Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Industrial Battery Market size was over USD 21.46 billion in 2024 and is projected to reach USD 75.86 billion by 2037, growing at around 10.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of industrial battery is assessed at USD 23.32 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.
