PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324236
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324236
According to Stratistics MRC, the Global Advanced Lead Acid Battery Market is accounted for $24.58 billion in 2023 and is expected to reach $42.95 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Advanced lead-acid batteries offer competitive energy storage prices and simple recycling. In contrast to lithium-ion batteries, they are in high demand. The secondary rechargeable cell, known as the lead-acid battery, is typically found in cars and trucks. Lead-acid battery market statistics are increasing as a result of the battery's widespread use in numerous power stations and substations and due to its cost-effectiveness and higher cell voltage. A cost-effective battery storage solution is needed to provide backup power for both the growing telecommunications industry and the advancing information economy. Moreover, many different industries use lead-acid batteries, including maritime, chemical, utility, pharmaceutical, and manufacturing ones.
According to the International Energy Agency, a Europe-based intergovernmental organization, the sales of global electric cars doubled to 6.6 million in 2021 compared to 2020, where the sales share of electric cars increased by 4 % points in 2021.
The global Advanced Lead Acid Battery market expected to drive growth during the forecast period. When compared to other battery storage alternatives, advanced lead acid batteries' decomposition process is less laborious. There are two ways to deal with the old battery acid, which is typically sulfuric acid. First, an industrial chemical compound that is comparable to baking soda is used to neutralize the acid. Acid is converted to water during this neutralization process. In a wastewater treatment facility, the water is then cleaned, treated, and tested to make sure it complies with clean water standards. Second, the acid is processed and transformed into sodium sulfate, another chemical substance. This is a flavorless, white powder used in the laundry sector of the glass and textile manufacturing industries as a detergent. However, lead-acid batteries are processed and recycled in a closed-loop system, which means that every component of the old battery is reused in the creation of a new battery. Most advanced lead-acid batteries, according to estimates, are recycled and processed to some extent-roughly 98% of them.
The global Advanced Lead Acid Battery market expected to hinder growth during the forecast period. Advanced acid batteries have the potential to result in serious injuries if not handled carefully and correctly. They have a high rate of electric charge delivery. When batteries are charging, harmful gases are released, including oxygen (which supports combustion) and hydrogen (which is highly flammable and easily ignited), which can cause a serious explosion. As an electrolyte, sulfuric acid is used in lead-acid batteries. The skin of the people using the battery could be severely injured by it because it is extremely corrosive. However, an electrolyte spill has the potential to seriously harm both the environment and property.
The global Advanced Lead Acid Battery market expected to drive growth during the forecast period. In data centers, there is a huge demand for battery storage. Any power outages or irregularities in data centers could be very important. As a result, lead-acid batteries primarily meet the backup power requirements of this specific industry. Lead-acid battery systems are the most common type of UPS used in this sector. The construction of data centers is anticipated to increase in the near future. The United Nations claims that the amount of data being produced worldwide is growing exponentially. Data creation reached 64.2 zettabytes in 2020, a 314% increase from 2015. Additionally, the capacity for handling data is anticipated to grow along with the amount of data in the coming years. Lead-acid batteries are used in data centers, so their demand is anticipated to rise.
The global Advanced Lead Acid Battery market expected to hamper growth during the forecast period. It is typical for lead-acid batteries to have a small usable capacity. Usually, a lead-acid battery is used at between 30 and 50 percent of its rated capacity. This shows that a 600 Ah battery bank actually only has 300 Ah of actual capacity in daily use. The battery life would be significantly shortened if it were even occasionally exceeded. The lifespan of these batteries is limited. The best deep-cycle lead acid batteries are typically good for 500-1,000 cycles, even if one is careful not to overdrain the cells and is gentle with the batteries. Moreover, the batteries in this case might need replacement in less than 2 years if one frequently uses the battery bank.
Utility, transportation, and industry, as well as industrial, commercial, and residential buildings, all use advanced lead-acid batteries. The pandemic, however, had an impact on industries all over the world. The industry's expansion has been hampered in 2019 and 2020 by a labor shortage as well as logistical issues, a lack of materials, and other issues. Asia-Pacific is a significant center for the production of advanced lead-acid batteries, with China being one of the top producers in the world. It is a sizable supplier of lead-acid battery materials and parts. However, the COVID-19 pandemic has impeded the country's ability to supply modern lead-acid batteries and raw materials since January 2020. It is anticipated that the advanced lead acid battery manufacturing industry will continue to decline and experience supply chain disruptions.
