Lead Acid Battery for Energy Storage Market Outlook
According to a new report by Expert Market Research titled, “Lead Acid Battery for Energy Storage Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global lead acid battery for energy storage market is projected to grow at a CAGR of 3.3% between 2024 and 2032. Aided by the mounting need for sustainable energy storage solutions and the extensive use of these batteries in a myriad of applications, the market is expected to grow significantly by 2032.
Lead acid batteries, frequently recognised as the pioneers of rechargeable solutions, have been an enduring companion in the energy storage sector for more than a century. They are fundamentally composed of lead dioxide, lead, and an electrolyte containing a diluted sulfuric acid solution. Among their numerous attributes, they’re predominantly celebrated for their reliability, recyclability, and cost-effectiveness. These batteries primarily find applications in areas like automotive starters, uninterruptible power supplies (UPS), and renewable energy systems.
One of the primary propellants of the global lead acid battery market growth is the accelerating transition towards renewable energy. As countries worldwide strive to mitigate the carbon footprint and embrace sustainable energy forms like solar and wind, the requirement for efficient and dependable storage solutions has augmented considerably. Lead acid batteries, given their extensive lifespan and unparalleled reliability, have naturally emerged as the top contenders in this transition.
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Additionally, the expanding automotive sector is playing a pivotal role in boosting the lead acid battery market demand. The batteries’ unparalleled capability to deliver high current surges, essential for engine starters in automobiles, has cemented their position as the preferred choice. With global car sales on an upward trajectory and the increasing production of vehicles in emerging markets, the lead acid battery industry is experiencing considerable tailwinds.
Moreover, the world is currently observing a robust demand for uninterruptible power supplies (UPS), primarily driven by the growing dependence on electronic devices and the necessity to safeguard sensitive equipment from power disruptions. Here again, lead acid batteries, with their durable nature and capability to deliver high surge currents, stand out as the preferred energy storage solution.
The drive towards a circular economy has also highlighted the recyclability aspect of lead acid batteries. In a world progressively leaning towards sustainability, the fact that over 90% of the lead used in these batteries is recyclable positions the product in an even more favourable light. This not only aids in waste reduction but also ensures a consistent supply of raw materials, impacting the lead acid battery market outlook.
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Lead Acid Battery for Energy Storage Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
- Utility Owned
- Custom Owned
- Third Party Owned
Market Breakup by Application
- Micro grid
- Household
- Industrial
- Military
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global lead acid battery for energy storage market. Some of the major players explored in the report by Expert Market Research are as follows:
- Enersys
- Exide Industries Limited
- East Penn Manufacturing Company
- Narada Asia Pacific Pte. Ltd.
- Amara Raja Batteries Ltd.
- Leoch International Technology Limited
- GS Yuasa International Ltd.
- FIAMM Energy Technology S.p.A.
- Others
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