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The global market is mainly driven by lead–acid battery as a low-cost energy source and its recyclable nature.
PORTLAND, OREGON, UNITED STATES, July 25, 2022 /EINPresswire.com/ — The automotive sector held the highest share of the global lead-acid battery market, holding nearly three-fifths of the total market in 2018, and is projected to maintain its lead position throughout the forecast period. This is attributed to application of lead-acid batteries for their robust and low-cost nature along with need for cost-effective energy solutions. However, the UPS segment is expected to grow at the highest CAGR of 5.9% from 2019 to 2026, owing to rise in demand for UPS system for its high performance, appropriate designing, and usage as an emergency power backup.
The battery is rechargeable and is composed of lead-oxide cathode, sponge metallic lead anode and sulfuric acid solution electrolyte, utilized as a cost-effective power storage solution. Cost efficient energy storage solutions and recyclable nature of lead-acid batteries over lithium-ion batteries drive the global lead-acid battery market. However, emerging and existing alternatives to this type of battery hinder the market growth. However, the requirement for expanding data centers create new opportunities in the industry.
“Lead–Acid Battery Market by Product (SLI, Stationary, and Motive), Construction Method (Flooded and VRLA), and Application (Automotive, UPS, Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global lead-acid battery industry generated $39.7 billion in 2018, and is estimated to generate $59.7 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
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The global lead–acid battery market is already a matured sector, in terms of growth, which is expected to grow at a single-digit growth of 5.2% during the forecast period. The global lead–acid battery market growth of this market is mainly driven by lead–acid battery as a low-cost energy source and its recyclable nature. It has more than a 90% recycling rate, which means a very little amount of lead goes into waste thereby, causing least impact on environment. This further increases the popularity of lead–acid battery, thereby fueling its demand. The global battery sector is in the middle of technology revolution and governments from various geographies are looking forward to accelerating their move toward low carbon energy sources.
As a result, renewable energy generation activities are growing significantly, and governments are also setting mandatory renewable energy targets by aiming electrification as well as decarbonization. Lead–acid battery technology is one of the technologies that has the performance capability to meet these energy targets. Therefore, lead–acid batteries are expected to support governmental approaches during the forecast period. However, rise in popularity as well as the demand for lithium-ion battery limits the growth of the global lead–acid battery market. Expansion of data centers and resulting demand for heavy weight lead–acid batteries is the key global lead–acid battery market trend observed in the recent years.
The major player studied and profiled in the global lead–acid battery market are EnerSys, Exide Industries, Crown Battery, East Penn, HOPPECKE, NorthStar, Hitachi Chemical, Exide Technologies, Teledyne Technologies, Hankook AltasBX, and C&D Technologies.
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On the basis of application, the automotive segment held the highest share of the global lead-acid battery market, holding nearly three-fifths of the total market in 2018, and is projected to maintain its lead position throughout the forecast period. This is attributed to application of lead-acid batteries for their robust and low-cost nature along with need for cost-effective energy solutions. However, the UPS segment is expected to grow at the highest CAGR of 5.9% from 2019 to 2026, owing to rise in demand for UPS system for its high performance, appropriate designing, and usage as an emergency power backup.
Based on region, Europe is estimated to witness the highest CAGR of 5.7% from 2019 to 2026, owing to focus on renewable energy production and supportive government initiatives. However, North America would grow at a CAGR of 5.4% during the forecast period. On the other hand, Asia-Pacific held the largest market share in terms of revenue, contributing to nearly two-fifths of the global lead-acid battery market in 2018, and is estimated to maintain its leadership position in terms of revenue by 2026. This is due to rapid industrialization and demand as a cost-effective energy source.
Key Market Segments
• By Construction Method
o Flooded
o Valve Regulated Sealed Lead–acid battery (VRLA)
• By Product
o SLI
o Stationary
o Motive
• By Application
o Automotive
o UPA
o Telecom
o Others
• By Region
o North America
o Europe
o Asia-Pacific
o LAMEA
David Correa
Allied Analytics LLP
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