Portland, OR, Sept. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global battery racks industry is estimated at $3.3 billion in 2020, and is anticipated to hit $4.7 billion by 2030, registering a CAGR of 3.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand for high performance battery storage systems in various industries, and growth in applications of battery racks in power storage, power generations, and telecommunications industries drive the growth of the global battery racks market. On the other hand, fluctuations in the cost of raw materials impede the growth to some extent. Nevertheless, surge in demand for battery racks from emerging economy are projected to pave the way for multiple opportunities in the industry.
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COVID-19 scenario-
- The outbreak of COVID-19 led to a huge downfall in the demand for battery racks, thereby affecting the global battery racks market. The manufacturing facilities of the battery racks were also impacted badly. The disruption in supply chain, furthermore, created a shortage of raw material.
- However, the government bodies across the globe are coming up with favorable regulations to support economic stability of the industry, and the market therefore, is expected to recoup soon.
The global battery racks market is analyzed across type, material, and application, and region.
By type, the market is further analyzed across standard, seismic, relay, and VRLA. The VRLA segment is has dominated the market in 2020, contributing to more than half of the total market share, and is anticipated to dominate by the end of 2030. In addition, the segment would also register the fastest CAGR of 4.2% throughout the forecast period.
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By application, the market is segregated on the basis of power storage, power generation, telecommunication, and others. The power storage segment held the lion’s share in 2020, with around half of the total market revenue, and is anticipated to rule the roost by 2030. Furthermore, the segment would manifest the fastest CAGR of 4.2% from 2020 to 2030.
By region, the market is analyzed across Asia-pacific, Europe, LAMEA, and North America. The Asia-Pacific region accounted for the highest market share, contributing to more than half of the global battery racks market in 2020, and would continue its dominance by 2030. The region would also cite the fastest CAGR of 4.1% throughout the forecast period.
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The key market players analyzed in the global battery racks market report include Newton Instrument Co., Storage Battery Systems, LLC, EnviroGuard, Sakcett Systems, Inc., Specialized Storage Solutions, Tripp Lite, Emerson Electric Co., Luminous Power Technologies, Su-Kam Power Systems, and Huawei Technologies Co., Ltd.
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