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Industrial Batteries Market Size, Share, Industry Growth Report, 2024-2033

Industrial Batteries Market Research Report Information By Type (Lead-Acid, Nickel-Based, Lithium-Based, And Others), By Application (Motive Power, Telecom & Data Communication, Others) And Region- Forecast, 2024-2033

Report ID: VMRC1274


Published Date: Apr, 2024


No Of Pages: 136


Format : Industrial Batteries Market Size, Share, Industry Growth Report, 2024-2033 Report Available in PDF, Excel, PPT and Excel


Base Year: 2022


Report Summary

Industrial Batteries Market Size

The global industrial batteries market size accounted for USD 42.09 billion in 2023 and it is expected to hit around USD 465.63 billion by 2033, representing a remarkable CAGR of 27% from 2024 to 2033.

Industrial batteries are electrochemical devices designed to withstand heavy use, more vibrations, and extreme temperatures. Generally, industrial batteries convert chemical energy into electricity. These are usually used to operate heavy machinery such as forklifts, electric drills, and other industrial devices. They are stronger than consumer batteries and are hence used for industrial devices.

Industrial batteries come in different sizes and shapes to fit a wide range of applications.

Industrial batteries have the ability to work in extreme environments and remote locations where the device needs to be self-powered, and recharging is difficult or impossible. For example, industrial-grade lithium primary batteries are used to monitor underwater seismic measurements, structural stress on bridges, or scientific instruments in arctic climates. These applications are majorly driving the industrial batteries market size.

The surge in renewable energy adoption, particularly solar and wind power, has sparked a notable need for energy storage solutions, propelling the growth of the industrial batteries market. The rise of smart grids and microgrids, along with demands for grid stability and managing peak loads, further drives this market growth. The increasing use of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is also boosting the demand for industrial batteries in the automotive industry. These batteries play a vital role in powering EVs and extending the range of HEVs. Furthermore, the industrial sector seeks dependable power supply for critical functions like manufacturing, telecommunications, and data centers, which amplifies the demand for industrial batteries. Advances in technology, such as high-capacity and long-lasting lithium-ion batteries, are also improving the efficiency and performance of industrial batteries.
The industrial batteries market has been impacted by the COVID-19 pandemic, affecting the industry's supply chain, raw material costs, battery imports and exports, and organizational operations. This disruption led to component shortages in the market.

Industrial Batteries Market Companies

  • Johnson Controls, Inc. (US)
  • Exide Technologies, Inc. (US)
  • Enersys, Inc. (US)
  • Saft Groupe S.A. (France)
  • GS Yuasa Corp. (Japan)
  • Northstar Battery Company LLC (US)
  • C&D Technologies, Inc. (US)
  • Robert Bosch GmbH (Germany)
  • East Penn Manufacturing Co. (US)
  • Panasonic Corporation (Japan)
  • BYD Company Limited (China)
  • LG Chem Ltd. (South Korea)
  • Samsung SDI Co., Ltd. (South Korea)
  • Toshiba Corporation (Japan)
  • Hitachi Chemical Co., Ltd. (Japan)
  • Contemporary Amperex Technology Co. Limited (CATL) (China)
  • BYD Battery Co. Ltd. (China)
  • A123 Systems LLC (US)
  • Duracell Inc. (US)
  • Trojan Battery Company (US)

Industrial Batteries Market Share

Based on our analysis of the global industrial batteries market, the sector is witnessing substantial growth, propelled by the rising adoption of smart grids and microgrids, along with the demand for grid stability and managing peak loads. Lead-acid batteries hold a significant market share due to their high-power density and wide usage in Uninterruptible Power Supply (UPS) systems and the automotive industry. Nonetheless, lithium-ion batteries are gaining traction as a swiftly expanding segment, driven by the growing need for energy storage solutions and the shift towards renewable energy.

Industrial Batteries Market Growth

The increasing adoption of lithium-ion batteries in the renewable energy sector is a major driver for the global industrial batteries market. These batteries offer superior electrochemical performance compared to other types and are primarily used in energy storage systems for renewable sources like solar and wind.

Companies like Panasonic and Samsung are leading providers of lithium-ion batteries and are integrating them into their energy storage solutions. The demand for these batteries has surged with their broader application in the renewable energy sector. Growing environmental concerns and a shift towards renewable energy sources are further fueling the market's growth.

