According to the new research report published by The Insight Partners, titled “Industrial Battery Market - Global Analysis and Forecast to 2027”, the global industrial battery market is expected to reach US$ 21,893.5 Mn by 2027, registering a CAGR of 7.3% during the forecast period 2020-2027.

Since the last few years, the industrial battery market is receiving high momentum throughout the globe. Industrial batteries have applications in industrial equipment, UPS/power backup systems, grid-level energy storage systems, mining, and marine, among others. IIoT and industrial connectivity are the two major trends penetrating various industries. The demand for industrial automation and industry 4.0 is flourishing due to the development of ground-breaking technologies and increasing focus towards achieving operational efficiencies.

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As leading companies in this market continue to broaden their addressable market by expanding existing product portfolio, diversifying client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from regional players as well as the leading global companies. The manufacturing sectors in countries such as the US, Germany, and China are witnessing huge growth, which would also boost the industrial battery market growth.

The global industrial battery market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. APAC holds the dominant share in the ultrasonic sensor market, and SAM is expected to be the fastest-growing region in the global market. Policies in Europe are beneficial for the growth of varied businesses, which is one of the factors contributing to the development of the industrial battery market in Europe. In 2019, the EU opened a US$128.9 million call under the H2020 program to fund battery projects.

In February 2019, a new European Technology & Innovation Platform "Batteries Europe" was launched to prepare a strategic plan for the European region. The increasing number of battery initiatives by the government is acting as the driver for the industrial battery market. The MEA and South America are likely to witness high demand for industrial battery during the forecast period. The rising manufacturing sector in MEA and South American markets is likely to boost the scope of Industrial batteries in the regions.

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The top five companies in the industrial battery market Exide Technologies Inc., Enersys Inc., Saft Groupe S.A., GS Yuasa Corporation, and East Penn Manufacturing Company. The above listing of key players is derived by considering multiple factors such as overall revenue, current Industrial Battery solution portfolio, new product launches, market initiatives, investment in technology up gradation, mergers & acquisitions and other joint activities. There are various other notable players in the global industrial battery market ecosystem such as LG Chem, Panasonic Corporation, Robert Bosch GmbH, C&D Technologies, Inc., and General Electric Company.

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