Lead Acid Battery Market to Grow at a CAGR of 5% by 2027
LOS ANGELES, May 20, 2020 /PRNewswire/ -- The global lead acid battery market is anticipated to grow at a CAGR of around 5% during the forecast period 2020 to 2027 predict by Acumen Research and Consulting.
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The global lead acid battery market is expected to reach the market value of around US$ 61 Bn by 2027.
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The main alternatives to acid batteries are lithium-ion batteries, as they have higher earnings. These factors are likely to threaten global demand growth in the forecast period. Leading technology companies like Google and Samsung look forward to expanding their data centers to ease the processing of outcomes. As a result, UPS systems in data centers worldwide are urgently needed, which will provide healthy growth prospects to the world market in lead acid battery. In recent years, the increase in the data centers and consequent demand for high weight lead acid batteries have been the biggest global trend in the acid battery industry.
The existence of lead material as a battery material which has negative effects on the environment is one of the limiting factors on the market. The fall in the cost of lithium batteries has also slowed production, primarily due to the advancements made in technology. In multiple energy storage applications, constantly rising prices will potentially further boost lithium ions, which will also curb the demand of lead acid battery.
However, innovation is anticipated to build business development prospects in the automobile sectors of India, Mexico, Brazil, Korea, Thailand and Vietnam. In addition to technical developments, growing competition for pollution-free electric vehicles is likely to increase competition for leaded acid batteries in recent years.
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Segmentation Outlook
The flooded battery sector was built as a global leader over other construction methods. In diesel-electric submarines, traction generators and nuclear submarines as emergency energy reserve are still in high demand for submerged plumes-acid batteries. Growing naval trading practices would also potentially provide a healthy potential for growth over the expected era of flooded lead-acid batteries. The use of these batteries in crane lorries has also increased considerably because of their cost-effectiveness. Elevator lorries are used mostly in the material handling industry where reliability and low cost are of utmost importance.
Asia Pacific Govern the Global Market
Asia-Pacific represented, biggest market share led by China and Japan. The positive public-private investments regulations are projected to fuel the demand in lead acid batteries and foreign direct investments as well as the emerging economies such as China, India and South Korea. Thanks to the increasing number of offshore and onshore renewable energy projects in Germany, Italy and the United Kingdom, the European region is projected to expand significantly. Moreover, the rising population and increasing supply of income in the region will possibly raise passenger car demand and thereby lead to market growth.
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About the Market
The device uses spongy lead and plumbing peroxide to transform chemical energy into electricity. Since it has high cell voltage and reduced costs, it is mainly found in power stations and sub-stations. A lead acid battery is a secondary cell that is predominantly used in cars and trucks and is classified as rechargeable. It has high power cell voltage and lesser cost and is used most commonly in power stations and sub-stations.
Key Players & Strategies
The industry is divided with the presence of major competitors and an increasing range of local niche suppliers. The main tools for improving market competition are aggressive marketing strategies, brand awareness and product quality while reducing the possibility of counterfeiting.
Participants include major global players such Narada Power Source Co. Ltd., Panasonic Corporation, GS Yuasa Corp, Leoch International Technology Ltd., ATLASBX Co. Ltd., NorthStar, C&D Technologies, Inc., Crown Battery Manufacturing, Johnson Controls, Others.
2018, The Panasonic Company introduced lead-acid batteries to EVs in its old TV panel factory in Japan. As a manufacturer of specialized automobile components for smartphones or other low-margin electronic goods which are faced with a difficult demand war, Panasonic Corp. is Tesla Inc's sole battery cell provider for mass-market model 3. The firm plans to expand its product range for lead-acid batteries with this introduction.
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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. Among the industries served include aerospace and defense, information and communication technology (ICT), semiconductor and electronics, healthcare and pharmaceuticals, chemicals, advanced materials, banking, finance services and insurance (BFSI), and others.
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