Industrial Batteries Market Size Is Projected To Reach $27.4 Billion By 2027 | Grand View Research, Inc.

Industrial Batteries Market Size Is Projected To Reach $27.4 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global industrial batteries market size is projected to reach USD 27.44 billion by 2027. Rising demand for back-up power in industrial sector coupled with demand for batteries in grid-level energy storage application is driving the market growth.

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.

U.S. industrial batteries market size, by battery type, 2016 - 2027 (USD Billion)

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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

Global industrial batteries market share, by end use, 2019 (%)

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Industrial Batteries Market Segmentation

Grand View Research has segmented the global industrial batteries market on the basis of battery type, end use, and region:

Industrial Batteries Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Lead-acid
  • Lithium-based
  • Others

Industrial Batteries End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Motive Power
  • Telecom & Data Communication
  • Uninterruptible Power Supply (UPS)/Backup
  • Grid-level Energy Storage

Industrial Batteries Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Russia
    • Germany
    • France
    • U.K.
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE

List of Key Players of Industrial Batteries Market

  • Johnson Controls, Inc.
  • Exide Technologies, Inc.
  • Enersys, Inc.
  • Saft Groupe S.A.
  • GS Yuasa Corp.
  • Northstar Battery Company LLC
  • C&D Technologies, Inc.
  • Robert Bosch GmbH
  • East Penn Manufacturing Co.

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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