According to the report, the global Lead Acid Battery market is projected to surpass USD 92 Bn by 2035, expanding at a CAGR of 5.1% during the forecast period. The development in the transportation industry, along with an increase in energy storage applications is projected to drive industry demand in the upcoming future.
The fast-growing solar energy sector, including photovoltaic systems and ground-mounted modules, is increasingly setting the pattern of the development of the renewable energy industry. The renewable sources are becoming inaugurated, with solar power being the figurehead followed by wind energy, hydropower, and bioenergy.
Regardless of the increased adoption of solar and wind renewable technologies, hydropower remains the largest part of the renewable energy mix globally, which provides about 16 percent of the worldwide electricity demand by 2023. The wind energy is estimated to contribute 6%, the solar photovoltaics 4%, and the bioenergy 3%, which puts the variety of wind energy in perspective very broadly and diversified.
Alongside the increasing installation of renewable energy infrastructure, the world lead acid battery industry is likely to undergo sustained progress in the future. This is largely determined by a strong demand within various key areas, namely automotive, industrial and also the newer one, stationary energy storage solutions.
Despite the emergence of lithium-ion battery with higher energy density and longer cycle life, the lead acid battery maintains a large market share because it is relatively inexpensive, dependable in operation, and has a long supply chain. More specifically, lead acid batteries are deployed in the starting, lighting, and ignition (SLI) of vehicles, and are being used more and more in grid connected renewable energy systems to act as energy stores.
The increased target of renewable energy in India of 217 GW announced after 2018 is evidence of the rise in attention that the country is paying to the expansion of clean energy. It is important to note that a large fraction of its new goal, about 45 GW, will allegedly be satisfied by floating solar systems. Given such large-scale addition of capacity, energy storage, scalable and efficient, must be developed simultaneously. Hence, lead acid batteries are expected to become determinant especially in utility-scale because cost is a major factor and reliability.
Lead-acid batteries have traditionally been regarded as one of the most cost-effective energy storage solutions across various industrial and commercial sectors. However, the emergence and rapid advancement of alternative battery technologies most notably lithium-ion have significantly eroded the cost advantage once held by lead-acid systems. As lithium-ion batteries continue to become more affordable and technologically superior, lead-acid batteries are experiencing a steady decline in market competitiveness, reflected by a consistent reduction in their prices across multiple application areas.
Despite their declining market position, lead-acid batteries are still recognized for their ability to deliver high discharge rates, making them suitable for applications requiring a substantial burst of power over a short period. Nevertheless, their operational and safety limitations remain a point of concern.
Furthermore, the performance and lifespan of lead-acid batteries are highly susceptible to external and operational stressors. Elevated ambient temperatures can accelerate the degradation of internal components, thereby shortening battery life. Improper charging practices often result in sulfation, a condition in which lead sulfate crystals accumulate on the battery plates, significantly impairing capacity and performance. In addition, prolonged exposure to high temperatures or operational strain can cause the electrolyte to evaporate or deplete, further diminishing efficiency and reliability. These cumulative challenges underscore the growing shift toward more advanced and resilient battery technologies within the global energy storage ecosystem.
Lead-acid batteries have commonly been considered as one of the least cost energy storages in diverse industrial and business settings. The development and fast evolution of substitute battery technologies especially lithium-ion, has however greatly pitted the cost base that the lead-acid systems used to enjoy. With the ever-growing affordability of lithium-ion batteries and their technological edge, lead-acid battery can be compared to a steady loss of competitiveness in the market as its price continues to decrease steadily in various sectors of application.
Although lead-acid batteries have fallen in their market shares, they still retain their credit in providing high rates of discharge and can therefore fit in their use in appliances that need a heavy burst of electricity at low times. However, their functional and safety constraints are the area of concern.
Additionally, lead-acid batteries are very sensitive to operational and external stress factors in terms of performance and life span. Increased ambient temperatures may also increase the rate at which batteries lose their components to degradation hence reducing the life. Inappropriate charging can lead to a problem called sulfation which means that lead sulfate crystal grows on the battery plates, badly affecting the capacity and performance. Furthermore, the effects of high temperatures or internal strain during operation may also lead to the evaporation or exhaustion of the electrolyte thereby reducing efficiency and reliability. All these are on top of the mounting tendency to seek more robust and higher powered battery technologies in the international energy storage environment.
Prominent players operating in the global lead acid battery ecosystem include Exide Industries, Apex Battery, BAE Batteries USA, Bioenno Power, Briggs & Stratton, Chaowei Power, Clarios, Crown Battery, East Penn Manufacturing Co., Furukawa Electric, GS Yuasa Corporation, HBL Power Systems, Hitachi Chemical, JYC Battery, K2 Battery, Leoch International Technology, Lithion Battery, Luminous, Microtek, Northstar, Panasonic Corp., Su-KAM, The Sunlight Group, V-Guard, and Other Key Players.
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