Industrial Battery Market Size

The global industrial battery market size was valued at $24.75 billion in 2024 and is projected to reach $46.30 billion by 2030, growing at a CAGR of 11.0% during the forecast period.

Industrial Battery Market Overview

Industrial batteries, as electrochemical devices, serve as high-energy and rechargeable power sources. They undergo a conversion of high-energy active materials during discharge. Primarily utilized in applications such as grid storage and uninterrupted power supply systems, industrial batteries play a crucial role in sustaining power for various end-use sectors. Their applications extend to providing power for light vehicles, as well as serving as backup systems for telecommunication and data storage sectors. The versatility and reliability of industrial batteries make them indispensable components in ensuring a consistent and uninterrupted power supply across diverse applications and industries.

Industrial Battery Market Dynamics

• The industrial battery market is expected to witness significant growth in the future due to the rapid expansion of the telecommunication sector, increasing the demand for electric vehicles, and increasing focus of companies to find cheaper, lighter, and more powerful battery solutions.

• Additionally, the increasing adoption of lithium-ion batteries in renewable energy sectors is the prominent factor driving the growth of the market.

• However, the high cost of lithium-ion batteries and the demand-supply mismatch of raw materials are restraining the market growth.

• On the contrary, technological development in batteries and the increasing use of AI in the R&D phase of battery manufacturing are creating opportunities for market growth.

Impact of COVID-19 on the Industrial Battery Market

The industrial battery market experienced a temporary decline due to the COVID-19 pandemic and the ensuing trade and commerce restrictions. The significant interconnection of the industrial battery supply chain with China resulted in adverse effects on production and sales during the initial two-quarters of the pandemic. Concurrently, the purchasing power of individuals in the fastest-growing economies was negatively impacted. However, the widespread adoption of remote work policies during the pandemic led to an increased use of electrical products, driving demand for both electrical devices and industrial batteries.

By Battery Type, Lithium-ion Segment to Hold Major Share in the Industrial Battery Market

The lithium-ion segment is expected to have a huge demand in the industrial battery market during the forecast period owing to their advantageous capacity-to-weight ratio, making them highly favorable for diverse applications. The increasing demand for lithium-ion batteries is fueled by their superior properties, including higher energy density, declining costs, and enhanced overall performance. These factors collectively contribute to the growing preference for lithium-ion batteries, solidifying their position as a key driver in the market segment's expansion.

By Geography, North America is expected to have the Highest CAGR during the Forecast Period

The North America is experiencing strong growth during the forecast period due to the robust industrial infrastructure, expanding renewable power projects, and the rising deployment of battery-based energy storage initiatives in the U.S. contribute to the region's prominence. Favorable policies regarding energy storage systems further propel the growth of the global industrial battery market in North America. The region's strategic positioning, driven by strong industrial foundations and supportive regulatory frameworks, positions it as a key player in the evolving landscape of industrial battery solutions.

Key Target Audience:

• Industrial Battery Manufacturers

• Energy Storage Project Developers

• Research and Development Institutions

• Government and Regulatory Bodies

List of the Key Players Profiled in the Report Includes: 

• Johnson Controls Inc.

• Enersys Inc.

• Saft Groupe S.A.

• GS Yuasa Corporation

• Northstar Battery Company LLC

• C & D Technologies, Inc.

• Toshiba International Corporation

• Robert Bosch GmbH

• Exide Industries Ltd

• Amara Raja Batteries Ltd

• Tesla, Inc.

• LG Chem Ltd.

• Samsung SDI Co., Ltd.

• Panasonic Corporation

• East Penn Manufacturing Company

Recent Developments:

• In January 2023, ONGC Tripura Power Company, a subsidiary of Oil & Natural Gas Corporation (ONGC), agreed with Assam Power Distribution Company Limited (APDCL) to undertake a significant battery storage project in Assam. This endeavor, valued at USD 245 million, will see the two entities collaborate to establish a joint venture aimed at developing a battery energy storage system (BESS) project. The project's specifications include a potential 250MW rated power output and a capacity of 500MWh.

• In May 2022, Exide Industries, along with its joint venture partner Leclanche SA, commenced large-scale production at their lithium-ion battery plant in India. Featuring six automated assembly lines, the facility specializes in manufacturing batteries tailored for automotive and energy storage purposes. This strategic initiative is geared towards meeting the growing demand witnessed in both the mobility and utility sectors.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Battery Type:

• Lead-acid

• Nickle-based

• Lithium-ion

• Other Battery Types    

Market by, Application:

• Telecom & Data Communication

• Uninterruptible Power Supply (UPS)

• Energy

• Equipment

• Grid Storage

• Other Applications 

Market by, Geography:

The industrial battery market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario

• Identify growth opportunities

• Porter's five force analysis

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth

• Historical and forecast size of the market in terms of revenue (USD Million)

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted