A new report from Research and Markets predicts that the global industrial battery market will grow at a CAGR of 7.1% between 2014 and 2023. Drivers of the growth in this well-established market include increased demand from energy storage and stationary applications and advancements in battery technology, the report says.
“Industrial batteries for grid storage represent a unique asset in the midst of the rising demand for electricity and the increasing penetration of renewable energy resources,” according to Research and Markets.
The report “Global Industrial Battery Market, Forecast to 2023” analyzes market trends for the period 2014 to 2023, using 2016 as the baseline. For that forecast period, the report says that the industrial battery market in the Asia Pacific region is set to witness the highest growth rate. The North American market is expected to make steady revenue contributions, Research and Markets says.
Analysts divided the market into two main segments for the report: battery chemistry and end user applications, including telecom, uninterruptible power supply (UPS) and backup, aerospace and defense, and battery energy storage for the grid. The report delves into battery chemistries such as lead acid, lithium-ion, primary lithium, nickel-based, and emerging ones.
Batteries from NorthStar, one of the companies featured in the report, were installed last year for a local energy storage project in Springfield, Missouri. Completed in November, the energy storage system has remote management that allows for full control of the operation, according to the company. The system includes 1,140 12-volt batteries that can provide an additional 1 MWh of electric energy to the local utility’s electric distribution grid, American Public Power Association’s Paul Ciampoli reported at the time.
NorthStar co-founder and senior technical advisor Frank Fleming said at the project dedication, “We can draw power when we need to, we can deploy power when we need to, and in the event of an ice storm, we have two-and-a-half-megawatt hours of energy available for the local community.”
Companies mentioned in the Research and Markets report:
- Amara Raja
- C&D Tech
- Eagle Picher
- East Penn
- Exide Technologies
- GS Yuasa
- Harbin Coslight
- Johnson Controls
- LG Chem
- Samsung SDI
- Shin Kobe
- VARTA Microbattery
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