Global Industrial Battery Market Expected Grow at A CAGR of 6.5% 2019-2026
The global industrial
battery market is expected to reach USD 15.2 billion in 2026, growing at
a CAGR of 6.5% during the forecast period.
Industrial battery or
battery pack is designed exclusively for industrial or professional uses.
Industrial batteries are primarily used in the industries to incorporate the
automation of handling and construction machinery, robotics, and small
transport vehicles which requires batteries. The growth of the industrial
battery market is primarily driven by the rising demand from energy storage and
stationary applications, increasing demand for industrial batteries in end-user
industries, and growing development of battery capacity. Further, rapid
industrialization and rising renewable energy integration across the globe are
some of the key factors driving the growth of the market.
Get Sample Copy of
this report at: https://www.ozonemarketreports.com/sample-request/global-industrial-battery-market-industry-outlook-2016-2026/154322
Moreover, uninterrupted
electric energy in the developing countries and increase in demand for
industrial battery from data centers and telecom companies is expected to
create opportunities for the manufacturers in the global market over the
forecast period. However, volatile prices of raw materials, stringent
government regulations regarding use of toxic organic chemicals, and the risk
of battery explosion are expected to hamper the growth of the global industrial
battery market in the coming years. The lead-acid segment expected to dominate
the market throughout the forecast period Based on type, the global industrial
battery market has been segmented into lead-acid, nickel-based, lithium-based,
and others.
The lead-acid segment
accounted for approximately 37% of the share in the global industrial battery
market in 2018. Lead-acid is widely used in various applications due to their
increased life, recyclability, and low emission. These benefits are expected to
enhance the demand and sales for lead-acid batteries across the developed and
developing countries in the global market.
Based on application,
the telecom & data communication segment is expected to grow at a CAGR of
around 7.1% throughout the forecast period Based on application, the market has
been segmented into telecom & data communication, uninterruptible power
supply (UPS)/backup, grid-level energy storage, industrial equipment, and
others. The telecom & data communication segment accounts of the largest
share in the market and are expected to grow at a CAGR of around 7.1% during
the forecast period.
Browse Full Report at: https://www.ozonemarketreports.com/semiconductor-and-electronics/global-industrial-battery-market--industry-outlook-2016-2026/154322
The increase in the
development of battery capacity, growth in the telecom industry, and
increasing
demand for high-efficiency power backup are expected to increase its market
share in terms of value in the global industrial battery market. The
manufacturers GS Yuasa Corporation, Exide Technologies Inc., and Johnson
Controls Inc. are the mainly investing in the development of industrial battery
for the telecom & data communication application, which expected the lead
the market in the coming years.
Asia-Pacific to
dominate the industrial battery market throughout the forecast period Asia-Pacific
accounted for nearly 35% share of the global industrial battery market in 2018
and is expected to dominate the market throughout the forecast period.
The rapid growth in the
urbanization and liberalization of foreign direct investment in the industrial
sector are the major driving factor for the region in the global market.
Moreover, significant growth in renewable power generation capacity and
developing telecommunication industry increase its dominance in the global
industrial battery market in the future.
Avail
a UPTO 40% Discount on Purchase at: https://www.ozonemarketreports.com/discount-request/global-industrial-battery-market-industry-outlook-2016-2026/154322
Furthermore, rising
growth of electrical and construction sector in developing countries of the
Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to
raise the demand for electric grid storages which further raise the demand for
industrial batteries over the forecast period. North America is expected to
hold the highest CAGR in the global market during the forecast period. The
manufacturers are investing in North American countries to meet the demand for
the industrial battery. The increased expenditure in innovation and growing
purchasing power of manufacturers are expected to enhance the market growth in
the global industrial battery market during the forecast.
The US Department of
Energy (DOE) announced an interim price target of USD 125/kWh by 2020, and the
prices for lithium-ion batteries is estimated to fall to as low as USD 73/kWh
by 2030. The US is expected to be the major contributor to the regional growth
of industrial batteries market and is expected to see a significant demand for
industrial batteries during the forecast period. Company Profiles and
Competitive Intelligence:The major players operating in the global industrial
battery market are Johnson Controls Inc., Exide Technologies Inc., Enersys
Inc., Saft Groupe S.A., GS Yuasa Corporation, Northstar Battery Company LLC,
C&D Technologies, Inc., Robert Bosch GmbH, East Penn Manufacturing Company,
and Amara Raja Batteries Ltd are among others.
Contact Us:
Name: Steven Samuel
Phone - +91 9370882135
Comments
Post a Comment