Industrial Battery Market is expected to generate a revenue of USD 17.12 Billion by 2028, Globally, at 6.41% CAGR: Verified Market Research®
The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Industrial Battery Market.
JERSEY CITY, N.J., Jan. 19, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Industrial Battery Market" By Technology (Lithium-Ion Battery, Lead-Acid Battery), By Application (Forklift, Telecom, UPS), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Industrial Battery Market size was valued at USD 10.38 Billion in 2020 and is projected to reach USD 17.12 Billion by 2028, growing at a CAGR of 6.41% from 2021 to 2028.
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Global Industrial Battery Market Overview
Any battery that is exclusively intended for industrial uses is considered an industrial battery. To transport, lift, or move materials to warehouses, electric vehicles use these batteries. Industrial batteries' primary purpose is to provide energy to end users. These batteries are used in various industries to lift heavy machinery like trucks and forklifts. Large data centers use industrial batteries as an energy source to keep the internet running continuously.
The market is being driven by rising demand for backup power in the industrial sector, as well as demand for batteries in grid-level energy storage applications. Furthermore, widespread use of these batteries in various applications such as UPS and motive power is expected to drive market growth.
Moreover, the strong presence of major manufacturers, such as Exide, Johnson Controls, and Odyssey, in the U.S. is expected to promote market growth in the region over the forecast period. Rising demand for forklifts in the U.S. and Canada on account of the growing manufacturing industry coupled with an increasing number of warehouses will also augment the market growth as lead-acid batteries are used on a large scale for motive power applications, such as forklift in the manufacturing industry.
Favorable government policies for domestic infrastructure development, such as the National Infrastructure Plan (NIP), are expected to drive UPS market growth over the forecast period, increasing demand for industrial batteries.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Industrial Battery Market" is mainly bifurcated into sub-segments whih can provide classified data regarding the latest trends in the market.
The "Global Industrial Battery Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Johnson Controls, Exide Technologies Inc., EnerSys Inc., GS Yuasa Corporation, SAFT Groupe S.A., Northstar Battery Company LLC, C&D Technologies, Inc., Robert Bosch GmbH, East Penn Manufacturing Company, and Panasonic Corporation.
Based on the research, Verified Market Research® has segmented the global Industrial Battery Market into Technology, Application, and Geography.
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