According to the report published by Allied Market Research, the global industrial batteries market generated $9.0 billion in 2020, and is estimated to garner $30.8 billion by 2030, witnessing a CAGR of 13.2% from 2021 to 2030. The report offers a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional landscape, and competitive scenario.
Increase in annual deployment capacities and stringent government regulations aimed at controlling the surging pollution drive the growth of the global industrial batteries market. However, high prices of lithium-ion batteries hinder the market growth. On the other hand, rapid increase in demand from data centers would create new opportunities in the coming years.
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The report offers detailed segmentation of the global industrial batteries market based on type, application, and region.
Based on type, the lithium-ion battery segment held the largest share in 2020, accounting for more than two-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the lead-based segment is estimated to register the fastest CAGR of 13.9% from 2021 to 2030.
Based on application, the telecom and data communication segment accounted for the highest share in 2020, contributing to more than one-fourth of the global industrial batteries market, and is projected to continue its leadership status during the forecast period. However, the equipment segment is estimated to witness the highest CAGR of 14.8% from 2021 to 2030.
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Based on region, Asia-Pacific contributed to the largest share in 2020, holding more than one-third of the total share, and is expected to maintain its dominant share in terms of revenue by 2030. Moreover, this region is estimated to register the largest CAGR of 15.1% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global industrial batteries market analyzed in the report include Johnson Controls, Inc., Enersys, Inc., Exide Technologies, Inc., GS Yuasa Corp., Saft Groupe S.A., C&D Technologies, Inc., Northstar Battery Company LLC, East Penn Manufacturing Co., Robert Bosch GmbH, and LG Chem.
Get detailed COVID-19 impact analysis on the Industrial Batteries Market @ https://www.alliedmarketresearch.com/request-for-customization/12202?reqfor=covid
- The lockdown measures implemented to curb the spread of Covid-19 led to disruption of the global industrial sector. The sector faced issues such as raw material shortage and unavailability of labor. This hampered the production of industrial batteries.
- The reduced production led to the supply-demand gap and lowered the growth rate of the market. However, the gap is expected to be filled during the post-lockdown as manufacturing activities are expected to resume in optimum capacity.
- The demand from application sectors such as equipment, power supply, and data communication reduced considerably during the initial phases of the pandemic. However, this demand is estimated to get back on track post-pandemic.
Key findings of the study
- The Asia-Pacific industrial batteries market is projected to grow at the highest CAGR of nearly 15.1%, in terms of revenue, during the forecast period supporting industrial batteries market trends
- As per industrial batteries market analysis, depending on type, the lithium-ion battery accounted for the largest market share in 2020.
- On the basis of application, the telecom & data communication dominated the market, in terms of share, in 2020.
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