Industrial Batteries Market Size Worth $36.24 Billion By 2030 | CAGR: 9.0%

The global industrial batteries market size is expected to reach USD 36.24 billion by 2030, according to a new study by Polaris Market Research. The report “Industrial Batteries Market Share, Size, Trends, Industry Analysis Report, By Type (Lithium-based, Lead-acid, Nickel-based, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The lithium-ion battery is expected to exhibit considerable growth during the forecast period. The battery has witnessed the fastest growth due to factors such as lightweight, longer shelf life, portability, and recyclability. This has increased their adoption in various applications and thus boosted the growth of the industry.

Asia-Pacific is expected to lead the global market with maximum share during the forecast period. Increasing urbanization, growing research and development activities, expansion of international players in this region, and technological advancements are some factors attributing to the growth. The growth in countries such as China, India, and Japan and the strengthening telecommunication sector have further increased the demand for the product in the region. 

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The key players of the industry are Amara Raja Group, American Battery Solutions, Bulldog Battery Corporation, C&D Technologies, Inc., East Penn Manufacturing Co., Exide Technologies, GS Yuasa Corporation, Johnson Controls International, Leoch International Technology Limited Inc., LG Chem, NorthStar Battery Company LLC, Panasonic Corporation, Samsung SDI, TotalEnergies SE, and Victron Energy.

Rapid industrialization and an increase in the requirement for automation of factories across the globe are the key factors driving the growth of the industry. The demand is expected to grow as a result of factors such as a rise in lithium-ion battery adoption in the renewable sector and increasing demand for grid energy storage systems.

Industrial Batteries Market Report Highlights

• The lead-acid batteries segment accounted for a major share in 2020. The lead-acid battery segment has been growing due to the rapid technological advancements and expansion in the telecom sector. These are cost-competitive and easily recyclable as compared to lithium-ion batteries.
• The telecommunications segment is expected to grow at a significant rate due to an abundance of IT companies in developing countries. Industrial batteries, compared to consumer batteries, have a longer operating life and can be used in harsh situations and isolated areas. As a result, they are widely employed in energy, grid storage, utility, and telecommunications systems. The increased use of industrial batteries in telecom and data communications due to cost-effectiveness and improved discharge and charge efficiency is expected to drive the industry.
• The Asia Pacific region is expected to register the highest revenue in the global market. The industry is expanding due to the rising economic growth rate supported by investments in industrial development, driving the growth of the market.

Polaris Market Research has segmented the industrial batteries market report based on type, application, and region:

Industrial Batteries, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Lithium-based
• Lead-acid
• Nickel-based
• Others

Industrial Batteries, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Motive Power
• Telecommunication
• Electric Grid Storage
• Others

Industrial Batteries, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa