Global Battery Racks Market growing at a CAGR of 4.0 % from 2023 to 2030
Category : Semiconductor And Electronics | Published Date : May 2023
Key Market Overview
The Global Battery Racks Market was valued at USD 3,675.11 Million in 2022 and is expected to register a compound annual growth rate of 4.0% to reach USD 4,931.24 Million in 2030.
The report highlights the increasing demand for energy storage solutions for uninterrupted power supply in data centres and telecommunication industry. Consegic Business Intelligence provides an inclusive research report on the compressed natural gas market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Battery Racks Market By Overview
The report analyses significant segments such as source, end-user, and region, to identify emerging trends and potential opportunities. The material segment is expected to grow due to the increasing adoption of steel, plastic, and others for manufacturing of battery racks due to its high durability and strength. The ability of steel battery racks to provide structural integrity for safe organization and storage of batteries is further driving the growth of the market. Moreover, steel battery racks support heavy battery loads and provide long-term stability, resulting in the market growth.
Get Free SampleMarket Dynamics
Driver:
- The rising demand of high-performance battery storage systems in data centers to power the Uninterrupted Power Supply (UPS) system is driving the growth of battery racks market.
- The increasing demand for safety and security in telecommunication industry due to overheating and short circuits is propelling the growth of battery racks market.
- Government regulations and policies to promote energy storage systems is accelerating the growth of battery racks market.
Restraints:
- Fluctuations in the prices of raw materials such as steel used for the production of battery racks is restraining the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Rack Type | Standard, Seismic, Relay, and VRLA |
| By Material | Steel, Plastic, Plastic Coated, and Others |
| By Application | Power Storage, Power Generation, Telecommunication, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The Global Battery Racks Market is highly competitive due to the presence of major players such as Emerson Electric Co., EnviroGuard, Huawei Technologies Co., Ltd., Luminous Power Technologies, Newton Instrument Co., Sakcett Systems, Inc., Specialized Storage Solutions operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in Battery Racks Market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- Emerson Electric Co.
- EnviroGuard
- Huawei Technologies Co., Ltd.
- Luminous Power Technologies
- Newton Instrument Co.
- Sakcett Systems, Inc.
- Specialized Storage Solutions
- Storage Battery Systems, LLC
- Su-Kam Power Systems
- Tripp Lite