Market Research Future published a research report on “Substation Batteries Market Research Report – Global Forecast to 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2024.
Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global substation batteries market 2020 is expected to grow significantly, securing a substantial market valuation and a healthy 8.25% CAGR over the review period.
Drivers and Restraints
The demand to maintain a steady supply of power to the equipment, and the major factor driving the global substation battery market in the event of a loss of electricity supply and a increasing need for continuous power. In addition, numerous major corporations are introducing new technologies for their substation batteries to boost their market share. During the forecast period, the global Substation Batteries Market is expected to rise at a significant rate due to the growing demand for electricity and power generation capacity additions worldwide. Growing industrialization worldwide is also likely to drive the market of global substation batteries. The most important factor ensuring the growth of the substation batteries market is a need to maintain a steady supply of electricity to equipment that is necessary for production in the event of loss of electrical supply. The second factor accountable for market growth is that the need for electricity is ever growing. Certain factors driving the market to growth include increased industrialization in developed countries, increased urbanization in developing countries, and increased demand for batteries from substations.
Competitive Analysis
The major market players operating in the global substation batteries market as identified by MRFR are Johnson Controls Inc., GS Yuasa, Robert Bosch GmbH, Exide Technologies, Saft Groupe S.A., Tesla, Storage Battery Systems, LLC, and HBL Power Systems Ltd.., among others.
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Segmental Analysis
By type, the market has been bifurcated into lead-acid batteries and nickel-cadmium batteries. The lead-acid batteries have been sub-divided into sealed batteries and vented batteries.
Regional Analysis
The geographical overview of the global substation batteries market has been conducted in four major regions, including the Asia Pacific, the Americas, Europe, and the Middle East and Africa.
The Americas is a large regional market, as the presence of many influential economies produces the demand in North America. The demand is high in North America due to technological innovation, the growth of developed industries and the growth of key market players in countries such as the USA and Canada. Mexico is North America’s third most powerful country-specific market led by the remaining countries in North America. South America is a smaller regional market relative to North America because people in this area have low purchasing power. In South America, the key country-specific markets are Brazil, Argentina, and Venezuela, followed by the remaining countries of South America.
The competition in Europe is steady due to the existing infrastructure, the presence of many companies and the presence of many main players in the industry. Because of the heavily developed European economies (especially those in Western Europe) the demand for electricity to run machines in the factory is strong. The European market remains therefore always strong. The main country-specific markets in this area are France, Germany, Italy, the Netherlands, Spain and the United Kingdom, followed by the rest of Europe.
The demand is small in the Middle East because of lack of knowledge, lack of infrastructure, lack of advanced facilities, lack of qualified professionals and lack of education. They have the resources to buy technology but they lack trained practitioners and equipment expertise. Within the Middle East, Kuwait, Qatar, Saudi Arabia, the UAE and the other Middle East countries are the major country-specific markets.
The demand in Africa is small because most countries are poor, and they can not afford the equipment they need. The demand is weak because of restricted industrialisation, lack of employment and lack of qualified professionals. In this region, the primary country-specific markets are Nigeria, Algeria, and South Africa, followed by the remaining countries of Africa.
Table Of Contents: Global Substation Batteries Market
- Executive Summary
- Scope Of The Report
- Research Methodology
- Substation Batteries Market Landscape
- Pipeline Analysis
- Market Sizing
- Five Forces Analysis
- Substation Batteries Market Segmentation
- Customer Landscape
- Regional Landscape
- Decision Framework
- Drivers And Challenges
- Substation Batteries Market Trends
- Vendor Landscape
- Vendor Analysis
- Appendix
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