Lead Acid Market Overview:
- A lead acid battery (LAB) is an energy storage system, primarily used as a power source for multiple applications, and a rechargeable battery composed mainly of lead-dioxide cathode, sulfuric acid solution electrolyte and sponge metallic lead anode.
- Lead Acid Battery can be classified as follows;
- Technology: Basic lead-acid battery and advanced lead-acid battery
- Type: Stationary, Motive and SLI
- Construction method: Flooded and Valve Regulated Lead Acid (VRLA)
- End-use: Utility, Transport, Industrial, and Commercial & Residential
- AGR’s report estimated that the global lead-acid battery market valued at ~$58 billion in 2019 is predicted to display a CAGR of ~3.5-4% during the forecast period (2020–2025), reaching ~$68 billion by 2025.
- In the construction category, the flooded type had larger value share in the global lead-acid battery market, in 2019.
- Starting, lighting and ignition (SLI) accounted for the largest share of revenue in the lead-acid battery market in 2019.
- The oil and gas category is expected to grow at a faster rate, in terms of revenue, over the forecast period, among all applications.
Lead Acid Battery Market Outlook:
- The Lead Acid battery industry is set to enter a new phase of growth driven mostly by increasing customer demand, price aggressiveness, innovation and collaboration
- Asia Pacific, Europe and North America accounted for over 79% of the market share for lead acid battery units in 2019.
- Rising demand for high energy density battery units together with growing consumer preference towards personal mobility has increased its use
- Asia-Pacific (APAC) is likely to see a strong increase in the lead-acid battery market during the forecast period
- China, Singapore, South Korea, Japan and India are the key industrial hubs that offer remarkable opportunities for the lead-acid battery market in this region.
- In the coming years, technological advancement in the automotive sector and the introduction of 4G/5G telecommunications towers across regional countries will lead toa significant demand for continuous power supply (UPS) and thus increase the revenue of lead-acid batteries
- Rapid industrialization along with a positive outlook besides growth in the automotive sector, could drive Asia Pacific’s acid battery market trends.
Lead Acid Battery Market Growth Drivers and Trends:
Primary factors driving the global Lead Acid Battery market are:
- Technological advancements in energy storage devices
- Growing demand for Electric Vehicles
- Growing Demand for UPS
- Urbanization and Industrialization in developing countries
- Rise in automobile demand
- Growing demand for off-grid power generation
All European Union (EU) countries have adopted national renewable energy action plans resulting in an i-ncreasing number of offshorerenewable energy installations in Germany, Italy, Sweden and the United Kingdom. These renewable energy systems require batteries, in particular lead-acid variants, for the storage of solar energy
The booming telecommunications sector and the expanding data industry required a cost-effective battery storage solution to provide backup power.This was one of the most significant catalyst for the development of this market.
Cost-competitive energy storage solution
- In the current scenario, the cost or expenditure of every business is a critical component of the success of the company. Energy storage expenditure is a key component, especially for industries. Hence, companies invest a lot in battery storage solutions.
Introduction of advanced vehicle technologies, along with a growing consumer inclination towards the p-ower sports, have created a cyclical demand for lead acid batteries with superior cranking power.
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Challenges disrupting the market:
Though the global Lead Acid Battery market has numerous growth drivers, there are certain constraints that hinder the market growth:
- Demand for Low-cost alternatives in energy storage space
- Rise of alternative storage technologies for batteries, lithium-ion technology
- Nickel-metal hydride (NiMH) battery is a proven, mature technology for hybrid applications
- Lockdown measures and social‑distancing guidelines due to COVID-19
- Disruptions in manufacturing operations and labor shortages limits the installation of lead acid battery units
- Stringent government regulations- presence of lead content as the battery materialposes serious threat to the environment
However, technological advancements, expanding data center infrastructure, increasing battery replacement rates, etc., are expected to provide lucrative opportunities for Lead Acid Battery market during the forecast period especially in countries like India, Brazil, Mexico, South Korea, Indonesia, Thailand, and Vietnam.
Lead Acid Battery Market Players Perspective:
- The market is fragmented in nature due to the presence of many manufacturers. It is characterized by the presence of many market players in the U.S, China, and Japan.
- Some of the key players operating in the Lead Acid Battery market profiled in this AGR Knowledge report are EnerSys (US), Exide Industries (India), GS Yuasa (China), Clarios (US), Panasonic (Japan).
- Other players include Amara Raja Power System (India), C&D Technologies (US), Camel Power (Malaysia), Chaowei Power (China), Crown Battery (US), East Penn (US),Exide Technologies (US), First National Battery (South Africa) , HBL Power Systems (India), HOPPECKE (Germany), Hankook AltasBX (Korea), Harbin Coslight Power (China), Hitachi Chemical (Japan), Leoch International Technology (Hong Kong), Narada Power (China), NorthStar (Sweden), Okaya Power (India), Rolls Battery (Canada), Teledyne Technologies (US) and XUPAI Battery (China) , etc,.
- Companies are adopting strategies such as joint ventures and mergers and acquisitions to consolidate their market position.
- The market is highly competitive in nature with participants constantly involved in continuous product innovation and R&D activities Energy.
Lead Acid battery Market Research Scope:
The base year of the study is 2019, with a forecast up to 2025. The study presents an intensive analysis of the competitive landscape, taking into consideration the market shares of the leading companies.
These give the key market participants with the required business intelligence to foresee the growth of Lead Acid Battery market.
The assessment includes the forecast, an outline of the competitive structure, market trends, market demands, market drivers, market challenges and products analysis.
Market drivers and limitations are evaluated to assess their impact over the forecast period.
The report further identifies key growth opportunities, while also detailing key issues and potential threats. The key areas of focus include opportunity areas for Lead Acid Battery market. (Not needed, repetitive)
Author – Mr. S. Ashok
Connect to the author of the report at reports@avalonglobalresearch.com or contact us at https://www.agrknowledge.com/contact-us