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Industrial Battery Market Analysis by Service Type, by Vertical | COVID-19 Effects
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According to the new research report published by The Insight Partners, titled "Industrial Battery Market - Global Analysis and Forecast to 2027", the global industrial battery market is expected to reach US$ 21,893.5 Mn by 2027, registering a CAGR of 7.3% during the forecast period 2020-2027.
Industrial batteries are specially designed batteries that can operate under harsh industrial temperatures such as extreme temperatures, more vibrations, and heavy use. Industrial batteries perform batter and are designed to be more powerful. In the present market scenario, the companies are rigorously working towards the development of highly efficient batteries that caters to the varying industrial battery needs. The demand for energy storage systems in the market is also growing. The energy storage systems store energy during the off-peak time and use energy during peak times. Some of the major companies offering energy storage systems include GE Company, Samsung SDI, Exide, LG Chem, and Saft Batteries, among others. The demand for UPS is also growing across the industrial sector owing to the growing focus towards the safe down of the process during a power failure.
The demand for Lithium-based batteries is expected to grow significantly during the forecast period. The adoption of Lithium batteries is expected to grow across various verticals owing to the advantages offered by it, such as low emissions, increased lifecycle, and recyclability. The companies operating in the market are focusing on the development of new products to gain a strong customer base and achieve a significant market share. For instance, in 2020, GS Yuasa Corporation launched SNS-TN series of valve-regulated stationary lead-acid batteries. These batteries are ideal for applications with high discharge frequency as well as for applications requiring the float charge. Also, in 2019 East Penn Manufacturing launched a complete line of both Lead and Lithium material handling battery products for Class I, II, and III operations.
The demand for industrial batteries is expected to grow owing to various factors such as increasing demand for grid-connected solutions, high requirement for Lithium-ion batteries, and increasing focus of the government towards the adoption of clean energy sources and electric vehicles. Based on geography, APAC holds a significant market share and is expected to grow at a high rate owing to the growing industrialization and presence of a strong manufacturing sector in countries such as India, China, and South Korea. The top companies operating in the field of Industrial batteries include Exide Technologies Inc., Enersys Inc., Saft Groupe S.A., GS Yuasa Corporation, LG Chem, Panasonic Corporation, Robert Bosch GmbH, East Penn Manufacturing Company, Saft Groupe SA, C&D Technologies, Inc., and General Electric Company among others. Various other companies operating in the market and are coming up with advance industrial battery solutions, which is helping the market for industrial batteries to expand over the years in terms of revenue.
Get Sample PDF: https://www.theinsightpartners.com/sample/TIPRE00009682/
The report segments the global industrial battery market as follows:
Global Industrial Battery Market – By Type
- Lead-acid Batteries
- Lithium-based Batteries
- Nickel-based Batteries
Global Industrial Battery Market – By Application
- Telecom & Data Communication
- Industrial Equipment
- Grid-level Energy Storage
Global Industrial Battery Market – By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Industrial Battery Market to 2027 - Global Analysis and Forecasts by Type (Lead-acid Batteries, Lithium-based Batteries, Nickel-based Batteries, Others); Application (Telecom & Data Communication, Industrial Equipment, Uninterruptible Power Supply (Ups)/Backup, Mining, Marine, Others)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
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