Lead acid battery refers to the oldest type of rechargeable battery with its use spanning across various industries. It has the advantage of supplying the high surge current, as the cells have great power to weight ratio. High power to weight ratio & low cost makes these batteries attractive for its use in the automotive sector. These batteries comprises of plates, cell, container, separators, and battery terminals. It is extensively used in the power stations and substations as it has higher cell voltage and lower cost.
Lead-acid batteries are generally categorized into wet cells or flooded batteries and Sealed Acid Batteries (SLA). Among these, the flooded cells segment is expected to exhibit substantial growth rate owing to least cost per amp-hour make and cost-efficient solution that makes these cells useful in igniting in the automotive industry.
According to study, “Lead Acid Batteries Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global lead acid batteries market Trojan Battery Corporation, Johnson Controls, CSB Battery, are FIAMM, Luminous Power Technologies Pvt. Ltd., Amara Raja Batteries Ltd., HBL Power Systems Ltd., East Penn Manufacturing, Excide Industries Ltd., North Star Battery, Sebang Global Battery, Su-Kam Power Systems Ltd., Okaya Power Pvt. Ltd., EnerSys.
Based on type, lead acid batteries market is segmented as motive and stationary. Based on technology, market is segmented as advanced lead acid battery and basic lead acid battery. Based on construction method, market is segmented as Valve Regulated Lead Acid (VRLA) and flooded. Based on end-user, market is segmented as commercial & residential, industrial, transportation, utilities and others. In addition, based on industrial, market is segmented as oil & gas, telecom, data centers, and others.
The lead acid batteries market is driven by rapid technological advancements & expansion in the telecom sector, followed by cost-competitive energy storage solution and easily recyclable compared with lithium-ion batteries. However, safety related to battery usage and low-cost alternatives in energy storage space may impact the market. Moreover, growth in data center infrastructure and increase in renewable energy generation target are key opportunities for market. Furthermore, rise in advancement in technology in the battery systems is a major trend for market.
Based on geography, the Asian-Pacific region holds major share in global lead acid batteries market owing to increase in demand for a reliable source of energy, foreign direct investments and promising government regulations that encourage investments from public-private partnerships in the region. The European and North-American regions are estimated to witness higher growth rate due to rise in need for alternative energy source and increase in number of offshore & onshore renewable energy industry over the forecast period. It is expected that future of the global market will be optimistic as a result of growth in population coupled with increase in disposable income of people during the forecast period. The worldwide lead-acid batteries market was valued at US $20.56 billion in 2019 and it is projected to grow at a CAGR of 5.09% and reach US $25.07 billion by 2023.
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Ankur Gupta, Head Marketing & Communications