With Covid-19 Impact Analysis, By Battery Type (Lead-acid, Lithium-ion), End-Use Industry (Stationary, Motive), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2027”. The global Industrial batteries market size is projected to grow from USD 18.1 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 9.2% between 2022 and 2027. Increasing demand for plug-in vehicles is driving the Industrial batteries market. Industrial batteries are a source of power for electric vehicles. The widespread use of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) has boosted the adoption of industrial batteries which is expected to increase further in future.
The increasing adoption of EVs among consumers has helped boost the market for these energy-saving, pollution-reducing batteries. The number of automobile companies involved in the development of new and improved EVs has increased. For example, Tesla Motors, Inc. (US) is one of the leading manufacturers of high-power EVs such as Model X and Model 3. Companies such as General Motors Company (US), Toyota Motor Corporation (Japan), Ford Motor Company (US), Nissan Motor Company (Japan), and Jaguar Land Rover Limited (UK) are also involved in the production of electric vehicles.
Lead-acid battery segment is estimated to lead the Industrial batteries market, in 2022
By battery type, the lead-acid battery accounted for the largest share in the overall Industrial batteries market. Lead-acid batteries have a demand high for automobiles due to their lightweight technology. The batteries have a low discharge rate and fast charging capabilities. These batteries can also tolerate overcharging, a definite advantage over other batteries. 95% of the lead-acid battery can be recycled. Due to their high number of advantages and recyclability, the market for lead-acid batteries is continuously growing.
The stationary end-use industry is estimated to dominate the Industrial batteries market, in 2022
By end-use industry, the Stationary segment is expected to lead the overall Industrial batteries market in 2022. Stationary industrial batteries are utilized in UPS, telecommunication, and grid level or emergency power applications. These batteries are by nature shallow-cycle cells solely intended to remain close to fully charged for the majority of the lifetime of battery, with only a few occasional deep discharges. These batteries are utilized in static applications in the commercial and residential sectors, and also by utilities.
North America projected to account for the largest share in the Industrial batteries market during the forecast period
In 2022, North America is estimated to account for the largest share in the Industrial batteries market and is projected to register the highest CAGR of 8.9% between 2022 and 2027. Growth of the North American market is attributed to the increasing demand for renewable energy storage systems in the residential, non-residential, and utility sectors. Companies such as Tesla, Inc., ABB, General Electric, and Honeywell are the key players in the region focusing on installing and providing industrial batteries-based energy storage systems. According to the U.S. Energy Information Administration, large-scale industrial batteries are increasingly being adopted across power grids in the US. Over 90% industrial battery power capacity in the US was provided by batteries based on the lithium-ion technology. The country is expected to account for a significant market share in the near future as it is home to various players.
EnerSys, Inc. (US), C&D Technologies, Inc. (US), Exide Industries Ltd. (India), GS Yuasa Corporation (Japan), Crown Batteries (US), East Penn Manufacturing Company (US), Leoch International Technology Limited Inc. (China), Samsung SDI Co., Ltd. (South Korea), LG Chem (South Korea), Narada Power (China), Vision Group (China), Saft Groupe (France), Hoppecke (Germany), Tab (Slovenia), Sunlight (Greece), Yuasa (Thailand), Rolls Battery(Canada), U.S. Battery Manufacturing (US), Victron Energy (Netherlands) and SK Innovation (South Korea) are the key players in the market.
Lithium-ion Battery Recycling Market by End Use (Automotive, Non-automotive), Battery Chemistry, Battery Components, Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, Physical/ Mechanical Process), and Region - Global Forecast to 2030