industrial battery Market

The global industrial battery market accounted for US$ 12,501.9 Mn in 2019 and is expected to grow at a CAGR of 7.3% over the forecast period 2020-2027, to account for US$ 21,893.5 Mn by 2027.

The factor such as the growing industrial equipment, mining, marine, etc. sectors in the APAC region, stringent environmental regulations, and reduced labor costs associated with battery recycling is significant factors boosting the Asia-Pacific industrial battery market growth. Japan has a legislation requirement for batteries similar to that of Europe. Japan Portable Rechargeable Battery Recycle Centre (JBRC), a non-profit organization, provides used battery collection boxes for recycling across the country. The increased production of Lithium-ion batteries is further driving the Asia-Pacific industrial battery market. The creation of lithium-ion industrial battery increased in the region mainly due to their capability to deliver superior performance relative to other rechargeable batteries, and less self-discharging rate. Asian battery manufacturers' dominance in this market is due to the strong manufacturing base in Asia, which later enabled quick scaling up of the production volume and further development and optimization of the technology. These above factors are propelling the growth of the industrial battery market.
 
Despite growing community concern about the impact of waste lithium-ion batteries on the environment and public health, there is currently a shortage of appropriate policies and collection systems for cells in China. However, the importance of some raw materials, such as cobalt, and nickel used in battery manufacturing, has been successful in putting pressure on manufacturers and the government to regulate industrial battery properly. Therefore, by using appropriate policies and collection systems for industrial battery in China, a lot of batteries can be manufactured and developed, thus, driving the growth of the industrial battery market.

The market for industrial battery has been segmented on the basis of type, application and geography. Based on type, the industrial battery market has been segmented into lead-acid batteries, lithium-based batteries, nickel-based batteries, and others. Based on applications, the industrial battery market has been segmented into telecom & data communication, industrial equipment, uninterruptible power supply (Ups)/Backup, mining, marine, and others. Geographically, the industrial battery market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America. 

The well–established market players operating in the industrial battery market include Exide Technologies Inc., Enersys Inc., Saft Groupe S.A., GS Yuasa Corporation, LG Chem, Panasonic Corporation, Robert Bosch GmbH, East Penn Manufacturing Company, Saft Groupe SA, C&D Technologies, Inc., and General Electric Company.   

The overall global industrial battery market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global industrial battery market. It also provides an overview and forecast for the industrial battery market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial battery industry.