There's a rising demand for these batteries in applications such as backup power for telecom base stations and data centers, as well as powering forklifts in the industrial sector. Their eco-friendly nature, as they don't emit harmful chemicals like sulfuric acid, promotes environmental sustainability and contributes to the expansion of the industrial batteries market.

Industrial Batteries Market Opportunities 

To combat pollution, many countries are adopting strict regulations to reduce toxic chemicals and promote environmental sustainability by transitioning to electric vehicles. Consequently, the growing demand for electric vehicles is driving up the demand for the industrial batteries market. Advanced technologies in industrial batteries, adopted by both end-users and manufacturers, are creating opportunities for growth in the global market.

Industrial Batteries Market Segmentation

The lithium-ion batteries segment is projected to experience the most rapid growth

Lithium-ion batteries find applications in a variety of industrial settings, including UPS systems, industrial automation, and grid-scale storage. This battery type is gaining traction over others due to its superior performance, higher energy density, and decreasing costs.

The segment is poised for substantial growth in the industrial battery market, thanks to its favorable capacity-to-weight ratio. Increased investments in R&D to improve battery performance are expected to further drive its adoption across various sectors. Energy storage systems (ESS) play a crucial role in storing renewable energy from sources like wind and solar, converting them into storable forms. The rise of this promising market for both commercial and residential uses is fueling the demand for lithium-ion batteries.

The telecommunication segment is projected to grow at a substantial rate

The telecommunication sector is anticipated to experience substantial growth worldwide during the forecast period. The increasing adoption of smartphones, tablets, and laptops is bolstering this growth. Market participants are innovating to meet the rising demand for satellite TV services via phone and internet connections. Battery storage technology is facilitating increased electricity generation from renewable sources.

Recent advancements in battery storage technology have enhanced their suitability for energy storage applications. These batteries are primarily shallow-cycle cells designed to remain charged for most of their lifespan, with only occasional discharges. They are deployed in stationary applications across commercial and residential sectors, as well as by utility companies.

Industrial Batteries Key Market Trends

A prominent trend in the global industrial batteries market is the rising adoption of lithium-ion batteries. These batteries provide numerous benefits, including higher energy density, extended lifespan, and quicker charging compared to conventional lead-acid batteries. This adoption is fueled by increasing demand for energy storage solutions across sectors like renewable energy integration, electric vehicles, and grid-scale storage. The transition to lithium-ion batteries is driven by the quest for more efficient and sustainable energy storage options, which is spurring advancements in battery technology and boosting the market presence of lithium-ion batteries in industrial applications.

Industrial Batteries Market Regional Insights

The Asia-Pacific (APAC) region leads the global market, driven by rapid industrialization, a substantial manufacturing base, and key industries like automotive, electronics, and telecommunications. Countries such as China, Japan, and South Korea significantly contribute to the region's industrial batteries market growth. Moreover, the growing deployment of renewable energy systems and the adoption of electric vehicles in APAC are further boosting demand for industrial batteries.

North America is poised to experience the fastest growth in the industrial batteries market. The region is seeing a rising demand for energy storage solutions due to the integration of renewable energy sources, grid stabilization needs, and increased adoption of electric vehicles. Government incentives, favorable regulatory environments, and advancements in battery technology are all contributing to the market's growth in North America. The United States and Canada are spearheading investments in energy storage projects and the rollout of smart grid infrastructure.

Industrial Batteries Industry Latest News, Updated and, Developments

  • In November 2021, Baidu unveiled its "Pinghu" DC Lithium Battery System in Shanghai and announced Shanghai Electric Guoxuan New Energy Technology Co., Ltd. as its strategic partner for the system. Shanghai Electric will supply lithium batteries for the Pinghu System's data center and LFP batteries for energy storage components. The aim is to provide batteries with higher specific energy, extended cycle life, increased charging and discharging rates, and eco-friendliness for applications like energy storage and HVDC (high-voltage direct current).
  • In October 2021, Samsung SDI and Stellantis NV revealed a joint venture (JV) to manufacture battery cells and modules for North America, starting in 2025. They plan to achieve an initial annual production capacity of 23 gigawatt-hours, with potential to expand to 40 gigawatt-hours.
  • In June 2021, the Chhattisgarh State Renewable Energy Development Agency (CREDA) issued a tender for procuring 15,000 low-maintenance lead-acid batteries with a five-year on-site warranty, intended for various capacity solar applications. The contract's estimated value was around USD 1.37 million.

