Industrial Batteries Market to Achieve New Growth Frontiers in the Forecast Period
Industrial Batteries Market – Overview
Growth in the level of industrial activities have increased the demand for industrial batteries which are used in a multitude of applications. Market focused reports linked to the chemicals & materials industry among others of late have been made accessible by Market Research Future which issues reports on this industry. The market is forecasted to grow with an exceptional CAGR percent in the forecast period while simultaneously amassing higher revenue levels.
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As industrial batteries convert higher-level active materials into an alternate state for the duration of discharge, the application rate for the batteries has expanded at an incremental rate. Moreover, the energy and power density characteristics of the batteries have raised the user share significantly. Extensive usage of the batteries in heavy machinery for instance forklifts, trucks etc. have also led the development of the market to a certain degree. Intensive growth in industrial wireless applications have provided a further push to the development of the economy.
Industry Segments:
Type, application, and region are the main basis of segmentation for the industrial batteries market. The market segmentation on type basis consists of acid, nickel-based, lithium-based, and others. The basis of the application segments the market into telecommunication, power storages, industrial equipment, electric grid storage, and others. On the basis of the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Detailed Regional Analysis:
The industrial batteries market comprises of five regions such as Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa. The Asia Pacific region is projected to develop at a maximum CAGR percent during the review period primarily due to the expanding telecommunication industry. The demand for industrial batteries is expected to develop in many countries of the Middle East & Africa such as the United Arab Emirates, Iraq, Saudi Arabia, Iran, and Kuwait owing to high adoption rate by the crude oil producers. Furthermore, the occurrence of huge soil & gas reserves in this region are expected to boost the industrial growth of the market. In the North American region, the U.S. is expected to be the main contributor to the regional growth of industrial batteries market and is projected to see a substantial demand for industrial batteries during the forecast period. As of 2016, the U.S holds the major market share globally in terms of value & volume and is projected to develop at a reasonable CAGR on account of growth in production of electric grid storages. In the European region, the demand for industrial batteries is forecasted to develop in various countries such as Germany, Spain, the U.K, Italy, France, and Russia on account of amplified expenditure in innovation and rising purchasing power of manufacturers. Moreover, the incidence of key automobile manufacturers especially in Germany is likely to give a boost to the growth of the market.
The Latin American nations such as Colombia, Argentina, and Brazil are also expected to witness a considerable growth due to the spread of industries as well as the participation of new technologies and inventions in industrial batteries. The Asia Pacific region is expected to develop with the moderate CAGR owing to the rising telecommunication industry due to growing demand from the rising population in India and China. Moreover, continuous growth of the electrical industry in various economies of the Asia Pacific region such as India, China, Malaysia, Thailand, and Japan is likely to increase the demand for electric grid storages which, in turn, is expected to drive the demand for industrial batteries over the forecast period.
Global Competitive Analysis:
The opportunities for increasing revenue inflow in the business are expected to multiply through the forecast period. Localization is among of the more favored trends for expanding the market share of the competitors in the market. The potential strategy of each player in the market involves a certain degree of innovation in the product offerings to increase the possibilities for development, particularly in the forecast period. The intensifying interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. The market has ushered in a new period of growth as the market is constantly in a state of mutability. The ripple effects of this growth have altered the competitive landscape of the market.
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The major contenders that are a part of the industrial batteries market globally are Exide Technologies Inc. (India), Enersys Inc. (U.S.), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Northstar Battery Company LLC (Sweden), GS Yuasa Corporation (Japan), C&D Technologies, Inc. (U.S.), East Penn Manufacturing Company (U.S.), Robert Bosch GmbH (Germany) and Toshiba International Corporation (Japan) among others.
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