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Rising demand from energy storage and stationary applications and increasing demand for industrial batteries in end-user industries are expected to drive the growth of the industrial battery market.
The industrial battery has high battery capacity and used in industrial applications. The growing demand for electric substation and an increase in demand for lithium-ion batteries in end-user industries. This expected to enhance the production to meet the growing consumption of industrial battery over the forecast period.
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Rising renewable energy integration, declining lithium-ion battery prices, government subsidies and incentives for clean energy sources, and uninterruptable power supply is the main drivers for the market growth of the global industrial battery market over the forecast period. Furthermore, the demand for industrial batteries is expected to witness a significant growth over the forecast period due to surging electrification industry. Moreover, the uninterrupted electric energy in the developing countries and increase in demand for industrial battery from data centers and telecom companies is expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials, stringent government regulations regarding use of toxic organic chemicals, and the risk of battery explosion are expected to hamper the growth of the global industrial battery market during the forecast period. Moreover, low power density and growing substitutes of the industrial battery such as chemical energy storage, compressed energy storage, pumped hydro technology are the prime challenges in the global industrial battery market throughout the forecast period.
Key Findings:
Based on type, the lead-acid segment is expected to dominate the market with nearly 37% share in the global industrial battery market in 2018
Based on application, the telecom & data communication segment accounts of the largest share in the market and is expected to grow at a CAGR of around 7.1% during the forecast period.
Asia-Pacific accounted for nearly 35% share of the global industrial battery market in 2018
Recent News:
In July 2018, BYD Co Ltd. inked partnership agreement with Changan Automobile to jointly manufacture electric vehicles batteries. This agreement helps the company for market development and new product development.
In May 2019, Samsung SDI Co showcased its new ESS product, a high-capacity 111Ah ESS battery cell, at ‘ees Europe 2019’ under the slogan "Energy for the Next" which means preparing the next generation of ESS with enhanced energy.
In September 2017, Panasonic Corporation started production of automotive lithium-ion batteries at a factory in Himeji, Hyogo Prefecture, and expanded its domestic production capacity owing to its increasing demand for such batteries.
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