The report “Industrial Batteries Market by Battery Type (Lead-acid, Lithium-ion), End-Use Industry (Stationary, Motive), and Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast to 2029,” projects the market size to grow from $21.2 billion in 2024 to $34.7 billion by 2029, at a CAGR of 10.3%.
Growing Demand for Grid Energy Storage
The industrial batteries market is being propelled by the increasing need for grid energy storage solutions, driven by continuous grid modernization. Renewable energy sources, primarily solar and wind energy, require flexible grid systems due to fluctuations in energy production caused by variable environmental conditions. Industrial batteries play a crucial role in storing surplus energy generated during peak production, thereby enhancing the reliability and flexibility of electric power supply systems.
Lead-Acid Batteries Dominate Market Share
Lead-acid batteries are expected to account for the largest market share by battery type during the forecast period. Their widespread use, cost-effectiveness, and proven reliability make them ideal for backup power systems, forklifts, and large-scale energy storage applications. Advancements in lead-acid battery technology, including improved energy density and longer lifespan, continue to drive demand and maintain their market leadership.
Stationary Segment Leads by End-Use Industry
The stationary segment is projected to hold the largest market share by end-use industry during the forecast period. This is due to the critical role of stationary batteries in providing reliable power solutions across various sectors, including data centers, telecommunications, and uninterruptible power supplies (UPS) for essential infrastructure. The increasing adoption of renewable energy sources also boosts the demand for efficient energy storage solutions, further driving the industrial batteries market.
North America: Largest Market Share
North America is expected to register the largest market share during the forecast period. The region’s robust industrial base, significant presence of data centers and telecommunications infrastructure, and strong demand for reliable energy storage solutions contribute to its dominant position in the industrial batteries market. Leading manufacturers in North America include EnerSys Inc. and East Penn Manufacturing Company.
Key Market Players
Prominent players in the industrial batteries market include C&D Technologies, Inc. (US), EnerSys, Inc. (US), Exide Industries Ltd. (India), Crown Batteries (US), and GS Yuasa Corporation (Japan).
By focusing on advancements in battery technology and expanding applications in various industries, these companies are driving the growth and development of the industrial batteries market globally
Source: prnewswire.com
