Substation Battery Market Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2032
Market Overview
The global substation
battery market is expected to grow from USD 95.92 billion in 2023 to USD
192.81 billion by 2032, at a CAGR of 9.12% during the forecast period.
Substation batteries are used to provide backup power to critical
substation equipment, such as protection relays, control systems, and
communication systems. They are also used to start and operate substation
equipment, such as circuit breakers and transformers.
Competitive Analysis
·
Johnson Controls Inc.
·
Exide Technologies
·
GS Yuasa
·
Robert Bosch GmbH
·
Saft Groupe S.A.
·
Storage Battery Systems
LLC
·
Tesla
·
HBL Power Systems Ltd.
Drivers and Restraints
The demand to maintain a steady supply of power to the equipment,
and the major factor driving the global substation battery market in the event
of a loss of electricity supply and a increasing need for continuous power. In
addition, numerous major corporations are introducing new technologies for
their substation batteries to boost their market share.
During the forecast period, the global substation battery market
is expected to rise at a significant rate due to the growing demand for
electricity and power generation capacity additions worldwide. Growing
industrialization worldwide is also likely to drive the market of global
substation batteries. The most important factor ensuring the growth of the
substation batteries market is a need to maintain a steady supply of
electricity to equipment that is necessary for production in the event of loss
of electrical supply. The second factor accountable for market growth is that
the need for electricity is ever growing.
Certain factors driving the market to growth include increased
industrialization in developed countries, increased urbanization in developing
countries, and increased demand for batteries from substations.
Segmental Analysis
By type, the market has been bifurcated into lead-acid batteries
and nickel-cadmium batteries. The lead-acid batteries have been sub-divided
into sealed batteries and vented batteries.
Regional Analysis
The geographical overview of the global substation
batteries market has been conducted in four major regions, including the
Asia Pacific, the Americas, Europe, and the Middle East and Africa.
The Americas is a large regional market, as the presence of many
influential economies produces the demand in North America. The demand is high
in North America due to technological innovation, the growth of developed
industries and the growth of key market players in countries such as the USA
and Canada. Mexico is North America's third most powerful country-specific market
led by the remaining countries in North America. South America is a smaller
regional market relative to North America because people in this area have low
purchasing power. In South America, the key country-specific markets are
Brazil, Argentina, and Venezuela, followed by the remaining countries of South
America.
The competition in Europe is steady due to the existing
infrastructure, the presence of many companies and the presence of many main
players in the industry. Because of the heavily developed European economies
(especially those in Western Europe) the demand for electricity to run machines
in the factory is strong. The European market remains therefore always strong.
The main country-specific markets in this area are France, Germany, Italy, the Netherlands,
Spain and the United Kingdom, followed by the rest of Europe.
The demand is small in the Middle East because of lack of
knowledge, lack of infrastructure, lack of advanced facilities, lack of
qualified professionals and lack of education. They have the resources to buy
technology but they lack trained practitioners and equipment expertise. Within
the Middle East, Kuwait, Qatar, Saudi Arabia, the UAE and the other Middle East
countries are the major country-specific markets.
The demand in Africa is small because most countries are poor, and
they can not afford the equipment they need. The demand is weak because of
restricted industrialisation, lack of employment and lack of qualified
professionals. In this region, the primary country-specific markets are
Nigeria, Algeria, and South Africa, followed by the remaining countries of
Africa.
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