Global Demand for Industrial Batteries Market Size Estimated to Hit USD 36.24 Billion by 2030, at a CAGR of 9.0%: Polaris Market Research

NEW YORK, Feb. 13, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "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" published by Polaris Market Research in its research repository.

According to the research report, the global industrial batteries market size & share was valued at USD 17.47 billion in 2021 and is expected to surpass USD 36.24 Billion by 2030, growing at a CAGR of 9.0% during the forecast period.

What are Industrial Batteries? How Big is Industrial Batteries Market Size & Share?

• Report Analysis & Overview

Industrial batteries are for industrial devices. They are used to operate heavy machinery such as forklifts, electric drills, and other industrial gadgets. They are also used in monitoring structural stresses on bridges and underwater seismic measurements. The rapidly rising demand for the industrial batteries market can be attributed to the fact that they are stronger than average batteries operating in the extremes in which a normal battery would give up.

Rising demand for backup power in the industrial sector and demand for batteries in grid-level energy storage applications are driving market growth. In addition, extensive usage of these batteries in several applications, such as UPS and motive power, is expected to fuel market expansion. Growing product application scope in telecom and data communication and uninterruptable power supply are some factors driving the market growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key data covered in the market report

• A comprehensive overview of the market.
• Detailed information on factors that will fuel or hamper market growth prospects.
• Potential market CAGR projections over the forecast period.
• Precise market size estimations of the industrial batteries industry.
• Accurate upcoming trends and consumer behaviour pattern predictions.

Some of the Top Market Players 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
• Victron Energy

To know an additional revised list of top market players, request to download a PDF brochure, 2022-2030: https://www.polarismarketresearch.com/industry-analysis/industrial-batteries-market/request-for-sample

Key factors driving market growth

• Rising demand for the forklift to push the market

The strong presence of prominent manufacturers such as Exide, Johnson Controls, and Odyssey in the US is expected to promote market growth in the region. The industrial batteries market size is expanding due to the rising demand for a forklift due to the growing manufacturing industry. Increasing the number of warehouses will also augment the market growth as lead acid batteries are used on a large scale for motive power applications.

Favorable government policies for infrastructural development at the domestic level through the National Infrastructural Plan are expected to promote UPS market growth over the forecast period, which in turn will increase the demand for industrial batteries. Industrial batteries market sales are soaring due to the depletion of natural resources, increased carbon emissions, and continuous efforts taken by both the public and private sectors to reduce carbon emissions and save fuel consumption.

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Recent trends influencing the market

The growing demand for energy storage systems to drive the market

• In the present market scenario, the companies are rigorously working towards the development of highly efficient batteries that caters to the varying industrial battery needs. The demand for energy storage systems in the market is also growing. The energy storage system stores energy during the off-peak time and uses energy during peak times.
• The market revenue growth is increasing rapidly due to rising demand for eco-friendly and sustainable energy solutions and expanding telecommunication sector and the use of these units for uninterruptable power supply and systems for safety and alarms, among others.

Segmentation assessment

• Lithium-ion batteries segment is expected to witness the fastest growth

Based on type, the lithium-ion batteries segment is expected to witness the fastest growth. These batteries are used in several industrial applications, such as UPS systems, industrial automation systems, and grid-level storage systems. Industrial batteries market demand is on the rise as it is gaining more popularity than others due to better performance, higher energy density, and decreasing price.

• The telecommunication segment is estimated to grow at a significant rate

Based on application, the telecommunication segment is estimated to grow at a significant rate. Greater penetration of smartphones, tablets, and laptops reinforces the growth of this segment. Market players are developing solutions to cater to the growing demand for satellite TV or telephone and the internet. Industrial batteries market trends include battery storage technology supporting higher electricity generation from renewable sources.

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Industrial Batteries Market: Key Report Scope

Geographic Overview

Asia Pacific held the largest industrial batteries market share as the market demand in the region is driven by developing economies such as China, Japan, and India, which have a larger number of product manufacturers and consumers. The growth in the region is attributed to the rising demand for renewable energy storage requirements in the residential, commercial, and utility segments.

Browse the Detail 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" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/industrial-batteries-market        

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

By Type Outlook

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

By Application Outlook

• Motive Power
• Telecommunication
• Electric Grid Storage
• Others

By Region Outlook

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

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research