The Lead-acid batteries are the most prominent and large-capacity rechargeable batteries. They are very economical on a cost-per-watt-base, which creates them cost-effective energy sources for the automobiles, electrical vehicles, forklifts, marine, and uninterruptible power supply (UPS) systems, such batteries are built with several individual cells comprising a layer of lead alloy plates. Classically lead-acid battery is self-possessed of 35% sulphuric acid and 65% water. Apart from this, other additives are also added in the battery to deliver the additional power.
According to the report analysis, ‘Lead-Acid Battery Market by Product (SLI, Stationary, and Motive), Construction Method (Flooded and VRLA), and Application (Automotive, UPS, Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the lead-acid battery market there are numerous corporate which presently operating more effectively for leading the highest market growth and registering the handsome value of market share around the globe during the coming years while implementing the profitable strategies, analyzing the strategies of the government and competitors, decreasing the linked price, delivering the better consumer satisfaction, spreading the awareness related to the lead acid battery, employing the young workforce and employing the young work force includes EnerSys, Exide Industries, Crown Battery, East Penn, HOPPECKE, North Star, Hitachi Chemical, Teledyne Technologies, Hankook AltasBX, C&D Technologies and several others.
In addition, the worldwide lead-acid battery market was worth at USD 39. 7 billion in 2018, and is predicted to reach USD 59.7 billion by 2026, increasing at a CAGR of 5.24% from 2019 to 2026. However, since the element that lead-acid battery is the foremost commercial use battery, customer base for such batteries is very broad around the world. Therefore, the requirement for these batteries is also great in the market. Across the globe, several initiatives are taken to decrease the transport emissions. In addition, communication technologies have increased significantly owing to technological advancements. The Lead-acid batteries have developed as a suitable source of energy in both cases to power commutation devices as well as conveyance vehicles. As a result, the worldwide lead-acid battery market is increasing at a stable pace around the globe. Since the lead-acid battery is the lowest-cost energy source, aspects such as growth in automotive sales, increase in requirement for UPS systems, and surge in marine trade are projected to set a growth trajectory for this market. However, with transformation in the momentum of technology, fresh battery sources are emerging, where lithium-ion battery is measured to be a suitable substitute to a lead-acid battery. Therefore, requirement for lead-acid batteries is projected to be restricted thereby, limiting the worldwide market growth.
Advancement in the transportation industry, along with an augment in energy storage application is predicted to propel industry requirement in the upcoming future. Speedy growth of the commercial vehicle, motorcycle, and passenger car manufacturing industries is also predicted to propel the product requirement. Increasing requirement for UPS in several sectors, such as banking, oil and gas, healthcare, and chemicals is positively influencing the requirement. Therefore, in the coming years, it is predicted that the market of lead acid battery will increase around the globe more proficiently over the coming future.
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Ankur Gupta, Head Marketing & Communications