The latest report published by IMARC Group,“Industrial Batteries Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on industrial batteries market demand. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global industrial batteries market reached a value of US$ 19.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 28.68 Billion by 2027, exhibiting at a CAGR of 6.3% during 2022-2027. Industrial batteries represent electrochemical devices that convert chemical energy into electrical power. They comprise of anodes, cathodes, and electrolyte solutions that aid in providing resistance to extreme temperatures and vibrations. Some of the commonly available product variants include nickel-based, lithium titanate, lithium magnesium oxide, lead-based batteries, etc. Industrial batteries supply voltage to various vehicle accessories, such as radio, music systems, charging plugs, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Batteries Market Trends:
The rising need for continuous and reliable sources of energy is primarily driving the industrial batteries market. Additionally, the widespread product adoption as a power source in uninterruptible power source (UPS), medical equipment, safety alarms, tracking systems, automobile accessories, etc., is further catalyzing the market growth. Besides this, the growing utilization of lithium-ion (Li-ion) batteries in surveillance and alarm systems, industrial electronics, solar power backup storage systems, etc., is acting as another significant growth-inducing factor. Moreover, the shifting consumer preferences from traditionally used batteries towards the industrial variants, owing to their various characteristics, such as low internal impedance, high current delivery, tolerance to overcharging, etc., are also augmenting the global market. Apart from this, numerous product innovations, including the launch of green ultra-batteries in the energy storage segment that assist in reducing carbon footprints, are anticipated to fuel the industrial batteries market over the forecasted period.
Global Industrial Batteries Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
Breakup by Drive Type:
Breakup by Technology:
Breakup by Application:
Breakup by Region:
Key Highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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