What’s Driving the Lead Acid Battery Market Trends? Company Profiles: Johnson Controls, Exide Technologies, Crown Battery
Lead Acid Battery Market is set to exceed USD 75 Billion by 2024. Growing demand for backup power units driven by ongoing investments toward expansion of IT sector will drive the lead acid battery market. Increasing capital expenditure toward the expansion of data service industry along with growing capacity to handle projected data explosion will propel the industry landscape. As per CBRE in 2017, investments toward datacenter industry in the U.S. reached a record high of over USD 20 billion.
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The U.S. lead acid market will witness robust growth on account of growing demand for reliable backup power across critical operations including safety appliances and communications. Furthermore, the expanding datacenter infrastructure and critical data storage will accelerate the product deployment. For instance, Apple, in January 2018, announced to invest a sum of USD 10 billion in next five years toward the enhancement of its U.S. datacenter capex.
In 2017, Europe lead acid battery market surpassed annual shipments of 90 million units. Ongoing investments across renewable and green power generation and material handling equipment will drive industry growth. Lead storage batteries has served to attain the European Union?s target to limit greenhouse emissions through its applications across renewable integration to the grid, start-stop functions in hybrid vehicles and regenerative braking.
China lead acid market is anticipated to grow over 5% by 2024. The business growth is primarily attributed to the adoption of energy storage expansion policies and large domestic e-bike market. For instance, the government of China under its 2016-2020 Five Year Plan, promotes the adoption of distributed generation facilities, which will boost the product demand across the country. As per China Energy Storage Alliance, in 2016 lead-based batteries constituted over 69% of new installations across distributed generation and microgrid applications.
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SLI Lead acid market will witness strong growth on account of growing automobile sales across developing economies, driven by their strong economic growth and increased purchasing power. Growing adoption of advanced lead storage batteries across micro hybrid vehicles in order to minimize the emissions will further enhance the industry outlook. For instance, in 2017 as per the Battery Council International, lead storage batteries were being used in over 99% of the cars across Europe.
VRLA battery market is set to witness growth on account of the product?s high-power performance and technical superiority across various application segments. Additionally, the increasing need for enhanced performance energy storage solutions for regenerative braking applications and start-stop vehicles will boost the product adoption. Minimal maintenance and safe handling ability will further enhance the product deployment across the industry.
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