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Key Players Operational in the Industrial Batteries is focusing on New Product Developments, Expansions, Agreements, Mergers & Acquisitions
The industrial batteries market was valued at USD 7.45 Billion in 2015 and is projected to reach USD 10.84 Billion by 2021, at a CAGR of 6.5% from 2016 to 2021. The growth of this market can be attributed to the increasing demand for grid-connected solutions and government incentives for clean & green energy. The market for industrial batteries is also driven by the increasing demand for these batteries from the telecom industry. The increasing demand for power backup, growth in the renewable energy sector, increased recycling efficiency of lead- and lithium-based industrial batteries are also some key factors expected to drive the growth of industrial batteries market in the near future.
Key players operational in the industrial batteries are focusing on new product developments, expansions, agreements, mergers & acquisitions, and joint ventures to cater to the increasing demand for industrial batteries across various industry verticals. Johnson Controls (U.S.), Exide Technologies Inc. (U.S.), and EnerSys Inc. (U.S.) reported the largest number of developments in the industrial batteries market between 2012 and 2016.
Johnson Controls Inc. is one of the leading manufacturers of industrial batteries, globally. The company is focusing on global development with investments in key markets, such as Europe and North America and emerging markets, such as China and India. In August 2015, the company established a new manufacturing plant in Northeast China with a capacity of 6 million batteries per year. The company also invested USD 200 million in this new manufacturing plant, based in Tiexi district of Shenyang, capital city of Liaoning province, owing to increased global demand for batteries.
Exide Technologies Inc. is another key player in the industrial batteries market. The company is focusing on the reduction of operating costs and growth opportunities in existing as well as new geographies. For instance, Exide secured an order from British Airways for electric vehicle chargers for Heathrow airport. Exide is also trying to expand its reach by undergoing various distributor partnerships with online portals. Innovative technologies and advanced premium products of the company include Absorbent Glass Mat (AGM) and GEL products for industrial applications.
Industrial Batteries Market by type (Lead-Acid, Nickel-Based, Lithium-Based), end-user industry (Telecom & Data Communication, Uninterruptible Power Supply (UPS)/Backup, Industrial Equipment, Grid-Level Energy Storage), and region - Global Forecast to 2021
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