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(Wireless-NewsWire.Com, September 20, 2021 ) The industrial batteries market was valued at USD 7.45 billion in 2015 and is projected to reach USD 10.84 billion by 2021, at a CAGR of 6.5% from 2016 to 2021. The growth of this market is expected to be fueled by factors such as increasing demand for use in electric vehicles. The industrial batteries market is expanding and offering varied growth opportunities to players operating in the market. The increasing demand for power backup, growth in the renewable energy sector, increased recycling efficiency of lead- and lithium-based industrial batteries are also some key factors expected to drive the growth of industrial batteries market in the near future.
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Industrial batteries are durable and are used in applications demanding voltage stability in any conditions, leading to improved battery life, consistent performance, and favorable pricing. Industrial batteries are being adopted for use in refineries, power plants, onshore or offshore oil & gas platforms, and airports, as these applications require reliable battery systems that work efficiently in absence of power under extreme operating conditions.
Key players operational in the industrial batteries market, such as Johnson Controls (U.S.), Johnson Controls (U.S.), EnerSys Inc. (U.S.), SAFT Groupe S.A. (France), and GS Yuasa Corporation (Japan) launched various new products to cater to the diverse needs of customers and expand their presence in the market.
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Asia-Pacific is expected to be the fastest-growing region in the industrial batteries market in 2015. China, Japan, and South Korea are the major markets for industrial batteries in Asia-Pacific. The increasing demand for industrial batteries and government support for the use of renewable energy devices in several countries is expected to act as a key driver for the growth of industrial batteries market in Asia-Pacific.
Based on end-user industry, the market has been segmented into telecom & data communication, uninterruptible power supply (UPS)/backup, grid-level energy storage, industrial equipment, and others. Telecom & data communication is expected to be the fastest-growing segment of the industrial batteries market during the forecast period. The growth of the market is majorly driven by this segment, as a majority of IT & telecom companies need uninterruptable power supply with high capacity. These organizations need large-scale batteries to ensure uninterrupted flow of electricity during power failures, as even short-term power outages can prove extremely costly and lead to financial as well as data loss in these companies.
Based on type, the market has been segmented into, lead-acid, nickel-based, lithium-based, and others. Lithium-based battery is expected to be the fastest-growing segment of the market in 2015. The growth of the market is majorly driven by increasing application of these batteries in emerging applications, such as transport infrastructure, oil & gas, medical, mining, and so on. Lithium-ion batteries provide high energy and power density in terms of volume as well as high charge/discharge efficiency. These batteries are lightweight than batteries such as lead-acid and nickel metal hydride.
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