Posted On: 2021-04-06
Lead acid battery acquired the highest revenue share in Middle East and Africa Industrial Batteries market for the year 2020– 6Wresearch
Middle East and Africa industrial batteries market has witnessed a decline over the last year on account of halting and cancellation of projects due to the spread of COVID-19 pandemic. With the outbreak of Covid-19, a sharp pullback in economic activity was recorded due to lockdowns and other containment measures which has negatively impacted the growth of industrial batteries market. However, the market is expected to regain its momentum since government are encouraging investment in nearly all economic sectors with priority being given to renewable energy production, transportation, education, health, tourism and energy sectors underpinned by initiatives such as Saudi Vision 2030, Abu Dhabi Economic Vision 2030, Turkey Vision 2023, Egypt Vision 2030 which would play a significant role in driving industrial batteries market in the country.
According to 6Wresearch, Middle East and Africa (MEA) Industrial Batteries Market revenue is expected to grow at a CAGR of 6.0% during 2021-27. Middle East and Africa Industrial Batteries market is anticipated to register significant growth over the coming years owing to the growth in telecom sector coupled with the increasing investments in the ICT sector. Both the government and the private players are investing heavily for process and factory automation, digitalization, which is expected to increase the demand for backup power supply, thereby augmenting the growth of industrial batteries market in the Middle East and Africa region. Grid level energy storage solution is expected to register the highest growth in the coming years as countries such as Saudi Arabia, Turkey, Qatar, UAE and South Africa have set considerable targets for increasing the production of renewable energy. Energy storage systems used in the renewable power plants to bridge the demand supply gap of electricity would augment the demand for industrial batteries in the coming years. Telecom and data communication segment is also anticipated to exhibit considerable growth during the forecast period owing to rising ICT infrastructure of the region, opening of new data centres and the rollout of 5th generation communication technology in countries such as Qatar, Saudi Arabia and UAE.
According to Mohit Bhatia, Research Analyst, 6Wresearch,” Lithium based batteries are anticipated to exhibit maximum growth in the coming years owing to its compatibility, form factor, decreasing prices and major deployment in small cell, distributed antennae, 5G networks, and CATV operators for mobile backhaul networks during the forecast period. Further, rising adoption of these batteries in sectors such as telecommunications and solar power storage is one of the major reasons behind the growth of lithium based battery segment.”
According to Mohit Poddar, Research Associate, 6Wresearch, “By applications, uninterrupted power supply dominates the overall market revenue share as UPS systems are highly preferred and incorporated in electrical networks to reduce the risk of power supply distortion and guarding equipment such as computers, critical instrumentation, sales terminals, process control systems and telecommunications systems. These disruptions could cause serious harm to sensitive electrical equipment, particularly during the critical processing or production stages of an operation. Moreover, significant growth is anticipated for the UPS segment during the forecast period on account of their major deployment in industrial domain for power generation-transmission and distribution purposes.”
Middle East and Africa Industrial Batteries Market (2021-2027F)” report provides an in-depth analysis with 71 figures and 39 tables, covered in 157 pages. The report estimates and forecasts the Middle East and Africa Industrial Batteries Market by types, applications, and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the present and future market dynamics