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The Lead Acid Battery Market to be driven by employment of AI (Artificial Intelligence)
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Collaboration with End-use Industry Players a Swift Mode for Greater Shares
Going forward, focus of the major player in the global lead-acid battery market is expected to be on collaboration with the players of end-use industries in order to maintain consistent demand. The automotive industry players are among the most preferred ones. In addition to that, research and development of efficient batteries is expected to formulate a way to greater shares for the companies. Moreover, key players in this market are also laying emphasis on expanding their existing facilities in the Asia Pacific region in order to benefit from the opportunities created by the developing economies of China and India.
Global Lead Acid Battery Market to Reach US$ 94.0 Bn Worth by 2027
If the projections of the PMR report are to be believed, the demand in the global lead acid battery market will increment at a CAGR of 4.4% during the forecast period of 2017 to 2027. In terms of revenue, the analyst has forecasted the opportunities in this market to swell up to US$94,821.6 mn by the end of 2027, with an evaluated worth of US$61,482.2 mn in 2017.
Based on product type, the report segments the lead acid battery market into gel battery, AGM battery, and flooded battery. Application-wise, the market has been bifurcated into motive industrial, transportation, grid storage, residential grid storage, commercial, and stationary industrial. Geographically, Asia Pacific has been underlined as the region with maximum potential.
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Recycling of Old Batteries Opening New Opportunities
Diverse applications of lead acid battery is the primary driver of the sustained demand for it. In the transportation industry, lead acid batteries are used in passenger cars, light commercial vehicles, two wheelers including electric vehicles, and construction and agricultural equipment. Motive industrial usage of lead acid battery includes industrial forklifts and AGV. Stationary industrial usage of these batteries include UPS systems. Residential and commercial sector also uses them for inverters installed at household and as power backup in office and shopping malls. In addition to that, incrementing deployment of microgrids is another prominent driver of the global lead acid battery market. Microgrids are capable of operating solely and are apt at providing power backup to military bases, communities, and educational organizations. On the back of growing emphasis on renewables, microgrids fit perfectly as they can function with power generated from biomass, wind, geothermal, solar, and fossil fuel.
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