Rising demand from energy storage and stationary applications and increasing demand for industrial batteries in end-user industries are expected to drive the growth of the industrial battery market.The industrial battery has high battery capacity and used in industrial applications. The growing demand for electric substation and an increase in demand for lithium-ion batteries in end-user industries. This expected to enhance the production to meet the growing consumption of industrial battery over the forecast period.
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Rising renewable energy integration, declining lithium-ion battery prices, government subsidies and incentives for clean energy sources, and uninterruptable power supply is the main drivers for the market growth of the global industrial battery market over the forecast period. Furthermore, the demand for industrial batteries is expected to witness a significant growth over the forecast period due to surging electrification industry. Moreover, the uninterrupted electric energy in the developing countries and increase in demand for industrial battery from data centers and telecom companies is expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw materials, stringent government regulations regarding use of toxic organic chemicals, and the risk of battery explosion are expected to hamper the growth of the global industrial battery market during the forecast period. Moreover, low power density and growing substitutes of the industrial battery such as chemical energy storage, compressed energy storage, pumped hydro technology are the prime challenges in the global industrial battery market throughout the forecast period.