NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) — Global lead acid battery market is expected to grow at a significant rate during the forecast period owing to the growing demand for stationary lead acid batteries in off-grid renewable energy generation and increasing adoption of vehicle electrification.
On the basis of product, the lead acid battery market is categorized into starting, lighting and ignition (SLI), stationary, and motive. The high demand for SLI from automobiles application, owing to the fact that these provide voltage supply to vehicle accessories (such as music players, air conditioners, wipers and charging plugs), is driving its growth in the market. This is.
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Based on construction method, the lead acid battery market is classified into flooded and valve regulated lead acid battery (VRLA). VRLA is expected to witness significant growth in demand owing to its wide range of application in emergency lighting systems, uninterruptible power supply (UPS) systems, security systems, and radio communication systems. In terms of application, the market is bifurcated into automotive, uninterrupted power supply (UPS), telecommunication, electric bikes, transport vehicles, and others.
The market is expected to witness remarkable growth in APAC owing to the increasing need for energy storage systems. Lead acid battery is one of the prominent source for energy storage. Rising demand for renewable energy along with favorable support from the government for the development of solar and wind energy is anticipated to drive the usage of energy storage systems. Such factors are expected to influence lead acid battery market demand in the coming years. Furthermore, growing demand for lead acid battery from the automotive industry in APAC is further expected to boost the growth of the market.
Lead acid batteries are one of the highly used batteries in automobiles, such as for commercial cars, passenger cars, and motorcycles. The rapid urbanization and industrialization trend in emerging economies across the globe is one among the major growth drivers of the lead acid battery market. However, high lead content in these batteries can cause harm to the environment and is expected to hinder the market growth. In addition, the low energy density of these products is anticipated to restrict growth. However, the increasing demand for alternatives such as lithium ion battery in automobiles is posing a challenge for the market growth.
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Some of the major players operating in the global lead acid battery industry are Johnson Controls Inc., GS Yuasa Corporation, Exide Technologies, EnerSys, C&D Technologies Inc., Amara Raja Batteries Limited, Eaglepicher Technologies LLC, Axion Power International, and East Penn Manufacturing.
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