Market Size of Europe Industrial Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.02 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Industrial Battery Market Analysis
The Europe Industrial Battery Market is expected to grow at a CAGR of over 7.02% during the forecast period.
COVID-19 moderately impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Declining lithium-ion battery prices, increasing demand from data centers and telecom sectors, along with rising renewable energy integration are some of the major factors driving the market.
- However, factors such as uncertainty in raw material prices and availability of raw materials, such as cobalt, lead, and lithium, are likely to curtail the market growth rate during the forecast period.
- The rising focus on technologically advanced batteries and the use of artificial intelligence in the R&D phase of battery manufacturing is likely to create a massive opportunity for the battery companies to invest and redirect their resources to make a breakthrough battery technology.
- Germany is expected to be the largest market during the forecast period, owing to the modest growth in the country's manufacturing/industrial sector, which requires industrial batteries for its smooth functioning.
