Industrial Batteries Global Market Report 2024

Industrial batteries encompass electrochemical devices that transform higher-level active materials into an alternate state during discharge. These batteries are robust and capable of functioning in challenging environments, coming in various sizes and shapes tailored to industrial requirements. They play a crucial role in powering equipment across diverse industries, including automation, construction machinery, robotics, and battery-operated small transport vehicles, by converting chemical energy into electricity.

The market features three main types of industrial batteries such as lithium-ion batteries, nickel-based batteries, and lead-based batteries. Lithium-ion batteries find applications in electronics, both small and large appliances, electric vehicles, and electrical energy storage systems. An advanced battery technology, lithium-ion batteries utilize lithium ions as a key component in their electrochemistry. Various applications span telecom and data communication, uninterruptible power supply (UPS), energy equipment, grid storage, and more. The end users encompass both domestic and industrial sectors.

The industrial batteries market research report is one of a series of new reports that provides industrial batteries market statistics, including industrial batteries industry global market size, regional shares, competitors with an industrial batteries market share, detailed industrial batteries market segments, market trends and opportunities, and any further data you may need to thrive in the industrial batteries industry. This industrial batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial batteries market size has grown strongly in recent years. It will grow from $14.24 billion in 2023 to $15.62 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed in the historical period can be ascribed to factors such as industrialization and the expansion of manufacturing, the development of telecommunications infrastructure, the integration of renewable energy, and the implementation of environmental regulations.

The industrial batteries market size is expected to see strong growth in the next few years. It will grow to $22.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be credited to the increasing demand for energy storage, the expansion of e-mobility, advancements in IoT and edge computing, the electrification of industries, as well as developments in space exploration and aerospace. Key trends expected in the forecast period involve the dominance of lithium-ion technology, improvements in energy density, the rapid evolution of charging technology, the adoption of eco-friendly chemistries, and the emergence of hybrid energy storage solutions.

The industrial battery market is poised for growth, driven by the rapid expansion of the telecommunications sector. Telecommunications involves the electronic transmission of information over a distance, and industrial batteries play a crucial role as power backup for network equipment, running DC equipment, and providing power to remote base stations without access to the national grid. For example, in India, the telecom industry boasts a subscriber base of 1.17 billion mobiles as of April 2022, with the number of telecom towers reaching 660,000 in 2021. This expansion in the telecommunication sector is a key factor propelling the growth of the industrial battery market.

Major driver for industrial battery market growth is the increasing adoption of electric vehicles. The expansion of the electric vehicle market results in a higher demand for batteries to power these vehicles, leading to innovation, scaling up battery production, and diversification of battery applications in areas such as grid balancing, energy storage, and charging infrastructure. The International Energy Agency (IEA) reported a significant increase in electric vehicle sales, nearly doubling to 6.6 million in 2021 from 3 million in 2020. This represents almost 9% of total sales and contributes to the growth of the industrial batteries market.

Innovation in product development is a prominent trend in the industrial batteries market, with major companies focusing on creating advanced solutions for battery power management systems to gain a competitive edge. For instance, Narada Power, a China-based battery manufacturing company, introduced a 512-volt high-voltage lithium battery backup power system designed for industrial use, particularly in Internet Data Centers (IDCs). This system, utilizing lithium-ion (Li-ion) batteries, offers unique benefits such as high power discharge, high energy density, safety, and reliability. The lithium batteries used are significantly lighter and have a lower carbon footprint compared to conventional lead batteries.

Major companies in the industrial batteries market are investing in new technologies like flow battery technology to maintain their market position. This technology utilizes a safe, non-flammable electrolyte to convert chemical energy into electricity, providing a sustainable solution for storing energy from renewable sources like wind and solar. Honeywell International Inc., a US-based conglomerate, launched a new flow battery technology designed for large-scale renewable energy storage, offering greater flexibility and extended energy duration compared to lithium-ion batteries.

In March 2022, Reliance New Energy, a subsidiary of Reliance Industries, acquired Lithium Werks for $61 million. This acquisition aims to leverage Lithium Werks' expertise and expand Reliance's presence in the battery and energy sector. Lithium Werks, based in the Netherlands, specializes in manufacturing cobalt-free and high-performance lithium iron phosphate (LFP) batteries used in various industrial applications.

Major companies operating in the industrial batteries market include Exide Industries Ltd., C&D Technologies Inc., Enersys Inc., GS Yuasa Corporation, Northstar Battery Company LLC., Amara Raja Batteries Ltd., American Battery Solutions, Bulldog Battery Corporation, Crown Batteries, HOPPECKE Industrial Batteries Ltd., Zhejiang Narada Power Source Co. Ltd., SK Innovation Co. Ltd., The Sunlight Group, TAB batteries, East Penn Manufacturing, EnerSys, Johnson Controls, C&D Technologies, Saft Group, FIAMM Energy, Hoppecke, HBL Power Systems, GS Yuasa, NorthStar Battery, Leoch International, Hitachi Chemical, Narada Power, Storage Battery Systems (SBS), Advanced Energy

North America was the largest region in the industrial batteries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial batteries market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the industrial batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The industrial battery market consists of sales of nickel metal hydride batteries, zinc carbon batteries, sodium batteries, and alkaline batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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