Industrial Batteries Market Growth Projection | Europe Dominate by UK, Greece, Netherlands, Germany, Italy, France

The industrial batteries market is projected to grow at a CAGR of 13.2% from 2021 to 2030, according to a report by Allied Market Research. The global market size was valued at $9.02 billion in 2020 and is expected to reach $30.84 billion by 2030.

Key factors driving this growth include the rise in demand for eco-friendly energy storage solutions. Companies such as Johnson Controls, Inc., Exide Technologies, Inc., and LG Chem are leading players in the market.

The Asia-Pacific region is expected to experience the highest growth rate of nearly 15.1% during the forecast period, with China, India, and Australia leading the way due to abundant industrial battery material reserves.

The increasing focus on green energy and government mandates in countries like China and Japan are also contributing to the market’s growth. Additionally, advancements in battery technologies are driving demand in sectors such as electric vehicles, electronic devices, and battery energy storage for renewable energy.

However, the high prices of lithium-ion batteries compared to conventional systems may hinder market growth. The COVID-19 pandemic has also impacted the industry by disrupting supply chains and causing raw material shortages.

Overall, the industrial batteries market is poised for significant growth, driven by the increasing need for energy storage solutions and advancements in battery technology.