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Battery Racks Market Report
The Battery Racks Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of xx% during the forecast period.
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Battery racks are safe, simplified, and efficient handling systems that are used for the operation, installation, and maintenance of batteries. A broad range of battery racks and rack solutions are present in the market which caters to varying end-user requirements for battery safety and support.
Key players operating in the battery racks market are-
Strong development in the energy storage system and ease of installation & operation are expected to boost the market growth. Moreover, rising demand from developing countries for the storage of batteries is effectively spurring the product demand. Battery racks protect the battery and enable the easy handling of the batteries, which further augments the industry growth. However, regulations regarding the utility of battery racks and volatility in raw material prices are likely to hamper the market expansion.
Based on application, the battery racks market is categorized into power storage, power generation, telecommunication, and others. The power storage segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Battery racks can accommodate any battery cell, from lead-acid to nickel-cadmium, from flooded to sealed, from vertical to horizontal mounting, a high density and space-saving rack can be provided. Also, battery racks offer high-quality modular battery racks for stationary battery installations, which are designed for all types of stationary battery models, thereby bolstering the segment growth.
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the strong presence of battery and semiconductor companies in South Korea, China, Taiwan, and Japan. Also, increasing battery racks in power storage, power generation, and telecommunication application in the region, further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the battery racks industry. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. This resulted in supply chain disruption and restriction in transportation, which further affected the product demand.
Here is the list of the group of customers that the battery racks market hopes to have the greatest opportunity to convert-
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Newton Instrument Co. (US), Storage Battery Systems, LLC (US), EnviroGuard (India), Sakcett Systems, Inc. (US), Specialized Storage Solutions (US), Tripp Lite (US), Emerson Electric Co. (US), Luminous Power Technologies (India), Su-Kam Power Systems (India), and Huawei Tech-nologies Co., Ltd. (China) are among the key players in the battery racks market.
Strong development in the energy storage system and ease of installation & operation are the factors driving the growth of battery racks market.
Battery racks vendors, Battery racks retailers, Power Generation companies, Telecommunication companies are the target audience in the battery racks market.
The power storage segment is expected to register the healthy CAGR in the battery racks market in the coming years.
Asia-pacific is expected to grow at the highest CAGR in the battery racks market during the next five years.
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