INDUSTRIAL BATTERY MARKET ANALYSIS

Industrial Battery MarketSize and Trends

The global industrial battery market size was valued at US$ 20,500 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.04% from 2023 to 2030.  The global industrial battery market is expected to witness strong growth due to the rise in the number of automobiles and material-handling equipment. With the rapid development in the industrial sector, the market is likely to grow rapidly. Another factor that is expected to contribute to the market growth is the increase in adoption of renewable energy sources in various parts of the world.

Global Industrial Battery Market Trends:

Increasing focus of companies to find cheaper, lighter, and more powerful battery solutions is a recent trend

Several battery companies are focused on experimenting in order to achieve chemistries that are denser, cheaper, lighter, and more powerful. Various companies are engaging in extensive research on different types of battery technologies such as lithium-sulfur batteries, sodium-ion batteries, graphene batteries, foam batteries, and micro-supercapacitors among others. All these batteries show potential to transform the landscape of battery market in the coming future. This trend is likely to continue in the global industrial battery market over the forecast period.

Rise in demand for data processing is a growing trend

The demand for data processing is increasing significantly all over the world due to rise in use of internet, use of technologies such as AI, ML, and IoT, and increasing data collection. This in turn is leading to companies such as Microsoft, Google, IBM, and Amazon among others heavily investing in data centers. As a result, the demand for data processing is increasing all over the world. The newer data centers come with larger capacities of processing data. Thus, this trend is expected to boost growth of the industrial batteries in the coming future.

Global Industrial Battery Market: Key Developments