A lead acid battery is a type of rechargeable battery. Lead acid battery uses lead peroxide and sponge lead to convert chemical energy into electrical power. It is widely used in the power stations and substations owing to its benefits such as higher cell voltage and lower cost. Additionally, lead acid battery provides some major benefits such as simple and cost-effective manufacturing process, high durability, capability of high discharge rates, and improved reliability which are making them more demandable in various end-use applications.
The global lead acid battery market has been seeing ample growth from the past few decades. The primary growth factor behind the market is growing adoption of these batteries in several applications such as small-scale power storage such as UPS systems, lighting, starting, and ignition power sources for automobiles. Likewise, factors such as growing technological advancements, cost-competitive energy storage solution, rapid adoption and expansion in the telecom sector and growing market for motorcycle, commercial vehicle, and passenger car manufacturing industries are expected to expand growth of the market during the forecast period.
Nevertheless, limited usage capacity of lead acid batteries and massive availability of low-cost alternatives in energy storage space are some of the major restraining factors that could hamper the market growth.
The study analyses global lead acid battery market based on technology, end user, construction method, type, industrial, and geography.
Based on technology, the market for advanced lead acid batteries is likely to witness fast growth during the forecast period. The growth factors such as increasing production and sales of advanced lead acid batteries by several market players across the globe is accredited to the market growth. Advanced lead acid battery provide benefits such as high-performance, low-cost, improved power density and cycle life, and a wider temperature range.
Based on end user, transportation segment is projected to dominate the market during the projection period. An increased adoption of lead acid batteries in automotive vehicle industry for the installation in internal combustion vehicles in starting, lighting, and ignition application is attributed to the market growth.
Based on construction method, the market is segmented into flooded and valve regulated lead acid (VRLA). The flooded lead-acid battery segment held the largest market share of construction method segment in 2020. However, market for valve regulated lead acid battery segment is anticipated to experience fast growth during the forecast period. Rising adoption of VRLA method in automotive applications due to low maintenance and high output of the product is expected to fuel segment growth.
Based on type, the market is segmented into stationary and motive. Stationary lead acid batteries are widely used in combination with a backup power device such as a UPS or an inverter to offer the required backup to the device being powered.
Based on industrial, the market is segmented into data centers, telecom, oil & gas, and others. Expanding data center infrastructure across the globe is major factor that attributed to the market growth. In addition, increasing number of data centers and rising importance of these batteries in data centers to avoid power disruptions and inconsistencies is further expected to flourish market growth.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific held the largest market share of global lead acid battery market and is likely to dominate the market over the estimated time frame. Growing market for automotive manufacturing industry across the countries such as China and India, rising initiatives and investment by the government to boost economy, and improved Foreign Direct Investments (FDI) and public-private partnerships are some of the major driving factors that contributed to the market growth across the APAC region.
The major key players of market includes Enersys, Chaowei Power, Clarios, Crown Battery, Exide Industries, Exide Technologies, GS Yuasa, HBL Power Systems, Hitachi Chemical, Narada Power, Northstar and Panasonic among others.
The study analyses global lead acid battery market based on technology, end user, construction method, type, industrial, and geography. Lead acid battery market by technology is segmented into basic lead acid battery, and advanced lead acid battery. The advanced lead acid battery segment is likely to dominate the market over the forecast period. Increased production of advanced lead acid battery owing to its several benefits such as low cost is attributed to the market growth. By end user, the market is segmented into utility, transportation, industrial, and commercial & residential. By construction method, the market is segmented into flooded and valve regulated lead acid (VRLA). By type, the market is segmented into stationary and motive. By industrial, the market is segmented into data centres, telecom, oil & gas, and others. The data centres segment is likely to register fastest growth in years to come owing to the growing adoption of lead acid batteries in data centres across the globe. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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