North America Industrial Battery Market Size (2024 - 2029)

North America Industrial Battery Market Analysis

The North America Industrial Battery Market size is estimated at USD 7.57 billion in 2024, and is expected to reach USD 16.21 billion by 2029, growing at a CAGR of 16.44% during the forecast period (2024-2029).

• Over the long term, declining lithium-ion battery prices, increasing demand from data centers, regional telecom industries, and rising renewable energy integration are some major factors driving the market.
• On the other hand, factors such as the lack of prominent raw material reserves required for local production are likely to curtail the market’s growth rate during the forecast period.
• Nevertheless, the rising focus on technologically advanced batteries and the growing use of artificial intelligence in the R&D phase of battery manufacturing are likely to create massive opportunities for battery companies to invest and redirect their resources to make breakthrough battery technologies.
• The United States is expected to dominate the North American industrial batteries market during the forecast period, owing to the country's expansion in renewable power infrastructure and industrial production.

North America Industrial Battery Industry Segmentation

Industrial batteries are electrochemical devices that convert higher-level active materials into an alternate state during discharge. They are designed to last far longer than consumer batteries and are used in more challenging environments. These batteries are made for two general applications: float (or standby) duty and deep cycling (especially traction batteries for forklift trucks, etc.).

The North American industrial batteries market is segmented by technology, application, and geography. By technology, the market is segmented into lithium-ion batteries, lead-acid batteries, and other technologies (nickel cadmium, nickel metal hydride, zinc carbon, etc.). By application, the market is segmented into forklift, telecom, UPS, and other applications. By geography, the market is segmented into the United States, Canada, and the Rest of North America. For each segment, the market size and forecasts have been done based on value (USD).