Covid – 19 Impact Analysis on Industrial Batteries Market | Growth, Trends, Size, Share, Demand by
Author : ankita Belsare | Published On : 29 Apr 2021
Industrial batteries are mechanically designed to endure harsh environments for a prolonged period of time while surviving thousands of recharge cycles and operating under a wide temperature range. Industrial batteries find application in core industries such as Power, Oil & Gas, Steel, Cement, Telecom, Railways, Urban Metro, IT, Financial Institutions, and Non-Conventional Energy Systems. Expansion of key end-user industries translates growth into the global Industrial Batteries Market. The global Industrial Batteries Market is expanding at a torrid pace and is likely to scale to a significant valuation over the forecast period of 2017-2023, predicts Market Research Future (MRFR) in a thoroughly studied report.
The fourth industrial revolution represents mammoth growth opportunities to the global Industrial Batteries Market. Batteries are an absolute essential for the industrial revolution as they facilitate energy storage on a mass scale. Growing electrification projects across the globe are also likely to augment the growth of the global Industrial Batteries Market.
The automotive industry is a major end-user for industrial batteries and generates huge demand which can be credited for the growth of the market. A huge chunk of the global electrical batteries market demand id earmarked for the electric vehicles sector where lithium-ion batteries are used to electric power vehicles.
Advancement of battery technology has resulted in the development of industrial batteries which can withstand harsher conditions, resist extreme temperatures, and are ultra small. Design improvements allow industrial batteries to deliver long-life operation along with high cycle rate and lower self-discharge.
Other factors contributing to the market growth include growing infrastructural activities across the globe, especially in the emerging economies and rapid urbanization. On the downside, the growth of the global Industrial Batteries Market is expected to be impeded by the implementation of stringent regulations by various regulatory bodies and concerns over the use and disposal of toxic materials used in industrial batteries.
- C&D Technologies, Inc.
- East Penn Manufacturing Company
- GS Yuasa Corporation
- Enersys Inc.
- Johnson Controls Inc.
- Northstar Battery Company LLC
- Exide Technologies Inc.
- Robert Bosch GmbH
- Saft Groupe S.A.
- Toshiba International Corporation
February 2019- Gelion Technologies Pty Ltd., a Sydney-based energy storage start-up launched a new battery which relies on zinc bromine. The technology was developed as part of a contract with the University of Sydney. These batteries have been integrated into solar light poles across the university campus. The company intends to produce these batteries on a mass scale for numerous energy applications.
The Industrial Batteries Market has been segmented based on type and application.
By type, the global Industrial Batteries Market has been segmented into acid, nickel-based, lithium-based, and others.
By application, the global Industrial Batteries Market has been segmented into telecommunication, power storages, industrial equipment, electric grid storage, and others.
By region, the global Industrial Batteries Market has been segmented into North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
APAC market is likely to expand at the highest CAGR over the forecast period. The rapid pace of industrialization in the APAC region and expanding telecommunication industry present ample growth opportunities for the growth of the market. Towering demand for electric grid storages is also likely to induce high demand for electric batteries.
The MEA market is expected to showcase tremendous growth over the forecast period. The crude oil industry generates massive demand for industrial batteries in countries such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. Presence of oil & gas reserves in the region is likely to propel industrial activity in the region which will further drive the market in the forthcoming years.
The North America market is driven by an increase in the production of electric grid storages. The US is the key contributor to North America and accounted for the largest share of the global market in 2016.
Demand for industrial batteries is anticipated to rise in countries such as Italy, Germany, Spain, the U.K, France, and Russia in the coming years. Heightened demand from the automobile industry and the growing manufacturing industry boosts the growth of the Europe market.
Latin America market is likely to be driven by the proliferation of industries and innovation in the field of batteries.
COVID-19 Outbreak Impact on Renewable Chemicals Market@ https://www.marketresearchfuture.com/report/covid-19-impact-renewable-chemicals-market