Synopsis of Industrial Batteries Market
Industrial Batteries are electrochemical devices that convert higher-level active materials into an alternate state during discharge. Battery materials are chemical and metals most widely used to manufacture primary and secondary batteries. These materials depend on the properties such as crystallinity, crystal size and shape, porosity, doping, and surface modification. Following these properties, the battery performance is measured based on energy density, power density, stability or cyclability, price, and safety.
As per our analysis, some of the prominent market factors and trends identified in the Global Industrial Batteries Market include rapid industrialization, rising demand for high capacity power storages, and increasing expenditure on research activities. Moreover, the demand for Industrial Batteries is predicted to witness a significant growth over the assessment period due to surging electrification industry. Rising uninterrupted electric energy demands across the globe are anticipated to be an important driver of the Industrial Batteries Market during the review period. Industrial batteries are extensively used in the industries to incorporate the automation of handling and construction machinery, robotics, and small transport vehicles which requires batteries. Furthermore, rapid urbanization coupled with increasing disposable income in emerging economies is predicted to propel the growth of the market during the assessment period, 2017-2023. However, implementation of strict regulations by various government bodies has restricted the use of toxic organic chemicals used in the production of industrial batteries, which is expected to hamper the growth of the market.
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The Global Industrial Batteries Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is predicted to grow at the highest CAGR during the review period, 2017-2023 on account of expanding telecommunication industry. The demand for Industrial Batteries is predicted to surge in numerous countries of the Middle East & Africa such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait due to high adoption rate by the crude oil producers. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to propel the industrial market growth of the market.
In the North American region, the U.S. is predicted to be the major contributor to the regional growth of Industrial Batteries Market and is expected to see a significant demand for Industrial Batteries during the forecast period, 2017-2023. As of 2016, the U.S accounted for the largest global market share in terms of value & volume and is estimated to grow at the moderate CAGR on account of growth in production of electric grid storages. In Europe, the demand for industrial batteries is predicted to grow in various countries such as Italy, Germany, Spain, the U.K, France, and Russia on account of increased expenditure in innovation and growing purchasing power of manufacturers. Moreover, the presence of major automobile manufacturers specifically in Germany is expected to give a push to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness a substantial growth owing proliferation of industries as well as the involvement of new technologies and inventions in Industrial Batteries. Asia Pacific Industrial Batteries Market is predicted to grow with the moderate CAGR due to developing telecommunication industry owing to rising demand from the growing population in India and China. Moreover, continuous growth of the electrical industry in various economies of the Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for electric grid storages which, in turn, is predicted to fuel the demand for industrial batteries over the forecast period, 2017-2023.
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