Selbyville, Delaware, Sept. 29, 2022 (GLOBE NEWSWIRE) --
The lead acid battery market is expected to record a valuation of USD 105 billion by 2030, according to a new research report by Global Market Insights Inc.
The industry growth is credited to the burgeoning adoption of UPS (uninterrupted power supply) systems. The ever-expanding arena of information technology and the internet is boosting the requirement for reliable and continuous power. In emerging economies, there is a growing emphasis on the expansion of the IT industry. It will heighten the demand for UPS systems to operate integral IT equipment and in turn, proliferate lead acid battery production.
Rising vehicle electrification to increase industry share
In terms of application, the SLI segment accounted for over 60% share of the lead acid battery market in 2021. This was attributed to the rise in the electrification of conventional passenger vehicles. Automotive manufacturers are also shifting their preference toward start-stop technology. This shift will escalate the use of the rechargeable lead acid batteries for automotive applications.
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Affordability and low upfront costs to foster the demand for flooded lead acid battery
Based on construction, the lead acid battery market from flooded segment is slated to observe substantial gains during the forecast period. The product has the capability to power a wide range of automotive and industrial truck applications. As compared to some counterparts, the product is more affordable and has low upfront costs. Other key benefits, such as the high discharge rate, make it versatile and compatible with industrial backup power applications, accelerating the segment development.
Strong focus of OEMs on advanced battery design to propel industry trends
In terms of sales channel, the lead acid battery market from OEM segment is poised to register CAGR of more than 2.5% through 2030, driven by the shifting focus of battery manufacturers toward more efficient battery design and cell architecture. Emerging applications for energy storage will highlight the potential of advanced batteries over the coming years. Furthermore, the increasing requirement of batteries by for backup power and ancillary loads will influence the prospects for lead acid battery OEMs.
Electronics demand to fuel the industry development across Europe
The Europe lead acid battery market size is projected to depict a growth rate of over 2% through 2030, given the substantial increase in usage of electronics. Advanced lead acid batteries are designed to provide a competitively priced and seamlessly accessible energy storage solution for varied applications. The robust demand for reliable power supply is therefore expected to assert a positive impact on the regional industry dynamics.
Advanced product launch activities to accelerate the industry outlook
Top participants operating in the lead acid battery market are Zibo Torch Energy, C&D Technologies, GS Yuasa International, B.B. Battery, Amara Raja Batteries, and others. These leaders are focusing on initiatives including product launches.
For instance, in July 2022, C&D Technologies unveiled an advanced VRLA battery, Pure Lead Plus, for critical data center applications. The product was designed to cut the replacement cost by around 40% and improve life expectancy by 10-20 years, enabling the company to expand its customer base and regional footprint.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Lead Acid Battery Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Global
3.5.1.1.1 Cost competitive solution for energy storage
3.5.1.2 North America & Europe
3.5.1.2.1 Expanding infrastructure of datacenters
3.5.1.2.2 Increasing demand for uninterrupted power supply
3.5.1.3 Asia Pacific
3.5.1.3.1 Burgeoning expansion in the automotive industry
3.5.1.3.1.1 China
3.5.1.3.1.2 India
3.5.1.3.1.3 Southeast Asia (SEA)
3.5.1.3.2 Rapid technological advancement in the telecom sector
3.5.1.3.2.1 India
3.5.1.3.2.2 Increasing subscriber’s base
3.5.1.3.2.3 Deregulation of Foreign Direct Investment (FDI)
3.5.1.3.2.4 Introduction of 5G Spectrum
3.5.1.4 Middle East, Africa & Latin America
3.5.1.4.1 Declining battery costs
3.5.2 Industry pitfalls & challenges
3.5.2.1 Increasing penetration of alternative lithium-ion batteries
3.5.2.2 Stringent government regulations
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2022
3.9 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
