The factors driving the growth for lead acid battery market is the rapid technological advancements and expansion in the telecom sector. On the contrary, presence of low cost alternatives in the energy storage space and the safety concerns related with the battery usage are identified to restrain the growth of the market, during the forecast period.
Northbrook, IL 60062 -- (SBWIRE) -- 09/30/2022 -- The global lead acid battery market is projected to reach USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the need to integrate renewable energy to the main grid, and the booming data industry promising the installation of several data centers across the globe, which expects the utilization of lead acid batteries for backup power supply.
Basic Lead Acid Battery segment is expected to dominate the Lead Acid Battery market, by technology, during the forecast period
The basic lead acid battery market, by technology, accounts for the highest market share because of its cost-efficiency and overall effectiveness. However, in the next 5 years, the benefits of the advanced lead acid batteries will play a significant role in driving the market figures upward.
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The data centres sub-segment is expected to be the largest contributor to the lead acid battery market, by industrial segment, during the forecast period
The lead acid battery market is sub-segmented, by industrial, into data centres, telecom, oil & gas, and others. Others in the industrial segment include construction, metals & mining, chemical & pharmaceutical, and food & beverage industries. Regions such as Asia Pacific is focussing on increasing the number of data centres installed across the countries, due to the growth of the IT sector. Lead acid batteries are expected to be used as a backup power solution in these data centres owing to their functionality across a wide temperature range.
The VRLA segment is expected to be the fastest-growing market during the forecast period
The lead acid battery market, by construction method, is segmented into flooded, and valve regulated lead acid (VRLA) batteries. The VRLA batteries are technologically more advanced and have a longer life cycle with excellent performance levels. They are more cost-effective as compared to lithium-ion and nickel-cadmium batteries and are expected to be the more favoured lead acid battery among its end-users.
The horizontal well is expected to be the largest contributor to the lead acid battery market, by well type, during the forecast period
The lead acid battery market, by well type, is segmented into horizontal well and vertical well. The horizontal well is expected to hold the largest market share in 2021 and have highest growth rate in the forecast period. Improved efficiency obtained from the horizontal well is expected to drive the segment in the forecast period.
Asia Pacific is expected to be the largest market during the forecast period
In this report, the lead acid battery market has been analysed with respect to five regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Asia Pacific is estimated to be the largest market from 2019 to 2024. Increasing demand for peak shaving, backup power, grid stability, and renewable energy integration with the main grid has lead to the requirement of cost-effective battery storage solutions. This drives the lead acid battery market in the region.
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The major players in the lead acid battery market are Clarios (US), Chaowei Power (China), Panasonic (Japan), GS Yuasa (Japan) and Hitachi Chemical (Japan).
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