Press release
Global Lead Acid Battery For Energy Storage Market Size To Grow At A CAGR Of 3.3% In The Forecast Period Of 2023-2028
Lead Acid Battery for Energy Storage Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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Lead Acid Battery for Energy Storage Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 3.3%
Lead acid batteries have extensive commercial applications and are used in grid storage systems because of their high tolerance to overcharging, greater current capacity, and stable performance in both high and low temperatures. Presently, lead acid batteries are commercially available in varying types and sizes. The key drivers of the global lead acid battery for energy storage market include the increase in demand for energy sources that are reliable, durable, cost efficient, and environment friendly.
Increasing concerns regarding environment have increased the application of lead acid batteries across various industries as they are relatively easier to decompose as acid is turned into water with the aid of neutralisation processes. Green initiatives are being implemented by various governments in response to growing environmental concerns, and promotion of lead acid batteries is one such initiative to reduce carbon emissions.
Automation and process improvement steps are being taken to achieve cost reductions in lead acid batteries for energy storage. Enhancement of cycle life and design by inclusion of corrosion resistant materials and improved battery management processes are being implemented. These developments are expected to fuel the growth of the global lead acid battery for energy storage market.
Lead Acid Battery for Energy Storage Industry Definition and Major Segments
An energy storage system that is based on the electrochemical discharge reaction between positive and negative electrodes is known as a lead acid battery system. Lead acid batteries are commonly used for energy storage as they supply dependable service and are durable. Lead acid battery for energy storage is highly dependable and has many applications.
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Based on type, the market is segmented into:
Utility Owned
Custom Owned
Third Party Owned
On the basis of application, the market is divided into:
Micro grid
Household
Industrial
Military
Based on region, the market is classified into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Lead Acid Battery for Energy Storage Market Trends
The key trends in the global lead acid battery for energy storage market include the escalating expansion of the automotive industry, which in turn is increasing the demand for electrically chargeable and fuel efficient vehicles. These requirements are likely to be achieved with the aid of lead acid batteries. Furthermore, the economic reliability of lead acid batteries is far greater than its counterparts such as nickel based batteries and lithium ion batteries.
The demand for lead acid based battery systems has further been supplemented with the widespread application of uninterruptable power supply (UPS) devices across several industries due to their low-tech battery management requirements. Increased employment of novel battery manufacturing machines, for optimising production process while maintaining economic sustainability, is additionally contributing to the growth of the market.
Adoption of lead acid batteries by the telecom sector at an exponential rate as they offer constant power for supporting large telecom loads coupled with their cost efficiency and low maintenance is also contributing towards the market growth. Apart from this, strategic collaborations between major key players with the aim of engineering multiple product variants that are expected to have advanced efficacy is anticipated to have a positive impact on the global lead acid battery for energy storage market growth.
Key Market Players
The major players in the global lead acid battery for energy storage market report are:
Enersys
Exide Industries Limited
East Penn Manufacturing Company
Narada Asia Pacific Pte. Ltd.
Amara Raja Batteries Ltd.
Leoch International Technology Limited
GS Yuasa International Ltd.
FIAMM Energy Technology S.p.A.
others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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