Industrial Battery Market Size (2024 - 2029)

The industrial battery market is projected to experience significant growth over the forecast period, driven by factors such as decreasing lithium-ion battery prices, increased demand from data centers and the telecom sector, and the integration of renewable energy sources globally. Despite challenges posed by fluctuating raw material prices, the market is poised for expansion due to the growing emphasis on advanced battery technologies, presenting substantial opportunities for investment and development. The Asia-Pacific region is anticipated to lead the market, fueled by the rising need for applications like uninterruptible power supplies, forklifts, and grid-level energy storage systems.

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Market Size of Industrial Battery Industry

Industrial Battery Market Summary
Study Period 2019-2029
Market Size (2024) USD 37.82 Billion
Market Size (2029) USD 82.23 Billion
CAGR (2024 - 2029) 16.80 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Industrial Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

Industrial Battery Market Analysis

The Industrial Battery Market size is estimated at USD 37.82 billion in 2024, and is expected to reach USD 82.23 billion by 2029, growing at a CAGR of 16.80% during the forecast period (2024-2029).

Over the medium term, declining lithium-ion battery prices, increasing demand from data centers and the telecom sector, and rising renewable energy integration worldwide are some of the key factors expected to drive the market demand during the forecast period.

On the other hand, uncertainty in raw material prices, such as cobalt, lead, and lithium, is likely to curtail the market growth rate during the forecast period.

Nevertheless, the increasing focus on technologically advanced batteries by end users and manufacturers is likely to create a massive opportunity for battery companies to invest and redirect their resources toward making a breakthrough battery technology.

Asia-Pacific is expected to dominate the industrial battery market across the world, owing to its rising demand for UPS, forklifts, and grid-level energy storage system applications.

Industrial Battery Industry Segmentation

Industrial batteries are sources of electrical energy that are generated from electrochemical reactions. Industrial batteries are an important part of uninterrupted power supply (UPS) systems, which are widely used for stationary or mobile applications.

The industrial battery market is segmented by technology, application, end-user, and geography. By technology, the market is segmented into lithium-ion battery, lead-acid battery, 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 end-user, the market is segmented into the power sector, oil & gas sector, manufacturing sector, telecom, and other end-users. The report also covers the market size and forecasts for the industrial battery market across major regions, such as North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. 

For each segment, market sizing and forecasts have been done based on revenue (USD).

Technology
Lithium-ion Battery
Lead-acid Battery
Other Technologies (Nickel Cadmium, Nickel Metal Hydride, Zinc Carbon, etc.)
Application
Forklift
Telecom
UPS
Other Applications
End-User Industry
Power Sector (incl. ESS, UPS, etc.)
Oil & Gas Sector
Manufacturing Sector
Telecom
Other End-User Industries
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Spain
Nordic Countries
Turkey
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Malaysis
Indonesia
Thailand
Vietnam
Rest of Asia-Pacific
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Qatar
South Africa
Nigeria
Egypt
Rest of Middle-East and Africa
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Industrial Battery Market Size Summary

The industrial battery market is poised for significant growth, driven by factors such as declining lithium-ion battery prices, increasing demand from data centers and the telecom sector, and the rising integration of renewable energy sources globally. Despite challenges like raw material price volatility, the market is expected to benefit from a heightened focus on advanced battery technologies. This presents substantial opportunities for manufacturers to innovate and invest in breakthrough technologies. The Asia-Pacific region, particularly countries like China, India, Japan, and South Korea, is anticipated to lead the market due to its growing demand for applications such as uninterruptible power supplies (UPS), forklifts, and grid-level energy storage systems.

Industrial batteries play a crucial role in powering equipment and machinery, with forklift applications being a significant driver of market expansion. The shift towards electric forklifts, driven by the need for efficient and eco-friendly material handling solutions, is expected to bolster demand. The rise of e-commerce and global supply chains further fuels the need for warehouses and distribution centers, enhancing the demand for industrial batteries. In response, manufacturers are developing advanced battery technologies with extended runtimes and quick charging capabilities. The market's fragmentation is evident with key players like EnerSys, Exide Industries Limited, and GS Yuasa Corporation actively expanding their presence and capabilities. Strategic partnerships and investments in clean energy projects, such as those in China and India, are expected to further propel market growth during the forecast period.

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Industrial Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type, till 2029

    4. 1.4 Import and Export Analysis, by Major Technology Type and Major Countries, in USD million, till 2023

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

        1. 1.7.1.1 Declining Lithium-ion Battery Prices

        2. 1.7.1.2 Rising Renewable Energy Integration Worldwide

      2. 1.7.2 Restraints

        1. 1.7.2.1 Uncertainty in Raw Material Prices

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitute Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Lithium-ion Battery

      2. 2.1.2 Lead-acid Battery

      3. 2.1.3 Other Technologies (Nickel Cadmium, Nickel Metal Hydride, Zinc Carbon, etc.)

    2. 2.2 Application

      1. 2.2.1 Forklift

      2. 2.2.2 Telecom

      3. 2.2.3 UPS

      4. 2.2.4 Other Applications

    3. 2.3 End-User Industry

      1. 2.3.1 Power Sector (incl. ESS, UPS, etc.)

      2. 2.3.2 Oil & Gas Sector

      3. 2.3.3 Manufacturing Sector

      4. 2.3.4 Telecom

      5. 2.3.5 Other End-User Industries

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 France

        3. 2.4.2.3 United Kingdom

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Spain

        6. 2.4.2.6 Nordic Countries

        7. 2.4.2.7 Turkey

        8. 2.4.2.8 Russia

        9. 2.4.2.9 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 Japan

        3. 2.4.3.3 India

        4. 2.4.3.4 Australia

        5. 2.4.3.5 Malaysis

        6. 2.4.3.6 Indonesia

        7. 2.4.3.7 Thailand

        8. 2.4.3.8 Vietnam

        9. 2.4.3.9 Rest of Asia-Pacific

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Chile

        4. 2.4.4.4 Colombia

        5. 2.4.4.5 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 United Arab Emirates

        2. 2.4.5.2 Saudi Arabia

        3. 2.4.5.3 Qatar

        4. 2.4.5.4 South Africa

        5. 2.4.5.5 Nigeria

        6. 2.4.5.6 Egypt

        7. 2.4.5.7 Rest of Middle-East and Africa

Industrial Battery Market Size FAQs

The Industrial Battery Market size is expected to reach USD 37.82 billion in 2024 and grow at a CAGR of 16.80% to reach USD 82.23 billion by 2029.

In 2024, the Industrial Battery Market size is expected to reach USD 37.82 billion.

Industrial Battery Market Report Snapshots

Industrial Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)