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Battery Racks industry Insights: A Comprehensive Study of market Dynamics and Technological Advancements
Rise in demand for high performance battery storage systems in various industries is the driving factors and opportunities in the battery racks market.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, September 23, 2024 /EINPresswire / --
According to a new report published by Allied Market Research, The global battery racks market size was valued at $3.3 billion in 2020, and is projected to reach $4.7 billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
The major players studied and profiled in the global battery racks market are 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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North America accounted for a major battery racks market share in 2020, and dominated the global market with more than half of the total market share in 2020.
In 2020, Asia-Pacific dominated the global battery racks market with around 52.0% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 4.1% in terms of revenue.
The VRLA segment dominated the global battery racks market with 52.75% of the share in terms of revenue.
The steel segment dominated the global battery racks market with around 49.50% of the share in terms of revenue.
The plastic segment is projected to grow at the highest CAGR of 4.6% in terms of revenue.
The power storage segment dominated the global market with around 50.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 4.2% in terms of revenue.
By application, the global battery racks market is studied across power storage, power generation, telecommunication, and others. The power storage segment dominated the global market with half of the total market share in 2020.
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By type, the global battery racks market size is divided into standard, seismic, relay, and VRLA. The VRLA (Valve Regulated Lead Acid) battery rack segment dominated the global market with more than half of the total market share in 2020.
By material, the global battery racks market analysis is studied across steel, plastic, plastic coated, and others. The steel segment dominated the global market with nearly half of the total market share in 2020.
Battery racks are simplified, safe, and efficient handling systems that are used for installation, operation, and maintenance of batteries. It has provision for multiple tiers of batteries spaced so that they are inserted in each tier.
Rapid development in energy storage system and ease of installation and operation drive growth of the battery racks market.
Rise in demand from emerging economies for storage of batteries further propels growth of the market.
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Battery racks protect battery and allows easy handling of the batteries; thus, growing demand for the market. Growth in number of data centers and small-and medium-sized enterprises increase demand for batteries, which further influences growth of the battery racks market.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.