Industrial Battery Market Size

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.