2022-27 Global Industrial Battery Market Grows at a CAGR of 9.2%

According to a report released by Markets and Markets, an international market research institution, the global industrial battery market is expected to increase from $18.
1 billion in 2022 to $28.
1 billion in 2027, with a compound annual growth rate of 9.
2%
during the period.

The growing demand for grid energy is driving grid modernization, which, coupled with the growing demand for energy storage systems, is driving the rapid growth
of the industrial battery market.

Solar and wind energy are the main types of
renewable energy stored in the grid.
However, clouds or fluctuating wind currents can cause changes
in the process of energy generation.
This fluctuation creates the need
for flexible grid systems for storing energy.
Industrial batteries are becoming an integral part of
grid modernization.
When electricity generation exceeds demand, these systems help grid operators save electricity
.
The adoption of these systems increases the reliability and flexibility
of power supply systems in terms of generation, transmission and distribution.

From the perspective of battery type, lead-acid batteries have the largest
share of the overall industrial battery market.
Lead-acid batteries are in high demand for automobiles due to their lightweight technology
.
The battery has a low discharge rate and fast charging capability
.
These batteries can also withstand overcharging, which is a clear advantage
over others.
95% of lead-acid batteries can be recycled
.
Due to its numerous advantages and recyclability, the lead-acid battery market is growing
.

By end-use industry, stationary batteries are expected to lead the overall industrial battery market
during the forecast period.
Stationary industrial batteries are used in UPS, telecom and grid level or emergency power applications
.
These batteries are shallow cycle batteries in nature and are only used to remain near fully charged for most of the battery's life, with occasional deep discharges
occurring.
These batteries are used in static applications in the commercial and residential sectors, as well as in utilities
.

From the perspective of the regional market, North America is expected to hold the largest share of the industrial battery market during the forecast period, with the highest CAGR of 8.
9%
expected between 2022 and 2027.
The growth of the North American market is attributed to the growing demand for renewable energy storage systems
in the residential, non-residential, and utility sectors.
In the United States, more than 90% of industrial battery power capacity is provided
by batteries based on lithium-ion technology.