The industrial batteries market is a competitive battle ground for two titans. These two main products in the market are lead acid batteries and lithium ion batteries. Lead acid batteries were extremely popular in a wide variety of applications earlier. These included electronics, automotive, forklifts, among others. However, lithium ion batteries are gaining increased prominence in the industrial batteries market. Its higher energy potential and rapid discharge rates are making it more useful for end-use industries. These batteries are increasingly used due to their relatively safe storage mechanism and energy regulations, especially when used with alternative sources of energy such as wind and solar.
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Additionally, the industrial batteries market players are investing resources to test the water by launching new product varieties. Currently, these include Lithium Manganese Oxide (LMO), Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt Oxide (NMC), and Lithium Titanate (LTO). Many players in the industrial batteries market are expected to benefit from this ongoing innovation.
Lead Acid Batteries Sales to Receive a Major Boost
Lead acid batteries are considered hazardous due to their ingredients such as sulfuric acid and lead. Hence, these are heavily regulated by the government. On the other hand, these batteries offer an ideal application for stationery purposes such as cell towers and data warehouses. Hence, recent developments in cloud technology, big data analytics, and 5G telecommunication technology are encouraging news for the market.
Most major technology giants in the world are competing for a larger share of the cloud. This includes Amazon, Google, Microsoft, IBM, etc. In order to store data and engage in data analytics, companies require large data storage centers. According to a recent report, Ireland is expected to attract US$8 bn in investments for data centers by 2021. In order to maintain Uniterrupted Power Supply (UPS) systems, lead batteries are considered ideal due to its large power to weight ratio and its extremely cheap cost. Datacenters as investments in many cases simply store user information. Hence, these facilities require cost-effective mechanisms.
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However, it is clear that sustainability drives and consequent legislations are making a bigger impact in the industrial batteries market than ever before.