Industrial Batteries Market Worth $10.84 Billion by 2021
September 21, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Industrial Batteries Market- Global Forecast to 2021" report to their offering.
The industrial batteries market is projected to reach USD 10.84 billion by 2021, at a CAGR of 6.5% between 2016 and 2021. The rising demand for grid-connected solutions, government incentives for the use of green and clean energy, and recyclability of the batteries are expected to propel the growth of the market.
Telecom & data communication was the largest segment of the industrial batteries market in 2015, and is projected to be the fastest-growing segment from 2016 to 2021. The growth of this segment can be mainly attributed to the growth in the telecom industry and increasing demand for high efficiency power backup.
Based on type, lead-acid batteries was the largest segment of the industrial batteries market in 2015. Lithium-based batteries is expected to be the fastest-growing segment of the market, since these batteries are rapidly being adopted owing to their increased life, recyclability, and low emission.
Asia-Pacific was the largest market for industrial batteries in 2015; the market in the region is expected to be the fastest-growing during the forecast period. China, Japan, and South Korea are the major markets for industrial batteries in Asia-Pacific. The increasing demand for industrial batteries and government support for the use renewable energy devices in several countries is expected to act as a key driver for the growth of industrial battery market in Asia-Pacific.
Suggested Items
PC Client CPU Shipments in 1Q24 Up 33% YoY
05/10/2024 | Jon Peddie ResearchJon Peddie Research reports the growth of the global PC client-based CPU units market reached 62 million units in Q1’24, a decrease of -9.4% quarter to quarter and a 33% growth from Q1’23.
Omdia: OLED Monitor Display shipments to surge by 123% YoY as Top Brands Embrace its Technology in 2024
05/09/2024 | PRNewswireOLED monitor display shipments significantly increased in 2023, following an upsurge of 415% year-over-year (YoY), according to Omdia's Monitor Display & OEM Market Tracker. This trend is set to continue with Omdia forecasting a 123% YoY increase in 2024, reaching 1.84 million units, driven by industry leaders Samsung Display and LG Display.
IDTechEx Report: Illuminating the Future of Lidar in Automotive
05/09/2024 | PRNewswireIn the rapidly evolving landscape of Advanced Driver-Assistance Systems (ADAS) and autonomous driving, sensor technologies have emerged as a pivotal force driving innovations in the automotive industry.
Sondrel Awarded New Video Processor ASIC Design and Supply Contract
05/09/2024 | SondrelSondrel, a leading provider of ultra-complex custom chips for leading global technology brands, is pleased to announce that it has won a major ASIC design and supply contract for a next generation, video processing chip.
IDC Forecasts Slower Growth for Global Telecommunications Services Market: Could AI Help Telcos to Maintain Healthy Margins?
05/08/2024 | IDCWorldwide spending on Telecom Services and Pay TV Services reached $1,509 billion in 2023, an increase of 2.1% over 2022, according to the International Data Corporation (IDC) Worldwide Semiannual Telecom Services Tracker.