Tag: Distribution & Utilities

Industrial Batteries Market Worth $27.4 Billion By 2027

The global industrial batteries market size is projected to reach USD 27.44 billion by 2027 registering a CAGR of 6.0%, according to a new report by Grand View Research, Inc. High demand for back-up power batteries in grid-level energy storage application for solar and wind power projects will boost the market growth during the forecast period. Moreover, increasing usage of these batteries in various applications, such as UPS and motive power, is anticipated to drive the market. Industrial batteries offer benefits, such as reduction in manufacturing cost, high durability, lower maintenance costs, and low discharge rate capability, which is expected to increase their demand further.

Easy availability of batteries of different specifications and sizes will also augment the market growth. Lead acid batteries are relatively cheaper than other batteries and are can be manufactured using lesser technology equipment, which in turn will drive market their demand in the near future. Increasing investments by major manufacturers coupled with the growing number of renewable energy projects with battery storage capability are likely to drive the market. However, volatility in raw material prices will pose a restraint for the market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/industrial-batteries-market

Further key findings from the report suggest:

  • Lead acid battery segment accounted for the largest market share in 2019. Due to growing power demand, national grids are getting pressurized resulting in the increased demand-supply gap for power, which is eventually driving the demand for battery for back-up systems in industrial applications
  • Lithium-based batteries accounted for the second-largest market share in 2019 and is projected to register the highest CAGR during the forecast period
  • This growth is attributed to the rising demand for lithium-based batteries as they are cost-effective
  • The motive power end-use segment accounted for the largest market share in 2019, whereas grid-level energy storage application is projected to expand at the fastest CAGR during the forecast period
  • Asia Pacific is forecasted to witness the highest growth from 2020 to 2027. Rapid expansion of industrial sector in China, India, Japan, and South Korea has triggered the demand for industrial batteries in the region
  • China is expected to be one of the promising markets in light of energy storage technologies and favorable government support to promote investments in manufacturing sectors
  • Major companies in the market have adopted various organic and inorganic growth strategies to expand their product portfolio and geographical footprint

LNG Market Demand To Reach 560.19 Million Tons By 2027

The global liquefied natural gas market demand is expected to reach 560.19 million tons by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Growing focus on expansion and development of gas pipeline infrastructure and rising demand for NG across downstream industries are the main propelling factors for the liquefied natural gas (LNG) market.

Decline in liquefied natural gas prices, along with implementation of supportable government regulations and guidelines, which are attracting tax schemes and FDIs, is also beneficial for the market growth. Collective prominence of adequate support for infrastructure in various countries is projected to augment product demand across the construction segment as the product is being used for building equipment.

However, inadequate infrastructure is augmenting demand for small-scale projects to source NG for key customers located in remote areas, precisely in the industrial manufacturing and power generating verticals. Rapid industrialization, urbanization, and projects supportive of gas and petrochemicals and power distribution are likely to provide a stimulus to the market growth.

Power generation accounted for the largest volume share in 2019 and is anticipated to witness significant growth from 2020 to 2027. Power generation plants are steadily shifting from other feedstock to liquefied natural gas in order to offer enhanced delivery and cost-competitiveness while getting support in the form of promising regulations that are encouraging the trends.

Asia Pacific remains the chief center of demand and altogether it accounted for over 50% of the global liquefied natural gas imports in 2018. 2019 was recorded as the year of low price and was driven by growing NG production, limited demand response, and the commissioning of new export infrastructure across the APAC market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/liquefied-natural-gas-lng-market

Further key findings from the report suggest:

  • Asia Pacific is projected to grow at a substantial rate throughout the forecast period. India is expected to witness the fastest growth in the Asia Pacific region
  • By application, the power generation segment dominated the industry, accounting for 47.1% share of the total volume in 2019
  • North America is likely to witness moderate growth during the projected period.