According to the new research report published by The Insight Partners, titled “Industrial Battery Market – Global Analysis and Forecast to 2027”, the global industrial battery market is expected to reach US$ 21,893.5 Mn by 2027, registering a CAGR of 7.3% during the forecast period 2020-2027.
Industrial batteries are specially designed batteries that can operate under harsh industrial temperatures such as extreme temperatures, more vibrations, and heavy use. Industrial batteries perform batter and are designed to be more powerful. In the present market scenario, the companies are rigorously working towards the development of highly efficient batteries that caters to the varying industrial battery needs. The demand for energy storage systems in the market is also growing. The energy storage systems store energy during the off-peak time and use energy during peak times. Some of the major companies offering energy storage systems include GE Company, Samsung SDI, Exide, LG Chem, and Saft Batteries, among others. The demand for UPS is also growing across the industrial sector owing to the growing focus towards the safe down of the process during a power failure.
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The demand for Lithium-based batteries is expected to grow significantly during the forecast period. The adoption of Lithium batteries is expected to grow across various verticals owing to the advantages offered by it, such as low emissions, increased lifecycle, and recyclability. The companies operating in the market are focusing on the development of new products to gain a strong customer base and achieve a significant market share. For instance, in 2020, GS Yuasa Corporation launched SNS-TN series of valve-regulated stationary lead-acid batteries. These batteries are ideal for applications with high discharge frequency as well as for applications requiring the float charge. Also, in 2019 East Penn Manufacturing launched a complete line of both Lead and Lithium material handling battery products for Class I, II, and III operations.
The demand for industrial batteries is expected to grow owing to various factors such as increasing demand for grid-connected solutions, high requirement for Lithium-ion batteries, and increasing focus of the government towards the adoption of clean energy sources and electric vehicles. Based on geography, APAC holds a significant market share and is expected to grow at a high rate owing to the growing industrialization and presence of a strong manufacturing sector in countries such as India, China, and South Korea. The top companies operating in the field of Industrial batteries include Exide Technologies Inc., Enersys Inc., Saft Groupe S.A., GS Yuasa Corporation, LG Chem, Panasonic Corporation, Robert Bosch GmbH, East Penn Manufacturing Company, Saft Groupe SA, C&D Technologies, Inc., and General Electric Company among others. Various other companies operating in the market and are coming up with advance industrial battery solutions, which is helping the market for industrial batteries to expand over the years in terms of revenue.
The Prominent/Emerging Players in the Industrial Battery Market Research include:
The Industrial Battery Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.
Company Overview:
Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.
Financial Performance:
Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title “Financial Performance” (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.
Product Benchmarking:
Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.
Strategic Initiatives:
Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.
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The Industrial Battery Market research study is designed keeping in focus all the major countries. Although, all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries which are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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