Lead Acid Battery Market Size is anticipated to hit USD 59.7 billion by 2026
OREGON, PORTLAND, UNITED STATES, September 4, 2023/EINPresswire.com/ —
The global lead acid battery market size was valued at $39.7 billion in 2018, and is projected to reach $59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.
A lead acid battery is a type of rechargeable battery that uses lead electrodes and sulfuric acid electrolyte to store and release electrical energy. It is one of the oldest and most widely used battery technologies, commonly found in various applications such as automobiles, uninterruptible power supplies (UPS), and renewable energy systems.
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The major player studied and profiled in the global lead acid battery industry are
Lead-acid batteries are commonly used as starting batteries in vehicles, providing the initial surge of power needed to start the engine. They are also used in deep-cycle applications, such as in golf carts, forklifts, solar power systems, and backup power supplies.
Renewable energy generation activities are growing significantly, and governments are also setting mandatory renewable energy targets by aiming electrification as well as decarbonization.
Lead–acid battery technology is one of the technologies that has the performance capability to meet these energy targets. Therefore, lead–acid batteries are expected to support governmental approaches during the forecast period.
Lead-acid batteries have some limitations. They are heavy and have a lower energy-to-weight ratio compared to newer battery technologies like lithium-ion. Lead-acid batteries also contain lead, which is a toxic substance, so proper disposal and recycling are important to prevent environmental contamination.
Lead-acid batteries have several advantages, including their relatively low cost compared to other battery technologies, high energy density, and the ability to deliver high currents. They are also known for their robustness and ability to handle harsh operating conditions.
While lead acid batteries have been a reliable and widely used technology, advancements in battery technology have introduced alternatives like lithium-ion batteries, which offer higher energy density, lighter weight, and longer cycle life. However, lead-acid batteries continue to be used in many applications where their cost-effectiveness and robustness outweigh the drawbacks associated with their weight and toxicity.
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Rise in popularity as well as the demand for lithium-ion battery limits the growth of the global lead–acid battery market. Expansion of data centers and resulting demand for heavy weight lead–acid batteries is the key global lead–acid battery market trend observed in the recent years.
By construction method, the flooded battery segment accounted for the largest market share in 2018. The adoption of flooded batteries is high in diesel-electric submarines, nuclear submarines, and in the automotive industry due to which there is a great demand for flooded batteries in the market. In addition, forklift trucks also use such batteries in material handling applications due to their low-cost.
By application, the automotive segment accounted for the largest global lead–acid battery market share in 2018. Lead–acid battery is used for SLI applications in the automotive industry due to its high current surge. As per the Battery, Recycling, and Manufacturing Associations, more than 250 million units of lead–acid batteries were sold in the automotive industry in 2017 due to flourishing growth in vehicle sales.
Increasing mandatory renewable energy generation targets across the globe as a part of government legislative approach is expected to offer healthy growth opportunities during the forecast period
By product, SLI batteries emerged as the global leader by acquiring 50% of the total market share in 2018, and is anticipated to be the largest market during the forecast period due to its application in the automotive industry.
The global lead–acid battery market growth of this market is mainly driven by lead–acid battery as a low-cost energy source and its recyclable nature.
It has more than a 90% recycling rate, which means a very little amount of lead goes into waste thereby, causing least impact on environment. This further increases the popularity of lead–acid battery, thereby fueling its demand.
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The global battery sector is in the middle of technology revolution and governments from various geographies are looking forward to accelerating their move toward low carbon energy sources.
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