PORTLAND, Ore. – Allied Market Research published a report, titled, “Industrial Batteries Market by Type (Lithium-Ion Battery (Lithium Cobalt Oxide, Lithium Magnesium Oxide, Lithium Titanite, and Others), Nickel-based, and Lead-based) and Application (Telecom & Data Communication, Uninterruptible Power Supply (UPS), Energy, Equipment, Grid Storage, and Others (Railways, Utility, and Security)): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global industrial batteries industry was estimated at $9.0 billion in 2020, and is anticipated to hit $30.8 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030.
Drivers, restraints, and opportunities-
Surge in annual deployment capacities and stringent government regulations aimed at controlling the surging pollution drive the growth of the global industrial batteries market. On the other hand, high prices of lithium-ion batteries restrain the market growth. However, rapid increase in demand from data centers would create new opportunities in the coming years.
- The outbreak of the pandemic gave way to several lockdown measures, which in turn disrupted the global industrial sector. Also, shortage of raw materials and unavailability of labor impacted the market negatively
- The declined production led to the supply-demand gap and lowered the growth rate of the market. The demand from the application sectors such as equipment, power supply, and data communication experienced a steep fall off during the initial phase of the pandemic.
- However, the market is expected to recoup soon, since the global situation has started being ameliorated at a gradual pace.
The lithium ion battery segment to dominate by 2030-
By type, the lithium-ion battery segment held the largest share in 2020, garnering more than two-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the lead-based segment is estimated to register the fastest CAGR of 13.9% from 2021 to 2030. Lead based batteries deliver bulk power at cheaper rates, which makes the battery cost-effective for forklifts, marine, grid storage, data centers and uninterruptible power supplies (UPS). This factor drives the segment growth.
The telecom and data communication segment to maintain the dominant share-
By application, the telecom and data communication segment accounted for the highest share in 2020, contributing to more than one-fourth of the global industrial batteries market. Increasing urbanization across the globe, flourishing telecom industry coupled with increasing demand for high efficiency power backup is expected to increase demand of industrial batteries throughout the forecast period. This factor drives the growth of the segment. However, the equipment segment is estimated to witness the highest CAGR of 14.8% from 2021 to 2030.
Asia-Pacific, followed by North America, garnered the major share in 2020-
By region, the region across Asia-Pacific held the major share in 2020, generating more than one-third of the global industrial batteries market. Moreover, this region is estimated to register the largest CAGR of 15.1% during the forecast period. Rapidly increasing industrialization in China and India have fostered the industrial batteries market growth in the recent years.
Key players in the industry-
- Exide Technologies, Inc.
- Saft Groupe S.A.
- GS Yuasa Corp.
- Enersys, Inc.
- Northstar Battery Company LLC
- LG Chem
- Johnson Controls, Inc.
- C&D Technologies, Inc.
- Robert Bosch GmbH
- East Penn Manufacturing Co