The global Industrial batteries market size is projected to grow from USD 18.1 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 9.2% between 2022 and 2027. The growth of this market is attributed to the rising adoption of lithium-ion batteries in the renewable energy sector, and increasing demand for grid energy storage systems owing to ongoing grid modernization.
The Industrial batteries market is dominated by large players, such as EnerSys, Inc. (US), C&D Technologies, Inc. (US), Exide Industries Ltd. (India), GS Yuasa Corporation (Japan), Crown Batteries (US), East Penn Manufacturing Company (US), Leoch International Technology Limited Inc. (China), Samsung SDI Co., Ltd. (South Korea), LG Chem (South Korea), Narada Power (China), Vision Group (China), Saft Groupe (France), Hoppecke (Germany), Tab (Slovenia), Sunlight (Greece), Yuasa (Thailand), Rolls Battery(Canada), U.S. Battery Manufacturing (US), Victron Energy (Netherlands) and SK Innovation (South Korea). These players have adopted various growth strategies, such as expansions, new product developments, acquisitions, and agreements, to enhance their market footprint and improve their product portfolios. Expansion of their manufacturing plants and offices, globally, is the key strategy adopted by the major players to cater to the increasing demand for Industrial batteries products.
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The pandemic has impacted more than five billion people across the world, till April 2020. More than 100 countries were under complete or partial lockdown which impacted the Industrial batteries business globally and regionally. Supply chain disruption and lockdown due to the pandemic have impacted the GDP of all major economies, such as Germany, the US, Japan, the UK, India, Italy, and France. The pandemic affected the industrial batteries market as the industry supply chain, raw material prices, import and export of batteries, and organization operations were impacted. This section describes the impact of COVID-19 on industrial batteries market. However, the Industrial batteries market is showing signs of recovery and is expected to grow at a moderate rate during the forecast period.
Since January 2020, many Industrial batteries manufacturers have entered into various agreements, launched new products, and expanded their production capacities. Big players like Exide industries which is an Indian multinational company is offering storage battery products utilized in the solar, automotive, telecom, power, mining, railways, infrastructure, and defense sectors. The company operates through two business segments catering to Storage Batteries & Allied Products and Life Insurance Business. The company provides motive battery products under the Storage Batteries & Allied Products segment. The company sells automotive batteries under the brands Exide, Dynex, and SF Sonic. The brand names for industrial batteries for the Indian market include Exide, SF, and Ceil, and for international markets, its brands are Exide, Chloride, Ceil, and Index. In March 2022, Exide Industries announced an investment worth USD 792.06 million in Karnataka to establish one of India’s largest giga factories for advanced cell chemistry technology.
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EnerSys Inc. is one of the global leaders providing stored energy solutions for industrial applications. It manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories, and outdoor equipment enclosure solutions for various customers. The company has three operating segments, namely, Energy Systems, Motive Power, and Specialty. Power batteries are utilized in applications such as aerospace, defense, medical, industrial vehicles, forklifts and material handling, renewable energy, rail, nuclear, telecom, and others. In November 2021, EnerSys, Inc. expanded its battery and charger product offering through a Manufacturer Representative Agreement with All Battery Sales and Service, now owned and operated by Concentric, LLC, a leading forklift and critical power supplier.
Other companies have initiated the following developments:
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