Industrial Batteries Market: Energy Storage Future| Asia Pacific 15%+ Growth by South Korea, Japan, Singapore, Taiwan
Global Industrial Batteries Market Worth Over $30.84 Bn by 2030
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The global industrial batteries market size was valued at $9.02 billion in 2020, and industrial batteries market forecast to reach $30.84 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030.
The industrial batteries market has experienced significant growth in recent years, driven by the increasing demand for energy storage solutions. Technological advancements have led to the development of high-performance batteries that offer enhanced efficiency and durability.
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The Asia-Pacific industrial batteries market is projected to grow at the highest CAGR of nearly 15.1%, in terms of revenue, during the forecast period supporting industrial batteries market trends.
Asia-Pacific dominated the market in 2020, owing to presence of abundant industrial battery material reserves in China, India, Australia, and other Asia-Pacific countries.
The major companies profiled in this report include Johnson Controls, Inc., Exide Technologies, Inc., Enersys, Inc., Saft Groupe S.A., GS Yuasa Corp., Northstar Battery Company LLC, C&D Technologies, Inc., Robert Bosch GmbH, East Penn Manufacturing Co., and LG Chem.
Industrial batteries are a critical component in various industries, providing reliable power solutions for a wide range of applications. From manufacturing plants to data centers, industrial batteries play a vital role in ensuring uninterrupted power supply.
Industrial batteries find applications in various industries, including telecommunications, data centers, utilities, manufacturing, transportation, and renewable energy. They power a wide range of equipment such as forklifts, electric vehicles, backup power systems, uninterruptible power supplies (UPS), and renewable energy storage systems.
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Rise in need for eco-friendly energy storage solutions acts as key factor propelling the demand for industrial batteries.
Trends Shaping the Industrial Batteries Market
One of the key trends shaping the industrial batteries market is the growing emphasis on sustainability. With environmental concerns taking center stage, manufacturers are focusing on developing eco-friendly battery solutions that reduce carbon footprint.
Future Prospects of the Industrial Batteries Market
As industries continue to embrace digitalization and automation, the demand for reliable power sources will only increase. This presents a promising outlook for the industrial batteries market, with opportunities for further growth and innovation on the horizon.
Strict government mandates toward the use of green energy in Asia-Pacific, majorly in China and Japan are contributing toward the growth of industrial battery industry.
Industrial batteries are built to withstand demanding environments and provide reliable performance over long periods. They are often constructed with robust materials and advanced engineering to ensure durability and resilience to factors such as temperature fluctuations, vibration, shock, and high cycling.
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In addition, the Go Green revolution is primarily driving the growth of the industrial batteries market globally.
Battery technologies are an essential catalyst to unlock growth and new advances in sectors such as electric vehicles (EVs), electronic devices, and battery energy storage (BES) for renewable energy.
Increase in reliance on battery storage is significantly driving the demand for industrial batteries across the globe. Industrial batteries are majorly applicable across telecom & data communication, and energy sectors.
However, high prices of lithium-ion battery compared to conventional battery systems is expected to hamper the sales of industrial battery during the forecast period.
Ongoing advancements in the industrial batteries due to innovative efforts have further enhanced the efficiency of these batteries, creating abundant growth opportunities in the global industrial batteries market share.
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In conclusion, industrial batteries are the unsung heroes of modern industries, providing the power needed to keep operations running smoothly. With technological advancements and a focus on sustainability, the industrial batteries market is poised for a bright future ahead. Stay tuned for the latest developments in this dynamic sector!
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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