The lead-acid battery market is expected to experience steady growth in the coming years. Here are some of the current trends in the lead-acid battery market:
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Growing demand for energy storage: The lead-acid battery market is expected to grow due to the increasing demand for energy storage systems, particularly in off-grid applications, renewable energy systems, and data centers. Lead-acid batteries are reliable and cost-effective, making them a popular choice for stationary energy storage.
Advancements in technology: The lead-acid battery industry is continuously evolving with the development of new technologies such as improved electrode materials, separators, and electrolytes, which can improve the battery's performance and extend its life. The introduction of new manufacturing processes has also made the production of lead-acid batteries more cost-effective and efficient.
Automotive sector growth: The automotive sector remains a major driver of the lead-acid battery market. Lead-acid batteries are used in vehicles to power starter motors and ignition systems, and the growing demand for electric vehicles (EVs) is expected to fuel the growth of the lead-acid battery market.
Recycling efforts: The lead-acid battery market is highly regulated, with stringent guidelines in place to promote battery recycling and minimize environmental impact. Lead-acid batteries are highly recyclable, and recycling efforts are expected to increase as environmental concerns grow.
Increasing demand from emerging economies: Emerging economies such as China, India, and Brazil are experiencing rapid growth in their automotive sectors, which is driving demand for lead-acid batteries. The increasing demand for backup power systems in these countries is also expected to drive the growth of the lead-acid battery market.
Lead Acid Battery Market Overview:
Lead Acid Battery Market is projected to touch the market value of over USD 94.11 billion by the year 2030 while registering a CAGR of 8.20%.
Industry News:
- In August 2019, EnerSys announced the expansion of its manufacturing capabilities at two factory locations, namely, Pennsylvania and Florida, to cater to the increasing demand from the aerospace and defense segments.
- In August 2019, Narada Power won a contract from the United Nations (UN) project affairs to supply high-temperature HTB series batteries. The company supplied its batteries for the Yemen Hospital power supply project, funded by the World Bank and under the responsibility of the UN project office.
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