North America Industrial Battery Market Size (2024 - 2029)

North America Industrial Battery Market Analysis

The North American Industrial Battery Market is expected to grow at a CAGR of over 8.47% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

• Over the long term, declining lithium-ion battery prices, increasing demand from data centers and telecom sectors, and rising renewable energy integration are some major factors driving the market.
• On the other note, 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.
• Nevertheless, 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.
• The United States is expected to be the fastest and largest growing market during the forecast period, owing to the expansion in renewable power infrastructure and industrial production in the country.

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 America Industrial Battery Market report is segmented by technology application and geography. By technology, the market is segmented into lithium-ion battery, lead-acid battery, and other technologies (Nickel Cadmium Battery, Nickel Metal Hydride, Zinc Carbon, etc. By application, the market is segmented into the forklift, telecom, UPS, and others. The report also covers the market size and forecasts for the North America Industrial Battery market across the major countries in the region. For each segment, the market size and forecasts have been done based on revenue (USD billion).