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The global industrial batteries market size was USD 11.78 Billion in 2022 and is expected to register a rapid revenue CAGR of 8% during the forecast period.
NEW YORK CITY, NEW YORK, UNITED STATES, June 20, 2023/EINPresswire.com/ — Industrial Batteries Market Overview
The global market size of industrial batteries reached USD 11.78 Billion in 2022 and is projected to experience a substantial compound annual growth rate (CAGR) of 8% throughout the forecast period.
There is a growing demand for a consistent power supply across various sectors, such as telecommunications, data centers, and healthcare, leading to the increased adoption of industrial batteries. These batteries serve as electromechanical devices that serve as power sources for large-scale equipment. Common types of industrial batteries include lithium-ion, nickel-based, lithium titanate, lithium magnesium oxide, and lead-based batteries. In the event of power outages, industrial batteries play a crucial role by offering reliable backup power supply, ensuring uninterrupted operations and preventing data loss.
Additionally, the necessity for energy storage solutions has risen due to the integration of renewable energy sources into power networks. This has further amplified the demand for industrial batteries as a means of storing excess energy.
Industrial Batteries Market Segments
The global industrial batteries market had a market size of USD 11.78 billion in 2022, with a projected compound annual growth rate (CAGR) of 8% from 2022 to 2032. By 2032, the market revenue is expected to reach USD 23.55 billion.
The estimation for the market size in 2022 serves as the base year for analysis. Historical data from 2020 to 2021 was considered, and the forecast period spans from 2022 to 2032. The quantitative units used for measurement are in terms of revenue, denominated in USD billion.
The CAGR of 8% reflects the expected annual growth rate of the industrial batteries market from 2022 to 2032. This growth is influenced by various factors, including increasing demand for reliable power supply across different industries and the need for energy storage solutions as renewable energy integration expands.
The report on the industrial batteries market covers a wide range of aspects. It includes revenue forecasts, company rankings, competitive landscape analysis, examination of growth factors, and identification of trends. The market is segmented based on type outlook, end-use outlook, and regional outlook, providing a comprehensive understanding of the industry’s dynamics and market segmentation.
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Industrial Batteries Market: Strategic Developments
• On 30 July 2020, East Penn Manufacturing Co. announced a partnership with Ecoult, a leading energy storage solutions provider. This partnership is aimed at developing advanced battery storage technologies for the renewable energy market.
• On 20 November 2019, SAFT announced the launch of a new range of lithium-ion batteries for energy storage applications. These batteries are designed to deliver high performance and efficiency in stationary storage applications.
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Industrial Batteries Market: Competitive landscape
The global industrial batteries market is highly competitive, with several key players dominating the industry. Some of the major companies operating in this market include EnerSys, Exide Technologies, East Penn Manufacturing Co., Inc., Panasonic Corporation, SAFT, Trojan Battery Company, Yuasa Battery Inc., Duracell Inc., C&D Technologies, Inc., and Enersys Energy Products Inc.
EnerSys is a prominent player known for its comprehensive range of industrial batteries, offering solutions for various applications. Exide Technologies is another significant player with a strong presence in the industrial battery market, providing advanced energy storage solutions. East Penn Manufacturing Co., Inc. is recognized for its diverse portfolio of industrial batteries, catering to different industries and applications.
Panasonic Corporation, a renowned multinational company, offers industrial batteries that are known for their reliability and high performance. SAFT is a leading manufacturer of advanced battery systems, serving industries such as telecommunications, transportation, and energy storage. Trojan Battery Company specializes in deep-cycle batteries for industrial applications, while Yuasa Battery Inc. is known for its expertise in valve-regulated lead-acid batteries.
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