Zion Market Research Global Industrial Batteries Market, 2016–2024 | Page 3

Industrial Batteries Market
and is projected to be the fastest-growing segment in the near future. They are globally
accepted owing to low emission, increased life, and recyclability.
Global Industrial Batteries Market: Growth Factors
Consumer inclination towards green and clean energy and government support for strict
regulations for environment conservation are major growth factors of the global industrial
batteries market. In addition, recyclability of the batteries may also influence the global
market in the coming years. Grid-connected solutions are increasingly adopted for
uninterruptable power supply showing significant growth in future. Moreover, lithium-ion
batteries are broadly used in the many applications, which are further anticipated to witness
growth in the next few years. However, safety issues related to battery usage and huge
initial capital investment required are major restraining factors of the global industrial
batteries market growth.
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Global Industrial Batteries Market: Regional Analysis
Geographical segments include North America, Europe, Asia-Pacific, Latin America and the
Middle East. Asia-Pacific is expected to witness growth in the industrial batteries market in
the near future due to increasing adoption of batteries in this region. However, emerging
markets such as South Korea, China, and Japan are major markets for industrial batteries,
which are expected to boost the global market growth. Rising government support for
renewable energy devices and increasing demand for industrial batteries is anticipated to
boost the global industrial batteries market in the near future in Asia Pacific region.
Global Industrial Batteries Market: Competitive Players