A battery rack is a system of metal shelves or containers used to hold and organize multiple batteries in a fixed location. Battery racks are commonly used in applications where a large number of batteries are needed to provide backup power or support a renewable energy system. The purpose of a battery rack is to provide a safe and secure storage space for batteries while also allowing for easy access and maintenance. The racks are typically designed to hold batteries of a specific size and weight and may include features such as locking mechanisms, ventilation, and battery monitoring systems. The global battery racks market was valued at $3.3 billion in 2020 and is projected to reach $4.7 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
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Rapid development in energy storage systems and ease of installation and operation drive the growth of the battery racks market. The rise in demand from emerging economies for the storage of batteries further propels the growth of the market. Battery racks protect batteries and allow easy handling of the batteries; thus, growing demand for the market. Growth in a number of data centers and small-and medium-sized enterprises increases demand for batteries, which further influences the growth of the battery racks market. However, fluctuations in raw material prices are expected to hamper the growth of the market during the forecast period. Furthermore, the rise in demand for battery racks from emerging economies such as China and India and innovations in energy storage is expected to provide growth opportunities for the market during the forecast period.
By type, the global battery racks market size is divided into standard, seismic, relay, and VRLA. The VRLA (Valve Regulated Lead Acid) battery rack segment dominated the global market with more than half of the total market share in 2020.
By material, the global battery racks market is studied across steel, plastic, plastic coated, and others. The steel segment dominated the global market with nearly half of the total market share in 2020.
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By application, the global battery racks market is studied across power storage, power generation, telecommunication, and others. The power storage segment dominated the global market with half of the total market share in 2020.
Region-wise, the global market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major battery racks market share in 2020 and dominated the global market with more than half of the total market share in 2020.
The major players studied and profiled in the global battery racks industry are Newton Instrument Co., Storage Battery Systems, LLC, EnviroGuard, Sakcett Systems, Inc., Specialized Storage Solutions, Tripp Lite, Emerson Electric Co., Luminous Power Technologies, Su-Kam Power Systems, and Huawei Technologies Co., Ltd.
COVID-19 analysis:
According to the International Monetary Fund (IMF), owing to the outbreak of the novel coronavirus (COVID-19), the global economy declined by 3.0% in 2020. Many countries are under strict lockdowns, which have affected the supply of raw materials. Hence, owing to this, production activities of battery racks manufacturers have been halted. In addition, demand for battery racks from the energy and telecommunication sectors has declined amid their halted operations, owing to government-imposed lockdown measures, which are expected to hinder the growth of the market during the forecast period.
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Key findings of the study
- In 2020, Asia-Pacific dominated the global battery racks market with around 52.0% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 4.1% in terms of revenue.
- The VRLA segment dominated the global battery racks market with 52.75% of the share in terms of revenue.
- The steel segment dominated the global battery racks market with around 49.50% of the share in terms of revenue.
- The plastic segment is projected to grow at the highest CAGR of 4.6% in terms of revenue.
- The power storage segment dominated the global market with around 50.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 4.2% in terms of revenue.
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