Advanced Lead-acid Battery Market by Application and Geography - Forecast and Analysis 2019-2023
Global Advanced Lead-Acid Battery Market: About this market
Technavio’s advanced lead-acid battery market analysis considers sales from automotive, stationary, and other applications. Our study also finds the sales of an advanced lead-acid battery in the Americas, APAC, and EMEA. In 2018, the automotive segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as low fuel prices and the increasing spending capacity of the population will play a significant role in the automotive segment to maintain its market position. Also, our global advanced lead-acid battery market report looks at factors such as increasing automotive sales and investments, increased government support for EVs, and change in energy mix. However, disadvantages of lead-based batteries, decline in lithium-ion battery costs, and increasing adoption of next-generation storage technologies may hamper the growth of the advanced lead-acid battery industry over the forecast period.
Global Advanced Lead-Acid Battery Market: Overview
Change in the energy mix
There is an increase in the demand and consumption of power around the world, which is resulting from economic development and the growing population. In addition, the growing environmental concerns caused by GHG emissions are motivating governments to adopt sustainable and renewable energy resources such as wind, solar, and biomass. However, the addition of renewable resources into the energy mix has drawbacks, which include the intermittent nature of power generation through renewables such as solar PVs. This has driven the need for energy storage systems (ESS) or solutions such as advanced lead-acid batteries. Thus, this change in energy mix will lead to the expansion of the global advanced lead-acid battery market at a CAGR of over 13% during the forecast period.
Increase in the adoption of microgrids
Electrical grids face several challenges, such as aging grid infrastructure, changing power generation landscape, and growing disparities in the demand and supply of power. These challenges result in the overstressing of the existing grid infrastructure and limit grid stability for smooth operations. Moreover, the high capital cost required to set up new grid infrastructure in rural and distant regions acts as a barrier for the extension of grid networks. Microgrids have emerged as a solution to inconsistencies in grid infrastructure and performance. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global advanced lead-acid battery market during the forecast period 2019-2023, click here.
With the presence of several major players, the global advanced lead-acid battery market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading advanced lead-acid battery manufacturers, that include Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, Clarios, Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide Technologies, GS Yuasa Corp., Leoch International Technology Ltd., Narada Power Source Co. Ltd., The Furukawa Battery Co. Ltd.
Also, the advanced lead-acid battery market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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