Industrial Batteries Industry Scope


Report Attributes


Industrial Batteries Market Forecast Years

2024 to 2033

Industrial Batteries Market Historical Years

2019, 2020, 2021, 2022

Industrial Batteries Market Size 2023

USD 42.09 billion

Industrial Batteries Market CAGR

27% (2024 to 2033)

Industrial Batteries Market Size 2030

USD 465.63 billion

Key Segments

By Type (Lead-Acid, Nickel-Based, Lithium-Based, And Others), By Application (Motive Power, Telecom & Data Communication, Others) & Region

Key Regions & Countries

North America (The U.S. Canada, Mexico), Europe (Germany, The U.K, France, Spain, Russia, Poland, Benelux, Nordic Countries, Rest of Europe Countries), Asia Pacific (China, Japan, India, South Korea, ASEAN, Australia, Rest of APAC Countries), Middle East & Africa (GCC – UAE, Saudi Arabia, Qatar, Oman, Bahrain, Kuwait), Israel, South Africa, Egypt, Rest of MEA Countries), and South America (Brazil, Argentina, Colombia, Chile, Rest of South America Countries).

Some Key Players/Brands

  • AG Eagle, AGCO Corporation, AgJunction, Agribotix, Agrobot, Autonomous Solutions, Blue River Technology, BouMatic Robotics, CLAAS, Clearpath Robotics, CNH Industrial, Johnson Controls, Inc. (US)
  • Exide Technologies, Inc. (US)
  • Enersys, Inc. (US)
  • Saft Groupe S.A. (France)
  • GS Yuasa Corp. (Japan)
  • Northstar Battery Company LLC (US)
  • C&D Technologies, Inc. (US)
  • Robert Bosch GmbH (Germany)
  • East Penn Manufacturing Co. (US)
  • Panasonic Corporation (Japan)
  • BYD Company Limited (China)
  • LG Chem Ltd. (South Korea)
  • Samsung SDI Co., Ltd. (South Korea)
  • Toshiba Corporation (Japan)
  • Hitachi Chemical Co., Ltd. (Japan)
  • Contemporary Amperex Technology Co. Limited (CATL) (China)
  • BYD Battery Co. Ltd. (China)
  • A123 Systems LLC (US)
  • Duracell Inc. (US)
  • Trojan Battery Company (US)


Industrial Batteries Industry Segments

Type Outlook (Revenue - USD Billion, 2018 - 2030)

  • Lithium-based
  • Lead-acid
  • Nickel-based
  • Others

Application Outlook (Revenue - USD Billion, 2018 - 2030)

  • Motive Power
  • Telecommunication
  • Electric Grid Storage
  • Others

Regional Outlook (Revenue - USD Billion, 2018 - 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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Industrial Battery Industry Report 

Explore the 2024 statistics on the Industrial Battery market from Vertex Market Research, detailing market share, size, and revenue growth rate. This analysis provides a market forecast through 2029 as well as a historical overview. Grab your free PDF sample of this in-depth industry report today!


How big is the Industrial Battery Market?

The Industrial Battery Market size is expected to reach USD 42.09 billion in 2023 and grow at a CAGR of 27% to reach USD 465.63 billion by 2033

What is the current Industrial Battery Market size?

In 2023, Global Industrial Battery Market size projected to reach USD 42.09 billion.

Who are the key players in Industrial Battery Market?

Johnson Controls, Inc., Exide Technologies, Inc. (US), Enersys, Inc. (US), Saft Groupe S.A. (France) and Robert Bosch GmbH (Germany), East Penn Manufacturing Co. (US), Samsung SDI Co., Ltd. (South Korea), Hitachi Chemical Co., Ltd. (Japan) are the major companies operating in the Industrial Battery Market.

Which is the fastest growing region in Industrial Battery Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2033).

Which region has the biggest share in Industrial Battery Market?

In 2024, the Asia-Pacific accounts for the largest market share in Industrial Battery Market.

Key Insights Delivered

Historical and Current Market Assessment

Market Outlook, Forecasts, and Growth Rates

Segments and Regional Forecasts for Market Intelligence

Competition Strategy and Company Market Shares Analysis

Customer Analysis and Purchase Pattern Analysis

Key Growth and Driving Factors

Key Opportunities in the Market

Products and Services Innovation Listing

Key Technological Trends & Timeline

Regulatory and Policy Analysis

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