Global Industrial Battery Market Size By Technology (Lithium-Ion Battery, Lead-Acid Battery), By Application (Forklift, Telecom, UPS), By Geographic Scope And Forecast

Industrial Battery Market Size And Forecast

Industrial Battery Market size was valued at USD 10.38 Billion in 2020 and is projected to reach USD 17.12 Billion by 2028, growing at a CAGR of 6.41% from 2021 to 2028.

Consumer inclination towards green and clean energy and government support for strict regulations for environment conservation are major growth factors of the global Industrial Battery Market. In addition, the recyclability of the batteries may also influence the global market in the coming years. The Global Industrial Battery Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Industrial Battery Market Definition

The industrial battery is any battery that is designed exclusively only for industrial uses. These batteries are used in electric vehicles to transport, lift, or move materials to warehouses. The main function of industrial batteries is to supply energy to end-users. These batteries are used in industries for lifting heavy equipment such as trucks, forklifts, and others. Industrial batteries act as an energy source to massive data centers and ensure to run the internet continuously.

They are heavier, large in size, and more powerful as compared to consumer batteries. Industrial batteries offer applications such as backup power, energy regulation, and operating power. These batteries are used in various devices such as remote sensors, GPS tracking, and many more that operates in various harsh condition whose temperature ranges from -55ºCto 150ºC. The industrial battery has an operational life of over 40 years.

Global Industrial Battery Market Overview

Rising demand for backup power in the industrial sector coupled with demand for batteries in grid-level energy storage applications is driving the market growth. In addition, extensive usage of these batteries in various applications, such as UPS and motive power, is anticipated to fuel the market expansion. The U.S. accounted for the largest market share in 2019 in the North American regional market and the trend is projected to continue over the forecast period on account of growing product application scope in telecom & data communication, uninterruptible power supply (ups), and others.

Moreover, the strong presence of major manufacturers, such as Exide, Johnson Controls, and Odyssey, in the U.S. is expected to promote market growth in the region over the forecast period. Rising demand for forklifts in the U.S. and Canada on account of the growing manufacturing industry coupled with an increasing number of warehouses will also augment the market growth as lead-acid batteries are used on a large scale for motive power applications, such as forklift in the manufacturing industry.

Favorable government policies for infrastructural development at the domestic level through the National Infrastructural Plan (NIP), is expected to promote UPS market growth over the forecast period, which in turn will increase the demand for industrial batteries. However, high capital cost coupled with safety issues related to battery charging and disposal of lead-acid batteries is expected to restrict the market growth to some extent. In addition, the stringent government regulation for the use of some toxic chemicals in the production of batteries is likely to hinder the growth of the market over the forecast period.

Global Industrial Battery MarketSegmentation Analysis

The Global Industrial Battery Market is segmented based on Technology, Application, and Geography.

Industrial Battery Market, By Technology

• Lithium-ion Battery• Lead-acid Battery• Others

Based on Technology, the market is bifurcated into Lithium-ion Battery, Lead-acid Battery, and Others. Lead-acid battery accounted for the largest share of over 47% in 2019 and is estimated to be the dominant segment in the forecast period. Lead-acid batteries find application in Uninterruptible Power Supply (UPS) systems as they provide high power density and enhanced life expectancy. A UPS system is an electrical equipment that provides a power supply when the main power or input power sources fail. The high electric manageability of lead-acid batteries is expected to fuel the segment growth over the forecast period.

Industrial Battery Market, By Application

• Forklift• Telecom• UPS• Others

Based on Application, the market is bifurcated into Forklift, Telecom, UPS, and Others. Telecom was the largest segment of the industrial battery market in 2015 and is projected to be the fastest-growing segment from 2016 to 2021. This growth can be mainly attributed to the growth in the telecom industry and the increasing demand for high-efficiency power backup.

Industrial Battery Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

Around the world, the market for batteries used in industries is spread across different regionsNorth America, Europe, Asia Pacific, and the rest of the world. In 2019, the Asia Pacific region was the leader, holding more than 34% of the market globally. It's also expected to grow the fastest over the next few years because of its strong industrial sector and increased construction activities in countries like China, India, Australia, and Southeast Asia. In India, the government's efforts to promote industrial growth are likely to boost the demand for industrial batteries.

Key Players

The “Global Industrial Battery Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Johnson Controls, Exide Technologies Inc., EnerSys Inc., GS Yuasa Corporation, SAFT Groupe S.A., Northstar Battery Company LLC, C&D Technologies, Inc., Robert Bosch GmbH, East Penn Manufacturing Company, and Panasonic Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations, and Agreements

• In January 2021, Enersys expanded partnership with Industrial Battery & Charger, Inc. To grow battery and charger product distribution.

• In June 2018, Exide Industries and Leclanché announced their partnership to build Li-ion batteries and provide energy storage systems for India’s electric vehicle market and grid-based applications.

Acquisition and Mergers

• In September 2019, EnerSys, the global leader in stored energy solutions for industrial applications, announced that it had entered into an agreement to acquire all issued and outstanding shares of N Holding AB, the parent company of NorthStar, that manufactures and distributes batteries nearest in design and performance to EnerSys.

Product Launches and Product Expansions

• In December 2020, GS Yuasa Corporation announced the launch of its LIM30HL series of industrial lithium-ion battery modules. The battery modules in the LIM30HL series, are upwardly compatible and bring in a higher rated capacity with lower internal resistance.

Report Scope

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Reasons to Purchase this Report

Market Overview We delve into the market, breaking it down by key segments based on both financial and non-financial factors. For each segment and sub-segment, we provide detailed market size estimates in billions of US dollars. Growth Potential We identify the regions and segments that are poised for the most rapid growth and dominance in the market. By analyzing geographical trends, we understand how the product or service is being consumed and what factors are driving or hindering market growth in different regions. Competitive Landscape We paint a picture of the competition, ranking the top players and tracking their recent moves, including new product launches, partnerships, expansions, and acquisitions. Company Profiles We provide in-depth profiles of the key market players, including their company history, financial performance, product lineups, and strengths and weaknesses. Market Outlook We explore the market's future trajectory, considering the latest trends, growth drivers, and challenges. We examine both emerging and developed regions to provide a comprehensive understanding of the market's potential. Market Analysis We employ Porter's five forces analysis and value chain analysis to provide a deep understanding of the market's forces and competitive dynamics. This helps us identify opportunities and risks for both current and future market entrants. Market Dynamics We explore the factors shaping the market and identify growth opportunities for businesses. Our analysis tracks market trends and developments over time to help you make informed decisions. Post-Sales Support For six months after your purchase, our analysts are standing by to provide additional insights and answer any questions you may have about the market and its potential.

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