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Global Lead Acid Battery for Energy Storage Market; Segmented by Product Type(Motive, Starting Lightning and Ignition Batteries, and Stationary); By Industry Vertical(Defense, Residential, Commercial, Utilities, Transportation, and Industrial); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Lead acid battery for energy storage market size was valued 45.0 Bn in 2021 and is expected to reach 68.3 Bn by 2031, at a CAGR of 4.3% in the forecast period.
Lead-acid battery (LAB) device is a power storage system that is used primarily in diverse products as a source of power. The battery consists of a lead dioxide cathode, an electrolyte solution of sulfuric acid, and a metal anode of sponge. It is rechargeable. Some of the significant properties shown by lead-acid battery units fueling global market growth are the lower discharge rate, large electrolyte reserves, and corrosion-resistant. It contains toxic lead but it can be replaced.
In the forecast period, transport growth and a surge in energy storage applications would boost the industry’s demand. The rapid growth of the manufacturing industries of commercial vehicles, motorcycles, and passenger cars would also fuel demand for the goods. The increased demand for UPS is pushing demand positively across different industries, for example, banking, petroleum, and gas, health, and chemicals. Global action to limit harmful emissions has forced the market players to develop new battery designs and technologies that contribute to sustainability.
Global Lead Acid Battery for Energy Storage Market has been segmented based on industry vertical, and by product type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
The commercial segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR.
Global Lead Acid Battery for Energy Storage Market is segmented by industry vertical into Defense, residential, Commercial, Utilities, Transportation, and Industrial The demand for advanced Lead Acid batteries for commercial purposes is anticipated to increase during the forecast period on the back of opportunities such as rising seaborne trade, increased maritime tourism industry and introduction of the IMO sulfur 2020 Regulation. The commercial section consists of shipping carriers such as container ships, bulk carriers, tankers, and cargo vessels and other passenger ships and other boats such as fishing vessels, and laboratory boats, dredgers, tugs, search vessels, and underwater ships The transport segment is also anticipated to hold a significant share. This is mainly since these batteries are cost-effective and preferable to be installed for SLI application domains on internal combustion vehicles.
SLI accounted for XX% of the global volume in 2019 and is anticipated to grow at the highest CAGR.
Global Lead Acid Battery for Energy Storage market is segmented by product type: Motive, Starting Lighting and Ignition batteries, and Stationary. Starting batteries, lighting batteries, and SLI batteries played a part in 2019 in the largest share of sales in the lead-acid battery industry. Owing to the higher demand for other goods, including stationary and motive, it is expected to be showing slow growth during the predicted time. The growth in this segment is, furthermore, projected to dramatically improve growing demand in applications that require power like auto motors.
Growing usage of electric vehicles
One of the driving forces of the world's leading acid battery market is increased demand for E-bikes and other electric vehicles, reduced repair and operation costs, and reduced dependence on traditional fuel technology. Expanding telecommunications demand is nonetheless expected to be a fresh opportunity in this market.
Rising transportation
Transport growth and a surge in energy storage applications would boost the industry’s demand. The rapid growth of the manufacturing industries of commercial vehicles, motorcycles, and passenger cars would also fuel demand for the goods. The increased demand for UPS is pushing demand positively across different industries, for example, banking, petroleum, and gas, health, and chemicals.
Toxic Lead content
The availability of lead content as a battery material, which has a negative environmental impact, is one of the constraining factors on the market. Besides, the decline in lithium battery costs has halted the market, mainly because of developments in technology provided by the former. Growing costs in various energy storage markets, which is also intended to limit the market, will likely raise lithium-ion further.
Asia Pacific was the largest market accounting for XX% of total market volume share in 2019
The increasing construction industry is anticipated to augment the use of the lead-acid battery in developing nations like Vietnam, Malaysia, India, China, Japan, South Korea, and Indonesia. Given the growing energy demand for storage batteries in China and India, Asia Pacific is expected to be CAGR's most beneficial market during the predicted period. Furthermore, favorable public investment and FDI is calculated to raise regional commodity demand, to increase investment through public-private partnerships.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
Owing to the involvement of many suppliers the industry is segmented in nature. It is established for its presence in the US, China, and Japan by a large number of retail participants. Core measures taken by businesses to expand their market share include joint ventures and acquisitions and mergers. With participants engaged in ongoing technology development and R&D work, the market is highly competitive. For instance, a contract for the provision of high-temperature HTB series batteries was issued to Narada Power by the United States (UN) in 2019 in August. The business supplied batteries under the auspices of the World Bank and the UN project bureau for the Yemen Hospital power supply project.
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