During the forecast period, the advanced lead acid battery stationary segment is anticipated to hold the largest market share. Because they provide seamless power integration across solar PV systems, these batteries are widely used. The system is anticipated to function well with a battery bank that is accurate in its capacity. Hospitals, telecommunications companies, and other businesses use stationary batteries as a backup power source for electricity. The global market for this segment is being driven by the expansion of the telecom industry in both developed and developing countries. Additionally, all of the developing nations are industrializing quickly, which is raising demand for this market segment.
The valve regulated lead acid battery segment is anticipated to witness the fastest CAGR growth during the forecast period. Value-wise, the VRLAB segment has increased significantly in recent years. The semi-concentric sulfuric acid electrolyte battery has been improved, becoming the valve-regulated advanced lead acid battery. These batteries are maintenance-free and don't need to have water added to the cells. Since these batteries don't need any routine maintenance, they are referred to as zero maintenance batteries. Moreover, all of these factors suggest that the VRLA advanced lead acid battery segment will experience strong growth over the course of the anticipated period.
The Asia Pacific region market is estimated to witness a largest share of the global Advanced Lead Acid Battery market during the forecast period. Greater demands for energy are being created in this area by an expanding population. In many rural areas of the Asia-Pacific region, there is an increase in the demand for energy. China, India, and other nations are concentrating on reducing the unfavorable effects of the energy sector on the environment. The government is developing regulations to reduce greenhouse gas emissions. The governments of developing countries take numerous actions to reduce the negative effects of the energy sector. These factors collectively, are causing the use of battery energy storage systems across numerous industries to increase. However, in the Asia-Pacific region, it is very helpful for both residential and public utility applications. The major nations that drive the growth of the Asia-Pacific region are China, Japan, South Korea, and India.
North America is projected to have the highest CAGR over the forecast period The demand for renewable energy storage systems and the rising adoption of electric vehicles are two factors that have contributed to the growth. Due to its substantial investments in renewable energy and electric vehicles, the United States is predicted to be the top market in North America for advanced lead-acid batteries. Additionally, the region's advanced lead-acid battery market is anticipated to grow as a result of the rising demand for backup power solutions for data centers and other crucial infrastructure facilities. In order to meet the rising demand for advanced lead-acid batteries in North America, market participants in the area are concentrating on increasing their production capacities and creating cutting-edge products.
Some of the key players in Advanced Lead Acid Battery market include: ACDelco, Amara Raja Batteries Ltd., Chaowei Power, Coslight Technology, East Penn Manufacturing, EnerSys, Exide Industries Ltd., Fiamm Energy Technology S.p.A., Furukawa Battery Co. Ltd., GS Yuasa International Ltd., Hitachi Chemical Energy Technology, HOPPECKE Batteries, Leoch International Technology Limited., Sacred Sun Power Sources, Tianneng Battery Group, Kolkata Discom CESC and Schuler.
In August 2022, Schuler, a Germany-based forming technology company acquired Sovema Group for an undisclosed amount. With this acquisition, Schuler expands its portfolio of lithium-ion and the lead acid battery parts business that would reach the massive demand for battery manufacturing equipment in Europe and beyond. Sovema Group is an Italy-based company that manufactures lead acid batteries.
In January 2021, Kolkata Discom CESC and Exide under a joint hand, for a grid-connected 315 kWh battery energy storage systems (BESS) at low tension (LT) distribution system. This development encouraged improved peak load control. This advancement is the first of its kind on this scale in West Bengal. The recently inaugurated BESS is situated at CESC's East Calcutta Substation near Kankurgachi, Kolkata.
In July 2020, EnerSys combined with Blink Charging Co., one of the suppliers of electric vehicle (EV) charging equipment and services. This collaboration helped in the development of high-power wireless and enhanced DC fast charging (DCFC) systems which used the integrated battery storage for the transportation market.