Global Industrial Batteries Market Research Report 2023

Industrial Batteries Market 

The global Industrial Batteries market is projected to reach US$ 8065.5 million in 2029, increasing from US$ 5787.6 million in 2022, with the CAGR of 4.4% during the period of 2023 to 2029. Key drivers of the industrial battery market include the growing usage in telecom and data communication.

The rising application for grid-level energy storage is expected to propel the growth of the industrial battery market during the forecast period.

The extensive use in industrial applications will fuel the demand for the market in the coming years.

The advancements in UPS backup will significantly boost the growth of the market in the subsequent years. 

Global Industrial Batteries Market Trends

Expansion of the telecom industry

Internet consumption is booming with huge amounts of data being generated every second. Data centers are operating at full capacity to store, manage and protect data but utilities and IT equipment are prone to electrical failures and increased downtime. Batteries especially lead-based batteries can be scaled at a rapid pace providing the essential backup power during incidences of power failures. This is going to drive the growth of the industrial battery market during the forecast period. 

Grid-scale battery storage

The demand for renewable energy is accelerating due to the rapid transition to green energy sources. Due to their cheaper price grid-scale batteries are being deployed to store large amounts of energy. Solar farms and wind panels generate humongous electricity that can power thousands of homes which needs to be fed back into the grid. The batteries are deployed to provide power during heatwaves, in the evenings, or when demand is in excess of supply. This is going to spur the growth of the industrial battery market in the subsequent years. 

Industrial use cases

Lead-acid batteries are ideal for industrial equipment as they are very inexpensive and lightweight. It is used in heavy machinery such as forklifts for maintaining a low center of gravity. Then there are lithium batteries with a high discharge rate and huge energy capacity which are transported, stored, and managed properly. The automotive industry and booming electric vehicles are scaling up the use of batteries. Such factors will augment the growth of the industrial battery market during the forecast period. 

Backup power and UPS

Lithium-ion batteries are gaining prominence in the uninterrupted power supply sector. It has a quick recharging facility, cuts carbon footprints, and comes with built-in monitoring systems. The shelf life is 3 times longer than a traditional battery. Such factors will provide the scope for the huge growth of the industrial battery market in the upcoming years. The technology is still new and will require more time to pick up the pace with lead-acid batteries. 

Industrial Batteries Market Share Analysis

Based on type, lead-acid batteries are expected to dominate in the industrial battery market share due to largescale applications in several end-user industries and huge electricity manageability.

Based on application, the telecom and data communication segment will grow the highest in the industrial battery market share due to the ever-expanding industry and extensive use for reducing downtime and power backup. 

Based on region, Asia-Pacific will witness considerable growth in the industrial battery market share due to largescale industrial establishments.