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Growth in Renewable Energy and Distributed Generation to Drive the Global Industrial Battery Market
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The global industrial battery market is a well-established one which is expected to grow at a CAGR of 7.1% between 2014 and 2023. The major factors driving industrial batteries are the surging demand from energy storage and stationary applications, reinforced by advancements in battery technology. Industrial batteries for grid storage represent a unique asset in the midst of the rising demand for electricity and the increasing penetration of renewable energy resources. Overall, the demand for lead acid batteries is expected to remain stable throughout the forecast period despite the rapid proliferation of lithium ion and primary lithium batteries, particularly in the healthcare, aerospace and defense, and energy storage segments. The Asia Pacific region is set to witness the highest growth rate in the industrial battery market during the forecast period, although North America is also forecast to make steady revenue contributions. Market trends are analyzed for the period 2014 to 2023, with the base year being 2016. Drivers and restraints, competitive analysis, market trends, growth opportunities, battery chemistries geographical trends, and revenue forecasts for the period 2014 to 2023 are also provided. The market is analyzed holistically through two main segments: battery chemistry and end user application. The major end user applications include batteries for telecom and data communication, UPS/backup, industrial equipment, aerospace and defense, medical, and battery energy storage for grid applications. Various battery chemistries such as lead acid, lithium ion, primary lithium, nickel-based, and emerging chemistries are discussed. The geographical scope of the study includes North America, Europe, Asia Pacific, and Rest of the World.The study includes profiles of key players in the global industrial battery market including EnerSys, Exide Technologies, SAFT, and GS Yuasa. In addition to industry challenges, drivers and restraints, this study also highlights certain upcoming technology trends. I Further to market growth and trend analysis, the study also identifies and evaluates growth opportunities in this market and how companies can capitalize on these emerging opportunities.
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