Europe Industrial Battery Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.02 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Industrial Battery Market Analysis
The Europe Industrial Battery Market is expected to grow at a CAGR of over 7.02% during the forecast period.
COVID-19 moderately impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Declining lithium-ion battery prices, increasing demand from data centers and telecom sectors, along with rising renewable energy integration are some of the major factors driving the market.
- However, factors such as uncertainty in raw material prices and availability of raw materials, such as cobalt, lead, and lithium, are likely to curtail the market growth rate during the forecast period.
- The rising focus on technologically advanced batteries and the use of artificial intelligence in the R&D phase of battery manufacturing is likely to create a massive opportunity for the battery companies to invest and redirect their resources to make a breakthrough battery technology.
- Germany is expected to be the largest market during the forecast period, owing to the modest growth in the country's manufacturing/industrial sector, which requires industrial batteries for its smooth functioning.
Europe Industrial Battery Market Trends
This section covers the major market trends shaping the Europe Industrial Battery Market according to our research experts:
Lithium-ion Battery (LIB) Technology to Witness Significant Demand
- Lithium-ion battery (LIB) is expected to witness significant growth in the industrial battery market over the forecast period, majorly due to its favorable capacity-to-weight ratio. Other factors boosting the LIB adoption include its properties, like better performance, higher energy density, and decreasing price.
- The price of LIB is usually higher compared to other batteries. However, leading players in the market have been investing in R&D activities to improve LIB's performance and price to gain economies of scale. The emergence of new and exciting markets, such as Energy Storage Systems (ESS), for both commercial and residential applications is driving the demand for LIB.
- Lithium-ion batteries are witnessing massive demand in the battery energy storage market due to declining prices. Also, lithium-ion batteries are expected to hold the most significant share in the battery energy storage market soon, as they require little maintenance, are lightweight, and have a reliable cycle life, high energy density regarding volume, and high charge/discharge efficiency.
- Lithium-ion forklift batteries provide an extra edge to material handling applications by reducing labor costs and improving productivity. Lithium-ion forklift batteries can be fast-charged in cold temperatures (even inside freezers) and can maintain their capacity in cold temperatures better than their lead-acid counterparts. The increasing demand for the fast delivery of products has also pushed for logistics and distribution improvements in emerging regions like North America, Europe, and Asia-Pacific. This, in turn, is likely to boost the demand for industrial li-ion batteries in the material handling industry in the coming years.
- According to United Kingdom Office for National Statistics, As of December 2021, the price index for batteries and accumulators manufactured stands as 104.8 PPI. Also, the price of lithium-ion batteries has fallen steeply over the past ten years. In 2021, the lithium-ion battery price was USD 111 per kWh. Lithium-ion battery prices are falling continuously, and the price decreased by 10% in 2021 compared to the price in 2020.
- Therefore, based on the above-mentioned factors, lithium-ion battery technology is expected to witness significant demand for the industrial battery market during the forecast period.
Germany to Dominate the Market
- Over the previous years, Germany has shown a sustained and robust performance in the manufacturing sector in three crucial ways. The first is the considerably large role played by manufacturing in the overall economy, the second is job creation (the manufacturing industry has been continuously creating job opportunities), and the third is the industry's contribution to global exports.
- The manufacturing sector is expected to drive the demand for industrial batteries to be used in forklifts, emergency lighting, and control systems (backup power).
- Germany stands as the largest economy in the European Union and has a relatively robust internet ecosystem. Further, the demand for industrial batteries is expected to benefit from the developments in the country's telecommunication sector. The total revenue of the telecommunications sector in Germany was estimated to be almost USD 26.3 billion in 2021.
- The leading German telecommunication companies, based on revenue, are Deutsche Telekom, Vodafone Germany, Telefonica Germany, and E-plus. In addition, by the end of 2021, Germany had roughly 58,000 telecom towers (macro structures).
- In Germany, more than 80% of the companies are estimated to witness a high level of digitization along their value chain by 2025. In addition, 20% of the companies already consider themselves highly digitized. Among the leaders in digitization is the automotive industry, which already has significantly higher levels of automation.
