The global industrial batteries market projected to expand at a significant CAGR during the forecast period from 2022 to 2030. The rapid industrialization is estimated to be one of the most pivotal factors driving the global industrial batteries market 2022. Besides, the increasing demand for high capacity power storages is an important factor leading to market expansion. Also, the demand for continuous electricity supply is surging day by day, which is likely to be a crucial factor leading to the growth of the market at a global level. Industrial batteries are majorly used in the sectors to assimilate the automation of handling and construction machinery, small transport vehicles, robotics, which demands batteries. Also, the increased urbanization with a rise in disposable income is projected to further fuel the market in developing countries. Also, the rising expenditure in research and development is estimated to further fuel the market. In addition, the demand for industrial batteries is projected to increase due to the growth of the electrification industry.
However, the imposition of stringent rules and regulations by several government bodies is restricting the usage of hazardous organic chemicals used in the production of industrial batteries is estimated to hamper the market growth during the assessment period.
Competitive Leader Board:
The established names of the global market for industrial batteries are Exide Technologies Inc. (India), Toshiba International Corporation (Japan) Johnson Controls Inc. (US), Enersys Inc. (US), GS Yuasa Corporation (Japan), Saft Groupe SA (France), Northstar Battery Company LLC (Sweden), Robert Bosch GmbH (Germany), CD Technologies, Inc. (US), East Penn Manufacturing Company (US), and ) among others.
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Market Segmentation:
The global market for industrial batteries can be segmented on the basis of application, type, and region.
On the basis of application, the global market for industrial batteries can be distinguished into nickel-based, acid, lithium-based, and others.
On the basis of type, the global market for industrial batteries can be distinguished into electric grid storage, power storages, telecommunication, industrial equipment, and others
On the basis of region, the global market for industrial batteries can be distinguished into Asia Pacific, Europe, Latin America, North America, and the Middle East Africa.
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Regional Analysis:
The global market for industrial batteries is estimated to expand significantly during the review period. As per the research, MRFR has conducted thorough research on regions such as Asia Pacific, Europe, Latin America, North America, and the Middle East Africa. The market is estimated to grow significantly in the MEA countries such as Saudi Arabia, UAE, Iraq, and Kuwait owing to the fast and high adoption of crude oil producers. In addition, the presence of tremendous oil gas reserves in the region is estimated to fuel the market. In North America, the US is estimated to make the maximum contribution during the review period. In Europe, the demand is likely to arise from various countries such as Italy, Spain, Germany, the UK, and Russia. Asia Pacific holds a dominant share in the global adhesives and sealants market due to the growing consumption of acrylic adhesives in pressure sensitive, construction, automotive, and other applications. The growing construction and automotive industries in Asia Pacific are likely to remain a major driver for the global adhesives and sealants market over the forecast period.
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