New York, June 06, 2023 (GLOBE NEWSWIRE) -- As per the research report Global Battery Racks Market published by Consegic Business Intelligence, the market was worth USD 3,675.11 Million in 2022 and is anticipated to reach over USD 4,931.24 Million by the year 2030, growing at a CAGR of 4.0%. Battery Racks are specialized structures designed to safely organize and maintain a group of batteries. The racks are used for a wide variety of applications such as backup power supply, renewable energy storage, data centers, telecommunication facilities, and industrial settings. The primary purpose of the battery racks is to provide a safe environment for batteries while ensuring proper maintenance and monitoring of the batteries. Request Sample Now
The increasing demand for energy storage systems to provide power in cases of power outage is driving the growth of battery racks market. Battery racks play an essential role in storing renewable energy such as solar and wind energy for future applications. Batteries allow efficient storage of electricity for long duration and utilization when the solar panels and wind turbines are inefficient to produce sufficient energy. For instance, in May 2021, Kohler Co. launched KOHLER Power Reserve energy storage systems to expand its clean energy offering additional energy savings.
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The adoption of battery racks for efficient storage of solar and wind energy is expected to present opportunities for the growth of the battery racks market during the forecast period. Batteries allow utility providers to gather extra electricity and store it for future application. However, fluctuations in the prices of raw materials such as steel are hindering the growth of the market.
Global Battery Racks Market Segmentation Details:
Based on Rack Type, the standard racks contributed the largest shares to the market growth in 2022. The high-durability, flexibility and acid-proof nature of standard battery racks is driving the growth of the market. Standard battery racks are used for efficient storage and maintenance of all types of batteries, Therefore, the ability of standard battery racks to provide structural stability is accelerating the growth of the market.
Based on Material, the steel segment accounted for the maximum revenue share in the year 2022. Steel battery racks offer robustness and structural integrity to safely organize and store batteries. Moreover, battery racks manufactured from steel, coated with black polyethylene (PE) material to provide electrical insulation. Therefore, the ability of steel material to provide protection against short circuits is driving the growth of the market.
Based on Application, the power storage segment accounted for the maximum revenue share in the year 2022. Battery racks play a crucial role in storing and managing electricity from various sources such as solar and wind energy. Therefore, battery racks play an essential role for storing excess energy to be used for future applications is driving the growth of battery racks market.
Based on region, North America accounted for the largest revenue share in the year 2022. The increasing adoption of renewable energy sources such as solar and wind energy to power grid is driving the growth of the market. Moreover, government regulations and policies to promote energy storage systems is accelerating the growth of the market.
Battery Racks Market Report Coverage:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 4,931.24 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.0% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | 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 |
| By Rack Type |
|
| By Material |
|
| By Application |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Key Market Highlights
- The Global Battery Racks Market size is estimated to reach USD 4,931.24 Million by 2030 and grow at a CAGR of 4.0% during the forecast period (2023-2030).
- Globally, Battery Racks Market is divided based on the rack type into standard, seismic, relay, and VRLA.
- In the context of material, the market is separated into steel, plastic, plastic coated, and others.
- Based on application, the market is separated into power storage, power generation, telecommunication, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in battery racks market.
Battery Racks Market Growth Drivers:
- The increasing demand for safety and security in the 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.
- 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.
Restraints
- Fluctuations in the prices of raw materials such as steel, plastic, and others utilized for the production of battery racks is restraining the growth of the market.
Opportunities
- The adoption of battery racks for efficient storage of solar and wind energy is expected to present potential opportunities for the growth of battery racks market during the forecast period.
Recent Developments
- In May 2023, Delta Electronics, Inc. launched a prefabricated energy storage system (ESS) for industrial and commercial enterprises and EV charging stations.
- In November 2022, Asian Development Bank and the Government of Mongolia jointly inaugurated grid-connected solar and battery energy storage system with advanced energy management in Mongolia.
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List of Major Global Battery Racks Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• 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
Global Battery Racks Market Segmentation:
- By Rack Type
- Standard
- Seismic
- Relay
- VRLA
- By Material
- Steel
- Plastic
- Plastic Coated
- Others
- By Application
- Power Storage
- Power Generation
- Telecommunication
- Others
Key Questions Covered in the Battery Racks Market Report
- What are battery racks?
- Battery Racks are the storage systems that are used for proper maintenance and monitoring of a group of batteries. Batteries racks to provide a safe and secure environment for batteries to provide uninterrupted power supply in data centers and telecommunication industry.
- What are some of the most important applications of battery racks and how do they impact the industry's growth potential?
- Battery Racks are used for a wide variety of applications such as backup power supply, renewable energy storage, data centers, telecommunication facilities, and industrial settings.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the battery racks growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing adoption of renewable energy sources such as solar and wind energy to meet the demand for electricity is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia Pacific is anticipated to register fastest CAGR growth during the forecast period. The rising government regulations and policies to promote energy storage solutions is driving the growth of the regional market.
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