Battery Racks Market to reach US$ 4.9 bn by 2031
According to a new research study by Global Insight Services (GIS), the global battery racks market is expected to grow rapidly over the next 10 years to reach a value of more than US $4.9 billion by 2031.
Battery racks are battery storage systems. They are used to store batteries safely and are utilized for maintenance, installation, and operation of the batteries. In addition, it is becoming the product of choice for numerous industries including, utility, data centers, and telecom among others owing to its high-performance benefits. Besides, momentous innovations in the area of battery racks are anticipated to create lucrative opportunities for the battery racks market players in the upcoming years.
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Battery Racks Market: Key Trends and Drivers
There has been an increase in demand for grid energy storage systems due to the ongoing grid modernization. This in turn is expected to lead to the growth of the battery racks market. In addition, wind and solar energy are the major renewable energy types which can be stored in grids. But, the hiding of the sun by clouds or inconsistent wind currents lead to deviations in the process of energy generation. Hence, such fluctuations generate the need for flexible grid systems to store energy.
Therefore, battery energy storage systems along with battery racks & spill containment products are becoming an integral part of grid energy storage. The adoption of these systems enhances the flexibility and reliability of electricity supply systems. Further, escalating focus of governments globally towards modernizing the utility sector is projected to lead to growing adoption of batteries, and thereby the battery racks products. In addition, financings in the energy storage are expected to grow drastically all over the world as governments are creating new policies to augment the quality & reliability of the power distribution facilities to the industrial sectors. These aspects lead to the expansion in the deployment of battery energy storage systems such as battery racks in public utility & telecom end uses
Battery Racks Market Report Findings
The steel segment is likely to hold dominant battery racks market share and grow at a substantial CAGR during the forecast period.
The growth of the steel segment can be attributed to properties of steel including better strength, durability along with compact design and sleekness. Hence, there is need for limited extra material for supporting framework to tolerate loads of heavy batteries.
The VRLA battery racks segment is anticipated to hold the majority of the battery racks market size throughout the study period.
The demand of VRLA battery racks market for utility and telecom sectors is expected to grow significantly in the forecast period.
In 2021, the utility segment held the dominant place in the battery racks market.
The growth of the utility segment can be attributed to the need to accomplish the requirement of peak electricity. The growing demand for an efficient and reliable supply of electricity in most geographical areas along with the increasing need for renewable energy are accountable for the huge demand for battery energy storage systems such as battery racks & others in the utility sector. Thus, the adoption of the battery racks market for data centers would have a positive influence in the forecast period.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the battery racks market forecast period.
The demand of battery racks market from Asia-Pacific is expected to grow significantly in the forecast period. The increasing adoption of battery racks to store batteries efficiently along with the growing number of small and medium-sized companies in the region is expected to fuel the growth of the market in the region.
The major players operating in the global battery racks industry report include Vertiv Holdings Co., EnerSys, Amphenol Network Solutions, Eagle Eye Power Solutions, LLC, Schneider Electric, EnviroGuard, Mesa Technical Associates, Inc., Newton Instrument Co., EATON, YHI Power, C&C Power, Inc., Narada Power, STEELMAXenergy, AIB KUNSTMANN Reserve GmbH and Alliance Metal Solutions.