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Industrial Batteries Global Market Report 2023
Major players in the industrial batteries market are Exide Industries Ltd., C&D Technologies Inc., Enersys Inc., GS Yuasa Corporation, Northstar Battery Company LLC., Amara Raja Batteries Ltd., American Battery Solutions, Bulldog Battery Corporation, Crown Batteries, HOPPECKE Industrial Batteries Ltd.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Batteries Global Market Report 2023" - https://www.reportlinker.com/p06426368/?utm_source=GNW
, Zhejiang Narada Power Source Co. Ltd., SK Innovation Co. Ltd., The Sunlight Group, and TAB batteries.
The global industrial batteries market grew from $12.96 billion in 2022 to $14.29 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The industrial batteries market is expected to grow to $20.3 billion in 2027 at a CAGR of 9.2%.
The industrial battery market consists of sales of nickel metal hydride batteries, zinc carbon batteries, sodium batteries, and alkaline batteries.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Industrial batteries refer to electrochemical devices that convert higher-level active materials into an alternate state during discharge.Industrial batteries are heavy-duty and can work in harsh environments.
They are available in various sizes and shapes as per industrial needs.Industrial batteries are used to provide power to equipment in various industries such as automation, construction machinery, robotics, and small transport vehicles that work on battery power.
Industrial batteries convert chemical energy into electricity.
North America was the largest region in the industrial batteries market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the industrial batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of industrial batteries on the market are lithium-ion batteries, nickel-based batteries, and lead-based batteries.Lithium-ion batteries are used in electronics, small and large appliances, electric vehicles, and electrical energy storage systems.
A lithium-ion (Li-ion) battery refers to an advanced battery technology that uses lithium ions as a key component of its electrochemistry.The different applications include telecom and data communication, uninterruptible power supply (ups), energy, equipment, grid storage, and others.
The several end users include domestic and industrial.
The rapid expansion of the telecommunication sector is expected to propel the growth of the industrial battery market going forward.Telecommunications is referred to as the electronic transmission of information over a distance.
Industrial batteries in telecommunications are used as power backup for network equipment-related servers, to run DC (direct current) equipment, and to provide power for base stations that are remotely situated and have no access to the national grid. For instance, according to Invest India, an India-based National Investment Promotion and Facilitation Agency, the telecom industry in India has a subscriber base of 1.17 billion mobiles as of April 2022. The number of telecom towers increased to 660,000 in 2021. Therefore, the rapid expansion in the telecommunication sector is driving the growth of the industrial battery market.
Product innovation is a key trend gaining popularity in the industrial batteries market.Major companies operating in the industrial battery sector are focused on developing innovative solutions for battery power management systems to gain a competitive advantage.
For instance, in April 2022, Narada Power, a China-based battery manufacturing company, launched a 512-volt high-voltage lithium battery backup power system.The system is designed for industrial use, especially for Internet Data Centers (IDCs).
It uses a lithium-ion (Li-ion) battery as a key component.The product’s unique benefits include high power discharge, high energy density, high safety and reliability, and it can also be utilized for high-voltage direct current (HDVC) and uninterruptible power supply (UPS) purposes.
The high-voltage lithium batteries used for the system are 60% lighter and have a 50% lower carbon footprint in comparison to a similar system utilized for conventional lead batteries.
In March 2022, Reliance New Energy, a subsidiary of Reliance Industries, an India-based energy company, acquired Lithium Werks for a deal amount of $ 61 million.Through this acquisition, Reliance aims to obtain the expertise of Lithium Werks and expand its presence in the battery and energy sector.
Lithium Werks is a Netherlands-based manufacturer of cobalt-free and high-performance lithium iron phosphate (LFP) batteries that are used in industrial applications.
The countries covered in the industrial batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial batteries market research report is one of a series of new reports that provides industrial batteries market statistics, including industrial batteries industry global market size, regional shares, competitors with an industrial batteries market share, detailed industrial batteries market segments, market trends and opportunities, and any further data you may need to thrive in the industrial batteries industry. This industrial batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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