Industrial Batteries Market Demand | Demand Analysis, Business Overview, Manufacturers, Current Trends, CAGR Status
Overview:
Industrial batteries are mechanically designed to
endure harsh environments for a prolonged period of time while surviving
thousands of recharge cycles and operating under a wide temperature range.
Industrial batteries find application in core industries such as Power, Oil
& Gas, Steel, Cement, Telecom, Railways, Urban Metro, IT, Financial
Institutions, and Non-Conventional Energy Systems. Expansion of key end-user
industries translates growth into the global industrial batteries market.
The global industrial batteries market is expanding at a torrid pace and is
likely to scale to a significant valuation over the forecast period of
2017-2023, predicts Market Research Future (MRFR) in a thoroughly studied
report.
The fourth industrial revolution represents mammoth
growth opportunities to the global Industrial
Batteries Market Demand. Batteries are an absolute essential for the
industrial revolution as they facilitate energy storage on a mass scale.
Growing electrification projects across the globe are also likely to augment
the growth of the global industrial batteries market.
The automotive industry is a major end-user for
industrial batteries and generates huge demand which can be credited for the
growth of the market. A huge chunk of the global electrical batteries market
demand id earmarked for the electric vehicles sector where lithium-ion
batteries are used to electric power vehicles.
Advancement of battery technology has resulted in
the development of Industrial
Batteries which can withstand harsher conditions, resist extreme
temperatures, and are ultra small in size. Design improvements allow industrial
batteries to deliver long-life operation along with high cycle rate and lower
self-discharge.
Other factors contributing to the market growth
include growing infrastructural activities across the globe, especially in the
emerging economies and rapid urbanization. On the downside, the growth of the
global industrial batteries market is expected to be impeded by the
implementation of stringent regulations by various regulatory bodies and
concerns over the use and disposal of toxic materials used in industrial
batteries.
Segmentation
The global industrial batteries market demand has
been segmented based on type and application.
By type, the global industrial batteries market has
been segmented into acid, nickel-based, lithium-based, and others.
By application, the global industrial batteries
market has been segmented into telecommunication, power storages, industrial
equipment, electric grid storage, and others.
Regional Analysis
By region, the global industrial batteries market
has been segmented into North America, Latin America, Europe, Asia Pacific
(APAC), and the Middle East & Africa (MEA).
APAC market is likely to expand at the highest CAGR
over the forecast period. The rapid pace of industrialization in the APAC
region and expanding telecommunication industry present ample growth
opportunities for the growth of the market. Towering demand for electric grid
storages is also likely to induce high demand for electric batteries.
The MEA market is expected to showcase tremendous
growth over the forecast period. The crude oil industry generates massive
demand for industrial batteries in countries such as Iraq, the United Arab
Emirates, Saudi Arabia, Iran, and Kuwait. Presence of oil & gas reserves in
the region is likely to propel industrial activity in the region which will
further drive the market in the forthcoming years.
The North America market is driven by an increase
in the production of electric grid storages. The US is the key contributor to
North America and accounted for the largest share of the global market in 2016.
Demand for industrial batteries is anticipated to
rise in countries such as Italy, Germany, Spain, the U.K, France, and Russia in
the coming years. Heightened demand from the automobile industry and the
growing manufacturing industry boosts the growth of the Europe market.
Latin America market is likely to be driven by the
proliferation of industries and innovation in the field of batteries.
Competitive Landscape
C&D Technologies, Inc. (U.S.), East Penn
Manufacturing Company (U.S.), GS Yuasa Corporation (Japan), Enersys Inc.
(U.S.), Johnson Controls Inc. (U.S.), Northstar Battery Company LLC (Sweden),
Exide Technologies Inc. (India), Robert Bosch GmbH (Germany), Saft Groupe S.A.
(France), and Toshiba International Corporation (Japan) are the notable players
in the global industrial batteries market.
Industry Updates
February 2019- Gelion Technologies Pty Ltd., a
Sydney-based energy storage start-up launched a new battery which relies on
zinc bromine. The technology was developed as part of a contract with the
University of Sydney. These batteries have been integrated into solar light
poles across the university campus. The company intends to produce these
batteries on a mass scale for numerous energy applications.
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