The industrial battery market is expected to reach a total of $ 12.42 billion by 2023, growing at an average rate of 6.58%. The recent development in the market is that researchers have developed algorithms that can be used to determine the lifetime of lithium-ion batteries using artificial intelligence.
Market Drivers and Restraints:
The industrial battery market is experiencing rapid market growth driven by the demand for lithium-ion batteries from various end-user industries as they are suitable for high loads and low-maintenance conditions. In addition to lithium-ion batteries, demand from the telecommunications and data communications industry is contributing to the growth of the industrial battery market. However, the associated costs may limit the market over the forecast period.
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Report segmented as
By End-user Industry:
Telecom & Data Communication,
Uninterruptible Power Supply (UPS)/Backup,
Grid-Level Energy Storage
Geographically, the market is divided into Latin America, Europe, the Asia-Pacific, North America, the Middle East and Africa. The Asia-Pacific region had the largest share in the global market in 2018. Fast-developing economies such as India, Japan and China are the main contributors to the development of the regional market.
For industrial batteries, North America was the second-highest contributor in 2018. The operations of many key players in this region with well-developed infrastructure are the main reason for the market position. On the other hand, the areas of the Middle East and Africa and Latin America, which are having slow-developing countries, have less opportunity for market growth.
Important Market Players:
By the end of 2018 Northstar Battery Company LLC (U.S.), Johnson Controls (U.S.), Exide Technologies Inc. (U.S.), EnerSys (U.S.), Robert Bosch (Germany), C&D Technologies (U.S.), East Penn Manufacturing Company (U.S.), SAFT Groupe S.A. (France), and G.S. Yuasa Corporation (Japan) are the leading shareholders of the market for Industrial Batteries Market. There is a constant rivalry amongst these companies regarding the pricing and quality of the product.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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