Lead Acid Battery for Energy Storage Market Overview
According to a research survey conducted by ChemView Consulting, in 2022, the Global Lead Acid Battery for Energy Storage Market was worth US$ 8,721.6 Mn and is expected to grow at a CAGR of 4.8% over the forecast period. While the historical CAGR is 4.3%, the market is expected to hit US$ 13,938.3 Mn by 2032 end.
The lead acid battery is the most traditional form of rechargeable battery and is used in a wide range of industries. Because the cells have a high power-to-weight ratio, it offers the benefit of delivering a strong surge current. Lead acid batteries are appealing for usage in the automobile industry due to their high power-to-weight ratio and low price. Battery terminals, plates, cells, separators, and containers are the components of lead-acid batteries.
Rapid technical improvements and the rise of the telecom industry are the main drivers fueling the lead acid battery market’s expansion. On the other hand, the availability of inexpensive alternatives in the energy storage sector and safety issues associated with using batteries are recognized as limiting the market’s growth over the projection period.
ChemView Consulting has analyzed that the need for lead-acid batteries is predicted to rise across several sectors, including automotive, telecom, oil and gas, mining, manufacturing, and chemical. Lead acid batteries provide several benefits over other types of batteries, including affordability, a high current carrying capacity, tolerance to overcharging, and a wide variety of sizes and specifications.
Lead acid batteries may be recycled, and in certain nations, the recycling rate for lead acid batteries is above 90%. Along with saving resources and lowering pollution, this also reduces battery prices. The lead acid battery market is driven by all these benefits and the large range of applications.
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Segments Covered in Report
- Utility Owned
- Custom Owned
- Third-Party Owned
- Micro Grid
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Lead Acid Battery for Energy Storage Market
- Based on the application, microgrids now have the most installed batteries. These sites store and then transmit the energy produced by solar and wind farms to other areas. In the upcoming years, government support and funding for solar and wind installations are anticipated to increase significantly, further fueling the microgrid segment’s growth.
- Based on the type, To fulfill the power demand and promote the development of new technologies, utility providers complete most battery installations. Several new technologies, like DEG and VPP, need battery installation by utility companies to save extra energy from houses and power plants.
- From 2022 to 2032, Asia Pacific is anticipated to have the biggest market. In 2021, Asia Pacific had a market share of 45. 9%. Cost-effective battery storage solutions are becoming necessary due to the rising demand for peak shaving, backup power, grid stability, and renewable energy integration with the primary grid. It drives the market for lead-acid batteries in the area.
Key companies covered in the market study are ATLASBX Co. Ltd, Johnson Controls, Exide Technologies, NorthStar, East Penn Manufacturing, Crown Battery Manufacturing, GS Yuasa Corp, C&D Technologies Inc, Leoch International Technology Ltd, and Narada Power Source Co. Ltd.
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Report Key Highlights
- Detailed information on factors that will assist Global Lead Acid Battery for Energy Storage’s growth during the next ten years
- Assessment of the historical and current Global Lead Acid Battery for Energy Storage Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
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