- Therefore, based on the above-mentioned factors, Germany is expected to positively impact the industrial battery market during the forecast period.
Europe Industrial Battery Industry Overview
The Europe Industrial Battery Market is moderately fragmented. Some of the major players (not in a particular order) include Exide Industries Ltd, GS Yuasa Corporation, East Penn Manufacturing Company Inc., Panasonic Corporation, and Saft Groupe SA.
Europe Industrial Battery Market Leaders
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Exide Industries Ltd
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GS Yuasa Corporation
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East Penn Manufacturing Company Inc.
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Panasonic Corporation
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Saft Groupe SA
*Disclaimer: Major Players sorted in no particular order
Europe Industrial Battery Market News
- September 2022: Vianode, a company owned by Elkem, Hydro, and Altor, announced an investment of USD 195 million in its first industrial-scale plant for sustainable battery materials at Heroya in Norway. The investment is an important step towards establishing a complete battery value chain in Norway for the European market.
- December 2021: Northvolt AB, a Swedish battery developer and manufacturer specialized in lithium-ion technology for electric vehicles, established its first industrial battery mega-factory in Europe with the capacity to produce 60 gigawatt/ hours of power, which could charge one million EVs annually. As a part of this, Northvolt has already received an order worth 30 billion USD from various European EV companies, including BMW, Volkswagen, Sweden's Volvo, etc.
Europe Industrial Battery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Battery Price Trends and Forecast in USD per kWh, by Major Technology Type
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes Products and Services
4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Lithium-ion Battery
5.1.2 Lead-acid Battery
5.1.3 Other Technologies (Nickel Cadmium Battery, Nickel Metal Hydride, Zinc Carbon, etc.)
5.2 Application
5.2.1 Forklift
5.2.2 Telecom
5.2.3 UPS
5.2.4 Others
5.3 Geography
5.3.1 United Kingdom
5.3.2 Germany
5.3.3 France
5.3.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 C&D Technologies Pvt. Ltd
6.3.2 East Penn Manufacturing Company Inc.
6.3.3 Exide Industries Ltd
6.3.4 GS Yuasa Corporation
6.3.5 Panasonic Corporation
6.3.6 Saft Groupe SA
6.3.7 Robert Bosch GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Industrial Battery Industry Segmentation
A battery can be defined as an electrochemical device (consisting of one or more electrochemical cells) that can be charged with an electric current and discharged whenever required. Batteries are usually devices made up of multiple electrochemical cells connected to external inputs and outputs.
The Europe Industrial Battery Market is segmented by technology, application, and geography. By technology, the market is segmented into lithium-ion batteries, lead-acid batteries, and other technologies. By application, the market is segmented into forklift, telecom, UPS, and others. The report also covers the market size and forecasts for the Europe industrial battery market across major countries in the region. The market size and forecasts for each segment have been done based on revenue (USD billion).
| Technology | |
| Lithium-ion Battery | |
| Lead-acid Battery | |
| Other Technologies (Nickel Cadmium Battery, Nickel Metal Hydride, Zinc Carbon, etc.) |
| Application | |
| Forklift | |
| Telecom | |
| UPS | |
| Others |
| Geography | |
| United Kingdom | |
| Germany | |
| France | |
| Rest of Europe |
Europe Industrial Battery Market Research FAQs
What is the current Europe Industrial Battery Market size?
The Europe Industrial Battery Market is projected to register a CAGR of greater than 7.02% during the forecast period (2024-2029)
Who are the key players in Europe Industrial Battery Market?
Exide Industries Ltd, GS Yuasa Corporation, East Penn Manufacturing Company Inc. , Panasonic Corporation and Saft Groupe SA are the major companies operating in the Europe Industrial Battery Market.
What years does this Europe Industrial Battery Market cover?
The report covers the Europe Industrial Battery Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Industrial Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Industrial Battery Industry Report
Statistics for the 2024 Europe Industrial Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Industrial Battery analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
