Lead-acid battery market revenue to exceed US$90 billion

New York, Aug. 15, 2023 (GLOBE NEWSWIRE) — The global lead-acid battery market size is expected to expand at a compound annual growth rate of approximately 6% from 2023 to 2035. Market revenue is expected to reach $90 billion by the end of the year, reaching approximately $54 billion in 2035 and approximately $54 billion in 2022. The market growth is attributed to the growing demand for batteries for various applications such as telecommunication, automotive, construction, etc.
Moreover, they are mainly used in power backup systems and the market growth is expected to increase. Electric vehicle battery consumption in India is expected to reach approximately 15 GWh by 2025 and nearly 60 GWh by 2030. By 2030, investment in battery production is expected to exceed US$9 billion. Other factors believed to fuel the growth of the lead-acid battery market include the growing demand for lead-acid batteries as a backup power source during power outages. There is no doubt that as the grid ages and can no longer meet the world’s electricity needs, the need for backup power will increase. In the United States, nearly 70% of power transmission and distribution lines exceed their expected service life by more than 50 years. Both the residential and industrial sectors are affected by power shortages around the world.
Expanding the global network of autonomous and independent power systems to drive market growth
Lead-acid batteries are increasingly used in off-grid applications. They are also used for off-grid solar energy storage. By 2030, off-grid and mini-grid systems are expected to provide more than 60% of additional electricity access, with renewables accounting for approximately half of global electricity access.
In the event of a power outage, emergency lighting and pumping stations are powered by lead-acid batteries. More than 4% of the world’s population, or at least 350 million people, experienced catastrophic power outages in 2021 due to new power supply problems combined with existing ones. In most data centers, uninterruptible power supply (UPS) or blackout supplies are powered by valve regulated lead acid (VRLA) batteries. As of January 2021, there are over 8,000 data centers in 110 different countries. These six countries include the US, which accounts for 33% of all data centers, the UK, which accounts for 5.7%, and China, which accounts for 5.2%. As consumer electronics become more common in 2030, battery demand is expected to increase from 185 GWh to over 2,000 GWh in 2030.
The global lead-acid battery market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific lead-acid battery market is expected to generate the highest revenue by the end of 2035. The growth of this market is mainly due to the growing shortage of electricity and the increasing capacity of off-grid power systems. The extreme heat of 2023 coincided with the worst power outages in more than six years. Indians across the country, from Jammu and Kashmir to Andhra Pradesh, faced power outages that lasted from two to eight hours or more. Additionally, China’s installed off-grid renewable energy capacity increased by nearly 5% in 2021, reaching 906.23 GW.
Moreover, the growth of the market in this region is also attributed to the increasing number of importers of lead-acid batteries. The Ministry of Environment, Forest and Climate Change (MoEFCC)/Central Pollution Control Board has registered 82 importers of lead-acid batteries under Section 5 of the Batteries (Management and Handling) Regulations, 2001.
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The North American lead-acid battery market is expected to register the highest CAGR by the end of 2035. The market growth in this region is mainly attributed to the increasing use of lead-acid batteries as backup batteries during power outages. Several catastrophic weather events in 2021 have put pressure on power grids across the United States. On average, households are without power for 7 hours and 20 minutes, and severe weather events such as hurricanes, wildfires and snowstorms last more than 5 hours, or about 72%. Lead-acid batteries are widely used in automobiles to power vehicle starting, lighting, and ignition systems. Lead-acid batteries are a reliable and cost-effective solution for uninterruptible power supply (UPS) systems, providing backup power during power outages.
Factors such as growth in data centers, dependence on electronic equipment and the need for continuous power supply are driving the demand for UPS systems, fueling the growth of the lead-acid battery market. With the growing popularity of renewable energy sources such as solar and wind power, lead-acid batteries are being used for energy storage to balance energy supply and demand. Lead-acid batteries are suitable for applications requiring deep cycling and can be used in stand-alone and hybrid renewable energy systems.
Among these segments, the telecom segment is expected to hold the largest share during the forecast period. The growth of this segment is attributed to the growing penetration of mobile phones and the rapid spread of the Internet across the world. There are more than 6 billion smartphone users worldwide today, and this number is expected to increase by hundreds of millions in the coming years. The countries with the largest number of smartphone users are China, India and the US. Additionally, as of January 2023, approximately 5 billion people, or approximately 64% of the world’s population, use the Internet. Of these, more than 4 billion people (almost 60% of the world’s population) use social networks.
The widespread adoption of smartphones, IoT devices and streaming services has led to exponential growth in data consumption, resulting in increased demand for telecommunications infrastructure. The rollout of 5G networks has become a major driver of the telecommunications industry, offering faster speeds, lower latency and greater capacity. The proliferation of Internet of Things devices, from smart home appliances to industrial sensors, has created the need for reliable and reliable telecommunications networks. The growth of cloud computing and data centers has increased the need for high-speed and reliable telecommunications networks to facilitate data transfer and connectivity.
Among these segments, the portable devices segment is expected to hold a significant share during the forecast period. Smartphones and tablets have become ubiquitous communication, entertainment and productivity devices, driving demand for portable devices. Reports indicate that global smartphone shipments will reach approximately 1.4 billion units in 2020, while the number of tablet users in the world is expected to exceed 1 billion by 2022. Technological advancements such as improved processors, longer battery life, and increased storage capacity have contributed to the growth of smartphones worldwide. Make your portable devices more powerful and functional. Constant innovation and development in mobile computing technology has contributed to the growth of the portable industry.
Increasing dependence on the mobile Internet for various activities including web browsing, social networking and e-commerce is driving the demand for portable devices. The popularity of mobile gaming has skyrocketed in recent years thanks to high-performance handheld devices and the variety of mobile games available. The shift towards digitalization and the rise of remote work are driving demand for portable devices that increase productivity and connectivity on the go. Wearable devices, including smartwatches, fitness trackers, and wireless headphones, have attracted widespread attention and contributed to the growth of the wearable devices market.
Prominent leaders in the global lead-acid battery market represented by Research Nester include Leoch International Technology Ltd., Yokohama Group of Companies, Enersys, Exide Industries Ltd., GS Yuasa Corporation, Hoppecke Batterien GmbH & Co. KG., Crown Battery, C&D Technologies, Inc, NorthStar, East Penn Manufacturing Company and other major market players.
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Post time: Dec-06-2023