive the industrial battery market during the forecast period.
Exide Technologies, Johnson Controls, Robert Bosch GmbH, Saft, Luminous India, East Penn Manufacturing Company, Oshiba International Corporation, EnerSys Inc., C&D Technologies, Northstar Battery Company LLC, Inc., and GS Yuasa Corporation.
The global spread of the novel coronavirus infection (COVID-19) has become an unprecedented and severe test for the development of the world economy, and the world economy is facing ever-greater downward pressure. The pandemic’s impact on the economy has resulted in a slowdown in economic activity in many countries, reduced global demand, significant declines in trade and investment, and hardships in global production chains. Recovery scenarios with demand were forecasted and analyzed in this study.
Global Industrial Batteries Market – Purview:
The comprehensive study “Global Industrial Batteries Market” has been segmented into battery type, end-user, and region. Based on the battery type, the market is segmented into mobile lead-acid batteries, nickel-based batteries, and lithium-based batteries. Based on end-users, the market is segmented into grid-level energy storage, telecom & data communication, industrial equipment, uninterruptible power supply (ups)/backup, and motive power. The countries covered in the augmented reality & virtual reality market report are the U.S. and Canada in North America, Brazil, Mexico, Columbia, and the Rest of Latin America as part of Latin America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore and Rest of AsiaPacific in the AsiaPacific, GCC countries, South Africa, the Rest of the Middle East, and Africa as a part of the Middle East and Africa.