The industrial batteries market is expected to reach $30.84 billion worldwide by 2030, according to a report from consumer survey firm Allied Market Research. Compared to the market’s value of $9.02 billion in 2020, the forecast represents a compound annual growth rate (CAGR) of 13.2% from 2021 to 2030.
Growing Demand for Industrial Batteries
Industrial batteries offer power solutions and energy storage for applications in various sectors, including telecommunications, transportation, renewable energy, and manufacturing.
Major companies featured in the report include Exide Technologies, Johnson Controls, Enersys, Saft Groupe, GS Yuasa, Northstar Battery Company, C&D Technologies, Robert Bosch, LG Chem, and East Penn Manufacturing.
Asia-Pacific Region Leads the Way
The report projected that the Asia-Pacific market would experience the highest CAGR increase, at around 15.1%, in terms of revenue between 2021 and the end of the decade.
The research attributed the region’s market performance in 2020 to industrial battery material reserves in countries such as India, Australia, and China. The report also identified government mandates that promote green energy use in Asia-Pacific as contributors to the industry’s growth.
High Prices for Lithium-Ion Batteries Could Limit Growth
Lithium-ion batteries held the greatest market share in 2020, but the report anticipates that their price, compared to traditional battery systems, will limit industrial battery sales during the forecast period.
The coronavirus pandemic brought a slowdown in industrial battery production, due to the unavailability of labor and shortage of raw materials, which hindered the growth of industrial batteries.
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