Pune, Sept. 23, 2020 (GLOBE NEWSWIRE) — Fortune Business Insights in their new study has projected the global lead acid battery market size to witness remarkable growth in the coming years on account of the reliability features of lead acid-induced batteries. The study is titled, “Lead Acid Battery Market Size, Share and Global Trend by Type (Flooded Lead Acid Batteries, Sealed Lead Acid Batteries), By End User (Automotive, Oil & Gas, Utilities, Telecommunications, Construction, Marine), By Application (Portable-Rechargeable, Stationary, Motive/Traction) and Geography Forecast till 2026”. According to the study, inclination towards electric vehicles is a major factor boosting growth.
Lead-acid batteries are comparatively more economical than lithium-ion type batteries and nickel-metal batteries, and this helps to increase its demand in the global market. The major trend recognized in the lead-acid battery market is the advancement in technology in the battery systems. This, accompanied by the switching preference to stationery lead-acid batteries in telecom industries from the conventional generators.
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Lead-acid batteries are usually categorized into Sealed Acid Batteries (SLA) and Wet Cells or Flooded batteries. Among these, the flooded cells segment is more in demand due to the least cost per amp-hour make and cost-efficient solution that makes flooded cells useful in igniting and lighting in the automotive industry.
“Surging Demand for Vehicles with High Fuel Efficiency to Boost Market”
The rise in the price of fuel worldwide and increasing restrictions imposed in the emission of carbon into the atmosphere is fueling the demand for vehicles that have high fuel efficiency. This leads to the demand for electrically chargeable vehicles with lead-acid batteries that will not only run with efficiency but also cause no harm to the environment in the form of harmful gas emissions. This is a major factor boosting the global market for a lead-acid battery.
Another important factor boosting the lead-acid battery market is the rising demand for UPS systems and vehicles worldwide. The increasing demand from power, automotive, telecom, and healthcare industries in emerging economies are anticipated to augment the growth of the market in the forecast duration. In addition to providing energy to vehicles, lead-acid batteries also provide power to the vehicle accessories namely radio, air conditioners, wiper, and also charging plugs.
List of the companies functioning in the global market are:
- Luminous Power Technologies Pvt. Ltd.
- Trojan Battery Corporation
- Johnson Controls
- CSB Battery
- Amara Raja Batteries Ltd.
- East Penn Manufacturing
- Excide Industries Ltd.
- HBL Power Systems Ltd.
- North Star Battery
- Su-Kam Power Systems Ltd.
- Sebang Global Battery
- Okaya Power Pvt. Ltd.
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“Market to Witness Remarkable Growth in Asia Pacific on Account of Rising Number of E-Mobility Projects”
Geographically, the global lead-acid battery market is anticipated to be dominated by Asia Pacific. This is owing to the fact that this region has great potential for development in areas of China and South Asia. This, coupled with the development of e-mobility projects in most major nations are anticipated to boost the market in the coming years. In addition to this, the market in Asia Pacific is likely to witness high growth on account of the large gap in supply-production of electricity, lack of grid infrastructure, and continuous increase in demand for a reliable source of energy in the forecast period.
The market in Europe is also anticipated to show impressive growth on account of the already tightened pollution standard. This, coupled with the rising need for alternative energy source is anticipated to boost the Europe market. In addition to this, the conversion of public transportation utilities into higher recycling rates and electric sources in Europe is anticipated to stimulate the regional demand for lead-acid batteries.
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