Global Market Analysis Report of Chemicals and Materials Industry: Global Lead-Acid Battery Market

Monday, 7 September 2020

How is Adoption of Electric Vehicles Driving Demand for Lead-Acid Batteries?

The adoption of electric vehicles or EVs has increased significantly in the past few years. People these days have become increasingly aware regarding the condition of the environment, which has been impacted severely due to carbon emissions, and are opting for eco-friendly solutions. The use of EVs instead of traditional fuel-based vehicles can help in reducing the emission of greenhouse gases significantly. Due to this, governments of several countries are also formulating strict regulation for encouraging the adoption of these vehicles.

A major component of an electric vehicle is the battery, which is why, the global lead-acid battery market is registering considerable growth. The demand for these batteries is further rising because of the surging inclination towards renewable energy sources. Renewable energy is largely dependent on batteries, which makes lead–acid batteries highly important products when it comes to utilizing green energy. The renewable energy installations are rising across the globe, majorly in the European Union, which is further driving the demand for lead–acid batteries.

Technologies advancements regarding energy storage devices, such as lead–acid batteries, is a key trend being witnessed in the domain. Lead–acid batteries are utilized for a large number of applications and are in high demand because of their compatibility with an extensive range of consumer electronics. Manufacturers have further started focusing high-performance variants in order to deal with the limitations of traditional lead–acid batteries.

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By 2023, the lead-acid battery market is expected to generate a revenue of $70.7%, increasing from $56.9 billion in 2017, and is predicted to grow at a 3.7% CAGR during the forecast period (2018–2023). On the basis of construction, the market is divided into valve-regulated lead–acid (VRLA) and flooded, between which, the flooded division accounted for the larger share of the market in 2017. These batteries are a cost-effective solutions for entry-level start and stop systems and are being widely utilized in marine applications.

In terms of application, the market is divided into leisure, automotive, uninterrupted power supply, utilities, marine, telecommunications, construction, and oil & gas. Out of all these, the oil & gas application is projected to advance at the fastest pace during the forecast period. Owing to the rise in E&P activities, the demand for energy storage devices and use of UPSs in the oil & gas industry are growing at a rapid pace.

Geographically, the lead–acid battery market was dominated by Asia-Pacific (APAC) during the historical period (2013–2017), and the region is further projected to account for the largest share of the market during the forecast period as well. The rising disposable income of people in the region is leading to the growth of the automotive industry, which, in turn, is driving the demand for lead–acid batteries in the region. Moreover, the increasing adoption of energy storage is also driving the regional market.

In conclusion, the market is being driven by increasing sales of electric vehicles and growing focus on renewable energy sources.

Manish Baghel 0

Wednesday, 30 October 2019

Lead-Acid Battery Market Report 04:49

How is Rising Adoption of Electric Vehicles Driving Lead-Acid Battery Market?

The regulatory government norms are increasingly focusing on reducing the greenhouse gas emissions and global temperature. Attributing to this, the need for electric vehicles (EVs), such as plug-in hybrid electric vehicles, hybrid electric vehicles, and pre battery electric vehicles, is on the rise as they enable efficient and clean transportation. In order to increase the adoption of EVs across the world, a France-based organization, Clean Energy Ministerial, established a multi-government policy forum - ‘Electric Vehicles Initiative (EVI)’ in 2010. Since, due to their high energy density and specific energy, lead-acid batteries are used widely as a power generating source in EVs, their demand is predicted to increase with the rising adoption of EVs.

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Lead-acid battery, a type of rechargeable cell, makes use of sponge lead and lead peroxide in order to convert chemical energy into electrical power. The battery comprises lead and lead oxide plates, which are immersed in sulfuric acid solution. Electric current is generated due to the oxidization of the lead plate by the oxide component of the battery. Due to their low cost and high cell voltage, lead-acid batteries are commonly used in power stations and substations. According to a research conducted by P&S Intelligence, in 2017, the global lead-acid battery market attained a value of $56.9 billion and is further predicted to generate $70.7 billion, advancing at a 3.7% CAGR, in the coming years. The application of lead-acid batteries is extensive in various sectors — utilities, oil & gas, automotive, leisure, marine, telecommunication, uninterrupted power supply (UPS), construction, mining, and military. The largest demand for lead-acid batteries was created by the automotive sector during the time period 2013–2017 because of the increased requirement for automobiles.

The rising demand for UPS is also contributing to the growing need for lead-acid batteries. The requirement for electricity across the world is surging due to industrialization and urbanization, which, in turn, is driving the demand for UPSs, as they protect devices from load surges and data loss, along with providing uninterrupted supply of electricity. Moreover, industries such as healthcare, educational institutions, oil & gas, chemicals, research institutions, and manufacturing require uninterrupted electricity supply so that their machineries can function properly. The need for UPSs is also expected to increase because of the emerging data centers and IT industries in the European and APAC regions, as they protect equipment from any damages due to electricity fluctuations. Lead acid batteries are used in these systems for power supply backup, which is why their requirement is growing because of the rising demand for UPS.

Three types of lead-acid batteries are standby, starting, lighting, & ignition (SLI), and motive. Standby battery, also known as float-use battery, has large number of thin cell plates and is used as an alternate source of electricity in case of any emergencies. It has a life span of around five years. SLI battery is used for powering lights, motor, and ignition system of a vehicle’s engine and is installed with the vehicle’s charging system. Motive battery provides a steady current for a longer duration and is utilized to provide power to EVs such as golf carts and forklift truck. Among all these, the largest demand during 2013–2017 was created for SLI lead-acid batteries.

Manish Baghel 0