Industrial Battery Market Size
Industrial batteries are widely used to power heavy machinery, electric vehicles, trucks, and forklifts specifically designed for moving and lifting materials. Moreover, the design of these batteries has been evolving for industrial and consumer applications, such as a power source to drive electric vehicles.
The industrial battery market is likely to grow in the near future, owing to increasing demand from automotive sector, expansion in renewable power infrastructure, technological advancements pertaining to lead acid and lithium ion battery technologies. The automotive sector is going through a transition phase due to increasing popularity of electric vehicles and policy level support from the governments. In addition, major automotive manufacturing firms, such as General Motors, Toyota and Volvo have plans to achieve 1 million electric vehicles sales by 2025.
Declining Cost of Lithium-ion Battery is driving the Industrial Battery Market
The technological advancements pertaining to lithium-ion batteries have spurred decline in its price by around 80% in the past 8 years, and the price decline is likely to continue in near future. The improving economics of lithium-ion batteries is leading to widespread adoption of lithium-ion batteries for energy storage purpose which is expected to positively impact the industrial battery market growth.
Moreover, the declining purchase price of lithium ion batteries is one of the key emerging trends responsible for the growth in the global industrial battery market. Moreover, the decline in its price lowers the cost of material handling equipment and thereby, boosts the adoption of battery-operated material handling equipment.
Asia-Pacific to Dominate the Industrial Battery Market Growth
Asia-Pacific holds the majority share in terms of revenue, with Australia, Japan, China, and India being the regional hotspots. These countries are expected to witness significant growth during the forecast period, on account of the increasing focus on renewable energy, especially solar, which is expected to increase the need for storage capacity, thereby, augmenting the market growth.
India is the second-largest telecommunications market in the world and the recent disruptions in the telecom space have given a strong impetus to digital adoption in the country, which is a good indicator for the growth of industrial battery market. Furthermore, the wireless density across India is expected to reach up to 91% by 2018, further fueling the demand for industrial batteries in the telecommunication sector.
Key Developments in the Industrial Battery Market
- May 2018: A Memorandum of Understanding (MOU) was signed between Marubeni Corporation and Northvolt AB for collaboration in the lithium-ion battery business. Marubeni and Northvolt have plans to jointly develop a lithium-ion battery recycling business aimed at electric vehicle segment
Major Players in Industrial Battery Market
- Johnson Controls Inc.
- C&D Technologies Pvt. Ltd.
- Robert Bosch GmbH
- Coslight International Group
- Exide Industries Ltd.
- GS Yuasa Corporation
- Northstar Battery Company LLC
- EnerSys Inc.
- East Penn Manufacturing
- Luminous Power Technologies
Reasons to Purchase Industrial Battery Market Report
- Current and future industrial battery market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of Industrial Battery Market Report
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
1. Executive Summary
2. Research Methodology
2.1 Scope of the Industrial Battery Market Report
2.2 Industrial Battery Market Definition
2.3 Study Assumptions of Industrial Battery Market
2.4 Study Deliverables of Industrial Battery Market
2.5 Research Phases
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Government Policies and Regulations
3.4 Recent Trends and Developments
3.5 Utility-Scale Energy Storage System Cost Trends, by Technology (2016-2023)
4. Market Dynamics
4.1 Industrial Battery Market Drivers
4.2 Industrial Battery Market Restraints
4.3 Industrial Battery Market Opportunities
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 Industrial Battery Market By Type
7.2 Industrial Battery Market By Application
7.2.2 Grid-Level Energy Storage
7.2.3 Industrial Equipment
8. Industrial Battery Market Regional Analysis (Overview, Market Size and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.1 United Kingdom
8.2.5 Rest of Europe
8.3.4 South Korea
8.3.6 Rest of Asia-Pacific
8.4 South America
8.4.3 Rest of South America
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.2 United Arab Emirates
8.5.3 South Africa
8.5.4 Rest of Middle East & Africa
9. Industrial Battery Market Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 Johnson Controls Inc.
9.2 C&D Technologies Pvt. Ltd.
9.3 Robert Bosch GmbH
9.4 Coslight International Group
9.5 Exide Industries Ltd.
9.6 GS Yuasa Corporation
9.7 Northstar Battery Company LLC
9.8 EnerSys Inc.
9.9 East Penn Manufacturing
9.10 Luminous Power Technologies
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Market Share Analysis
10.4 Strategies Adopted by Leading Players
11.1 Contact Us
*List not Exhaustive
**Subject to availability on public domain