Market Size of North America Industrial Battery Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 8.47 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Industrial Battery Market Analysis
The North American Industrial Battery Market is expected to grow at a CAGR of over 8.47% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, declining lithium-ion battery prices, increasing demand from data centers and telecom sectors, and rising renewable energy integration are some major factors driving the market.
- On the other note, 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.
- Nevertheless, 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.
- The United States is expected to be the fastest and largest growing market during the forecast period, owing to the expansion in renewable power infrastructure and industrial production in the country.
