Market Size of Industrial Battery Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 37.82 Billion |
| Market Size (2029) | USD 82.23 Billion |
| CAGR (2024 - 2029) | 16.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Battery Market Analysis
The Industrial Battery Market size is estimated at USD 37.82 billion in 2024, and is expected to reach USD 82.23 billion by 2029, growing at a CAGR of 16.80% during the forecast period (2024-2029).
Over the medium term, declining lithium-ion battery prices, increasing demand from data centers and the telecom sector, and rising renewable energy integration worldwide are some of the key factors expected to drive the market demand during the forecast period.
On the other hand, uncertainty in raw material prices, such as cobalt, lead, and lithium, is likely to curtail the market growth rate during the forecast period.
Nevertheless, the increasing focus on technologically advanced batteries by end users and manufacturers is likely to create a massive opportunity for battery companies to invest and redirect their resources toward making a breakthrough battery technology.
Asia-Pacific is expected to dominate the industrial battery market across the world, owing to its rising demand for UPS, forklifts, and grid-level energy storage system applications.
