Industrial Battery Market size was valued at USD 19.47 billion in 2023 and is set to cross USD 68.82 billion by the end of 2036, expanding at more than 10.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial battery is estimated at USD 21.06 billion.
The growth of the market can be attributed to the rising demand for industrial battery from data centers and telecom industry, increasing renewable energy integration around the world, and significant reduction in the prices of lithium-ion battery. As per the International Energy Agency, the demand for renewable energy use increased by 3 percent in 2020. In addition, there was a 7 percent increase in electricity generated from renewables that same year. Along with these, growing emphasis on technologically advanced batteries by manufacturers and end users is expected to create ample opportunities for battery companies to invest and redirect their resources to make a breakthrough battery technology. Furthermore, ongoing technological advancements in industrial battery industries and increase in the annual capacities for industrial batteries, are also projected to drive growth to the market in the forthcoming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.2% |
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Base Year Market Size (2023) |
USD 931.4 million |
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Forecast Year Market Size (2036) |
USD 1.8 billion |
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Regional Scope |
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The market is segmented by technology into lithium-ion battery, lead-acid battery, and others, out of which, the lithium-ion battery segment is anticipated to hold the largest share in the global industrial battery market on account of the better performance, low price and higher energy density of these batteries as compared to other available alternatives. In addition, surge in the demand for lithium-ion batteries to fulfill the massive increase in the energy requirements is also assessed to boost the growth of the market segment in the future. Moreover, on the basis of end user, the telecom segment is projected to occupy the largest share during the forecast period, which can be credited to the rapid growth in the telecom industry since the last few years and rise in demand for high efficiency power backup.
Our in-depth analysis of the global market includes the following segments
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By Technology |
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By End User |
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On the basis of geographical analysis, the global industrial battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is estimated to gather the most significant share over the forecast period on the back of the increase in civil infrastructure activities in China, India and Australia, and robust growth of industrial base in the region. Apart from these, rising number of government initiatives for industrial establishments is also expected to drive the region’s market growth in the years to come.
North America Market Analysis
Additionally, the market in North America is also predicted to grab a notable share, which can be ascribed to the robust growth of automobile industry in the United States, high manufacturing throughput and strong presence of major market players in the region.
Author Credits: Abhishek Verma
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