Lead Acid Battery Market 2022 By Top Trends & Growth Forecast To 2030
The burgeoning adoption of UPS (uninterrupted power supply) systems is among the prominent factors fueling the industry development, the report cites. The ever-expanding arena of information technology and the internet is boosting the requirement for reliable and continuous power. In emerging economies, there is a growing emphasis on the expansion of the IT industry. It will heighten the demand for UPS systems to operate integral IT equipment and in turn, proliferate lead acid battery production.
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In terms of application, the report bifurcates the industry into stationary, SLI, and motive segments. Of these, the SLI segment accounted for over 60% share of the lead acid battery market in 2021. This was attributed to the rise in the electrification of conventional passenger vehicles. Automotive manufacturers are also shifting their preference toward start-stop technology. This shift will escalate the use of the rechargeable lead acid batteries for automotive applications.
Based on construction, the industry is divided into flooded and VRLA categories. The report claims that the flooded segment will bring in considerable revenue by 2030 for the battery manufacturers. The product has the capability to power a wide range of automotive and industrial truck applications. As compared to some counterparts, the product is more affordable and has low upfront costs. Other key benefits, such as the high discharge rate, make it versatile and compatible with industrial backup power applications, driving the segment development.
As per the sales channel, the market is segregated into OEM and aftermarket segments. The market value from OEM segment is set to exhibit a steady CAGR of over 2.5% between 2022-2030, driven by the shifting focus of battery manufacturers toward more efficient battery design and cell architecture. Emerging applications for energy storage will highlight the potential of advanced batteries over the coming years. Furthermore, the increasing requirement of batteries by for backup power and ancillary loads will influence the prospects for lead acid battery OEMs.
To browse this report titled, “Lead Acid Battery Market by Growth Insight, Competitive Analysis and Regional Statistics to 2030”.
From a regional perspective, the Europe lead acid battery industry is poised to depict a CAGR of over 2% through 2030, given the substantial increase in usage of electronics. Advanced lead acid batteries are designed to provide a competitively priced and seamlessly accessible energy storage solution for varied applications. The robust demand for reliable power supply is therefore expected to assert a positive influence on the regional market outlook over the estimated timeline.
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