According to the new market research report “Lead Acid Battery Market by Technology (Basic, Advanced Lead Acid), Type (Stationary, Motive), Construction Method (Flooded, VRLA), End-User (Utilities, Transportation, Industrial, Commercial & Residential), and Region – Global Forecast to 2024″, 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.
The VRLA segment is expected to be the largest lead acid battery market, by construction method, during the forecast period
The Valve Regulated Lead Acid (VRLA) segment is expected to be the largest market during the forecast period. The VRLA batteries comprise absorbent glass mat (AGM) and gel cells. These are new technology-driven construction methods, including the presence of adsorbent glass material and silica gel, respectively. These methods ensure the longevity of the batteries and require less maintenance compared to regular lead acid batteries. In the times to come, these batteries are likely to be preferred over conventional flooded lead acid batteries due to their various advantages.
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65 – Tables
37 – Figures
141 – Pages
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The advanced lead acid battery is expected to be the fastest-growing segment of the lead acid battery market, by technology, during the forecast period
The advanced lead acid battery has carbon coatings on the anode plate, which eliminates the requirement of cleaning the lead sulfate deposition on the electroplate. At the same time, the life of the anode electrode is enhanced, eventually increasing the overall life of the battery set. It provides benefits like rapid charging on regenerative breaking. This is a significant advantage of advanced lead acid batteries, as this task is difficult to achieve with regular lead acid batteries. Although comparatively heavier and larger than lithium-ion, these batteries are cost-effective, efficiently operating at low and subfreezing temperatures, and does not require active cooling.
Asia Pacific to account for the largest share of the global lead acid battery market
In this report, the lead acid battery market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The Asia Pacific region is estimated to dominate the global lead acid battery market in 2019, owing to the requirement of cost-effective energy solutions. The presence of a large automotive and manufacturing base in the region is expected to be the key driver for market growth. Increasing energy consumption in the area due to rapid industrialization and urbanization is expected to propel the growth of the market over the forecast period.
The report includes the profiles of some of the top players in the lead acid battery market to enable an in-depth understanding of the competitive landscape. Some of the key players are EnerSys (US), Exide Industries (India), GS Yuasa (China), Clarios (US), Panasonic (Japan), Chaowei Power (China), Narada Power (China), HBL Power Systems (India), Crown Battery (US), NorthStar (Sweden), Hitachi Chemical (Japan), Exide Technologies (US), Teledyne Technologies (US), East Penn (US), Hankook AltasBX (Korea), HOPPECKE (Germany), C&D Technologies (US), Rolls Battery (Canada), Camel Power (Malaysia), Amara Raja Power System (India), XUPAI Battery (China), Okaya Power (India), Leoch International Technology (Hong Kong), Harbin Coslight Power (China), and First National Battery (South Africa). The leading players are adopting various strategies to increase their share in the lead acid battery market.
Panasonic Industry’s industrial battery division produces a vast array of rechargeable and non-rechargeable batteries, which include lead acid, lithium-ion, nickel-metal hydride, nickel-cadmium, coin, lithium and alkaline technologies. Panasonic Industries is among the leading electrical and electronic solutions provider having large manufacturing capabilities and advanced technology. The company witnessed an increase in its revenue by 8% in 2017 as compared to 2016. The company offers a large variety of power solution products based on a “mass production, volume sales” approach. The company plans to refine its batteries for the automotive segment and focus on the Chinese market as it has growth potential in light of rising production of EV’s, commercial and passenger vehicles, but the company’s focus, in the long run, is on lithium-ion batteries.
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GS Yuasa is one of the leading manufacturers of battery, power systems, lighting equipment and electrical devices. The company’s revenue has increased significantly, i.e., 14% from 2016 to 2017. This was achieved due to the rising demand from the automotive sector in Japan. Further, the company was able to increase its revenue by launching batteries compliant with the European Norms. For instance, in December 2017, due to the increasing demand for replacement batteries, the company re-launched ECO.R ENJ series lead acid batteries which were following the European Norms. The company also adopted other growth strategies. For instance, in May 2018, GS Yuasa established its new subsidiary, Siam GS Battery Myanmar Limited, in Myanmar, for serving customers in the automotive and household power segment. Further, in January 2017, a new plant was built in China, with the latest technologies for increasing annual production up to 8 million units annually. Hence, the company plans to grow in domestic as well as international markets, by catering its customers’ demands by incorporating advanced technologies in their energy storage solutions.
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