Jul 14, 2020 4:21 PM ET
iCrowd Newswire – Jul 14, 2020
Global Industrial Batteries Market is anticipated to grow at a favorable CAGR between 2019- 2023, according to the new report by Market Research Future (MRFR). The industrial battery, simply put, is a battery designed for industrial uses exclusively. It is mostly used in electric cars to transport, lift, or move materials into the warehouse. The industrial battery has a key function of supplying energy to end-users.
Various factors are propelling the Global Industrial Batteries Market Growth. According to the new MRFR report, such factors include advances of battery technology that are ultra-small in size, resist extreme temperatures, and withstand harsher conditions, design improvements that deliver lower self-discharge, high cycle rate, & long-life operation, and growing infrastructural activities worldwide. Additional factors adding market growth include rapid urbanization, surging demand from the automobile industry, growing renewable energy sector, the super performance of such batteries with regards to energy density, and increased recycling efficiency both of lithium-based & lead-acid industrial batteries.
On the contrary, concerns about the use & disposal of toxic materials utilized in Industrial Batteries and the implementation of strict regulations by different regulatory bodies are factors that may impede the Global Industrial Batteries Market Growth over the forecast period.
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Leading Players Profiled in the Global Industrial Batteries Market Report include Toshiba International Corporation (Japan), East Penn Manufacturing Company (U.S.), Robert Bosch GmbH (Germany), C&D Technologies, Inc. (U.S.), Northstar Battery Company LLC (Sweden), GS Yuasa Corporation (Japan), SaftGroupe S.A. (France), Enersys Inc. (U.S.), Exide Technologies Inc. (India), and Johnson Controls Inc. (U.S.).
Based on the Region, Global Industrial Batteries Market Report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), & the Middle East and Africa. Of these, the Asia Pacific region is predicted to lead the market over the forecast period. Towering demand for electric grid storages that is inducing burgeoning demand for electric batteries, expanding telecommunication industry that offer ample growth opportunities, and the rapid pace of industrialization is adding to the Global Industrial Batteries Market Growth in the region. But lately, the COVID-19 pandemic had a major impact in China, the key global manufacturing center. A massive disruption has taken place in the supply chains of raw materials for maximum production facilities not functioning at full capacity or been shut down. This has impacted the market growth in the region to some extent.
Global Industrial Batteries Market in North America is predicted to have notable growth over the forecast period. Increasing electric grid storage production is adding to the Global Industrial Batteries Market Growth in the region. The US has the maximum share in the region.
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Global Industrial Batteries Market in Europe is predicted to have healthy growth over the forecast period. The booming manufacturing industry, coupled with burgeoning demand from the automotive sectors, is adding to the Global Industrial Batteries Market Growth in the region. Russia, France, the UK, Spain, Germany, and Italy have a maximum share in the region.
Global Industrial Batteries Market in Latin America is predicted to have favorable growth over the forecast period for constant innovations in batteries and the proliferation of industries.
Global Industrial Batteries Market in the Middle East & Africa is predicted to have sound growth over the forecast period. Burgeoning demand from the crude oil industry in Kuwait, Iran, Saudi Arabia, the UAE, and Iraq coupled with the presence of oil and gas reserves propelling industrial activity are adding to the Global Industrial Batteries Market Growth in the region.
The MRFR report gives an inclusive segmental analysis of the Global Industrial Batteries Market Report based on Application and Type.
By Type, Global Industrial Batteries Market is segmented into lithium-based, nicked-based, acid, and others. Of these, the acid segment will lead the market over the forecast period.
By Application, Global Industrial Batteries Market is segmented into electric grid storage, industrial equipment, power storages, telecommunication, and others. Of these, the telecommunication segment will dominate the market over the forecast period.
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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