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The development of technologically superior batteries that aid in various applications is driving the growth of the market. Moreover, batteries are used in small devices and backup for energy, hence augmenting the market growth. Additionally, the introduction of durable and innovative batteries is enabling their extensive use in various major industries, which is providing further impetus to the market growth. In the infrastructure industry, batteries are used as power generators for devices, such as fire alarms, and gas and water meters. Moreover, they are also used in the automotive industry as a backup for electrical components, such as remote keyless entry and e-calling. Outdoor machinery like agricultural machinery, construction machinery, and water level sensors are equipped with wireless network connections, which widely use batteries with a long life. Such extensive uses of batteries in various industries are positively aiding the market growth.
GS Yuasa International Ltd. (TYO: 6674), one of the leading players, launched LIM30HL series of industrial lithium-ion batteries module in December 2020. The batteries are upwardly compatible and feature a higher rated capacity and lower internal resistance. Also, the series can provide excellent performance in the electric drive units of large industrial vehicles such as hybrid vehicles with regenerative charging and power assisting functions. In addition, the series also contributes to the development of social infrastructure, including disaster prevention facilities. Moreover, they also contribute to reductions in energy used by industrial equipment and machinery. The development of such innovative products by the leading companies is anticipated to propel the market growth in the forecast period.
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The major players in the global market for battery are LG Energy Solution, GS Yuasa International Ltd., BYD Company Ltd., Exide Industries Ltd., Johnson Controls, and Panasonic Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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