New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advanced Lead Acid Battery Global Market Report 2023" - https://www.reportlinker.com/p06466696/?utm_source=GNW
Ltd., Crown Battery, East Penn Manufacturing Company, The Furukawa Battery Co. Ltd., Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Tianneng Battery Group Co. Ltd., CSB Energy Technology Co. Ltd., Fiamm Energy Technology S.P.A., Banner Batterien, First National Battery, and Camel Group Co. Ltd.
The global advanced lead acid battery market is expected to grow from $21.93 billion in 2022 to $24.16 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The advanced lead acid battery market is expected to reach $34.28 billion in 2027 at a CAGR of 9.1%.
The advanced lead acid battery market consists of sales of UPS (uninterruptible power supplies), and battery components.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Advanced lead-acid batteries are an upgraded variant of ordinary lead-acid batteries used for a variety of purposes. These are used in a wide range of applications, including small-scale power storage like UPS systems, starting lighting, and ignition power sources for autos.
Asia-Pacific was the largest region in the Advanced Lead Acid Battery market in 2022. The regions covered in advanced lead acid battery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of advanced lead acid batteries are stationary, and motive.Advanced lead-acid batteries for stationary use are intended to provide backup power in applications such as telecommunications, uninterruptible power supplies (UPS), and renewable energy systems.
The various construction methods include flooded, vrla (valve-regulated lead acid battery). These are used by various end-users such as utility, transportation, industrial, commercial, and residential.
The increase in the penetration of electric vehicles is expected to propel the growth of the advanced lead acid battery market going forward.An electric vehicle (EV) is one that runs on electricity rather than an internal combustion engine, which generates power by burning a mixture of fuel and gases.
Lead-acid batteries are used in electric vehicles to supplement other battery loads as they are powerful, inexpensive, safe, and dependable and are used for loads in commercially available electric-drive vehicles. For instance, in September 2022, according to the International Energy Agency, a Europe-based intergovernmental organization, the sales of global electric cars doubled to 6.6 million in 2021 compared to 2020, where the sales share of electric cars increased by 4 % points in 2021. Therefore, the increase in the penetration of electric vehicles is driving the growth of the advanced lead acid battery market.
Technological advancements are a key trend gaining popularity in the advanced lead acid battery market.Major companies operating in the advanced lead acid battery are installing innovative and environmentally friendly used lead acid battery recycling plants to sustain their position in the market.
For instance, in June 2020, Amara Raja Batteries Limited, an India-based conglomerate company partnered with Gridtential Energy, a US-based provides battery architectures on the bipolar battery technology for Advanced lead-acid batteries with improved life, 40% lower weight.Advanced lead batteries using silicon at heart is also made possible by silicon Joule bipolar technology.
According to the business, the energy storage technology is patented, design-driven, low-cost, high-performance, and provides better power density, cycle life, dynamic charge acceptance, and a wider temperature range.The batteries will also be up to 40% lighter while still being fully recyclable as lead batteries.
According to Gridtential Energy, Silicon Joule bipolar battery technology combines the advantages of lead batteries with silicon-enabled, high-performance features.
In August 2022, Schuler, a Germany-based forming technology company acquired Sovema Group for an undisclosed amount.With this acquisition, Schuler expands its portfolio of lithium-ion and the lead acid battery parts business that would reach the massive demand for battery manufacturing equipment in Europe and beyond.
Sovema Group is an Italy-based company that manufactures lead acid batteries.
The countries covered in the advanced lead acid battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The advanced lead acid battery market research report is one of a series of new reports that provides advanced lead acid battery market statistics, including advanced lead acid battery industry global market size, regional shares, competitors with an advanced lead acid battery market share, detailed advanced lead acid battery market segments, market trends, and opportunities, and any further data you may need to thrive in the advanced lead acid battery industry. This advanced lead acid battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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