The global industrial batteries market size was valued at $9.02 billion in 2020, and industrial batteries market forecast to reach $30.84 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030.
Industrial batteries, also known as commercial batteries or large-scale batteries, are energy storage systems designed to meet the energy needs of industrial and commercial applications. These batteries are larger and more powerful than typical household batteries and are used in a variety of industries for purposes such as backup power, load shifting, peak shaving, and grid stabilization. Industrial batteries play a crucial role in enhancing energy efficiency, reducing energy costs, and improving the reliability of operations in various sectors.
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Types of Industrial Batteries:
- Lithium-Ion Batteries: Lithium-ion batteries are known for their high energy density, long cycle life, and fast charging capabilities. They are widely used in various industrial applications due to their performance and efficiency.
- Lead-Acid Batteries: Lead-acid batteries are reliable and have been used for many years in industrial applications such as UPS systems. They are cost-effective but have lower energy density compared to newer technologies.
- Flow Batteries: Flow batteries use liquid electrolytes stored in external tanks. They are known for their long cycle life and the ability to decouple energy and power ratings.
- Sodium-Ion Batteries: Sodium-ion batteries are an emerging technology with potential for industrial applications. They offer an alternative to lithium-ion batteries and can be cost-effective.
- Nickel-Iron Batteries: Nickel-iron batteries have a long history and are known for their durability and long cycle life. They are used in certain industrial applications.
- Other Advanced Batteries: Various research and development efforts are focused on creating new battery chemistries with improved performance, safety, and cost-effectiveness for industrial use.
Rise in need for eco-friendly energy storage solutions acts as key factor propelling the demand for industrial batteries.
Strict government mandates toward the use of green energy in Asia-Pacific, majorly in China and Japan are contributing toward the growth of industrial battery industry.
The major companies profiled in this report include 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., and LG Chem.
In addition, the Go Green revolution is primarily driving the growth of the industrial batteries market globally.
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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.
Asia-Pacific dominated the market in 2020, owing to presence of abundant industrial battery material reserves in China, India, Australia, and other Asia-Pacific countries.
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.
Battery technologies are an essential catalyst to unlock growth and new advances in sectors such as electric vehicles (EVs), electronic devices, and battery energy storage (BES) for renewable energy.
Increase in reliance on battery storage is significantly driving the demand for industrial batteries across the globe. Industrial batteries are majorly applicable across telecom & data communication, and energy sectors.
However, high prices of lithium-ion battery compared to conventional battery systems is expected to hamper the sales of industrial battery during the forecast period.
Ongoing advancements in the industrial batteries due to innovative efforts have further enhanced the efficiency of these batteries, creating abundant growth opportunities in the global industrial batteries market share.
Uninterruptible Power Supply (UPS) Systems: Industrial batteries are commonly used in UPS systems to provide backup power during grid outages. These systems ensure that critical operations in data centers, hospitals, manufacturing facilities, and other sensitive industries can continue without interruption.
Grid Stabilization and Frequency Regulation: Large-scale batteries can be integrated into the electrical grid to provide stability by regulating frequency and voltage fluctuations. They can absorb excess energy during periods of high demand and release it during peak load times.
Renewable Energy Integration: Industrial batteries are used to store excess energy generated by renewable sources like solar and wind. This stored energy can be discharged when renewable energy generation is low, improving the reliability of renewable energy systems.
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Load Shifting and Demand Charge Management: Industrial facilities can use batteries to shift energy consumption to off-peak times, reducing demand charges and overall energy costs.
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