Industrial Batteries Market Worth 10.84 Billion USD by 2021
PUNE, India, September 16, 2016 /PRNewswire/ --
The report "Industrial Batteries Market by type (Lead-Acid, Nickel-Based, Lithium-Based), end-user industry (Telecom & Data Communication, Uninterruptible Power Supply (UPS)/Backup, Industrial Equipment, Grid-Level Energy Storage), and region - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to reach USD 10.84 Billion by 2021, at a CAGR of 6.5% from 2016 to 2021.
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Browse 90 market data Tables and 52 Figures spread through 155 Pages and in-depth TOC on "Industrial Batteries Market "
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The increasing demand for power back-up, growth in the renewable energy sector, increased recycling efficiency of lead- and lithium-based industrial batteries are some key factors expected to drive the growth of industrial batteries market in the near future.
Telecom & Data Communication is expected to be the fastest-growing end-user industry segment of the industrial batteries market
Telecom & data communication was the largest segment of the industrial batteries market in 2015, and is projected to be the fastest-growing segment from 2016 to 2021. The growth of the market can be mainly attributed to the growth in the telecom industry and increasing demand for high efficiency power backup.
Lead-acid industrial batteries were the largest segment of the industrial batteries market
Based on type, lead-acid batteries were the largest segment of the market in 2015. A lithium-based battery is expected to be the fastest-growing segment, since these batteries are rapidly being adopted owing to their increased life, recyclability, and low emission. These batteries are suitable for use in industrial applications wherein volume, weight, temperature sensitivity, and low maintenance are crucial than the initial cost of the battery.
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Asia-Pacific was the largest market for industrial batteries market in 2015, globally
The industrial batteries market, based on region, has been segmented into Asia-Pacific, Europe, North America, Middle East & Africa, and Central & South America. Asia-Pacific and North America are estimated to be the key markets for industrial batteries, owing to the increasing industrial activities and demand for high capacity power backup in these regions. Major manufacturers of industrial batteries include GS Yuasa Corporation (Japan), Exide Technologies Inc. (U.S.), and EnerSys Inc. (U.S.).
Tier I suppliers, such as Johnson Controls (U.S.), GS Yuasa (Japan), Exide Technologies Inc. (U.S.), EnerSys Inc. (U.S.), and SAFT Group S.A. (France), among others, have developed industrial batteries to meet varying requirements of end-user industry such as valve-regulated lead-acid battery, Absorbent Glass Mat (AGM), and so on. These players have expanded their geographical presence through partnerships, joint ventures, and new establishments in high-growth regions. Their extensive product portfolios, coupled with wide geographical presence, have helped these players to achieve growth in the industrial batteries market.
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