August 21, 2024 11:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Aug. 21, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global lead acid battery market was valued at USD 59.7 Billion in 2023. Looking ahead, the market is anticipated to experience a 4.8% year-on-year growth in 2024, pushing its valuation to USD 62.6 Billion. Over the next decade, from 2024 to 2034, the market is projected to expand at a compound annual growth rate (CAGR) of 5.6%, reaching a total value of USD 106.8 Billion by 2034. This robust growth is driven by increasing demand across various sectors and the continued evolution of technology in the industry. battery lithium
The lead-acid battery industry is a critical sector with a wide range of applications. These batteries are renowned for their reliability, cost-effectiveness, and robust performance in various environments. They are commonly used in automotive starting, lighting, and ignition systems, as well as in backup power systems for telecommunications and uninterruptible power supplies (UPS). Additionally, lead-acid batteries find applications in renewable energy systems, such as solar and wind power storage, due to their ability to provide reliable power for off-grid solutions. The industry's scope also includes advancements in battery technology to enhance energy density, lifespan, and environmental sustainability.
The growth of the lead-acid battery industry is driven by several key factors. The increasing demand for reliable power storage in automotive applications, especially for electric and hybrid vehicles, fuels growth. Additionally, the expansion of renewable energy systems, which require efficient and cost-effective energy storage solutions, supports industry growth. Technological advancements aimed at improving battery performance and environmental sustainability also play a significant role. Moreover, the rise in data centers and telecommunications infrastructure, which rely on backup power solutions, further stimulate demand for lead-acid batteries.
The lead-acid battery industry is witnessing several notable trends and shifts in demand. There is a growing emphasis on enhancing battery efficiency and lifespan through advanced battery technology and improved materials. The surge in electric and hybrid vehicle adoption is driving increased demand for high-performance lead-acid batteries. Additionally, the integration of lead-acid batteries in renewable energy storage systems is expanding, as they offer a cost-effective solution for managing intermittent power sources. Trends toward recycling and sustainability are also becoming prominent, with a focus on reducing environmental impact and promoting circular economy practices within the industry. Renewable Energy Boom Spurs Demand for Advanced Lead Acid Batteries.
Top factors that are propelling the segment’s growth are:
Key Takeaways from the Report:
“Lead-acid battery demand is expected to grow 1.7 times by 2034, driven by their cost-effectiveness, critical role in automotive and industrial applications, and increasing need for reliable energy storage in grid systems and renewable energy integration. The maturity of the technology and robust supply chain further bolster their continued relevance and growth.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Discover Comprehensive Details in the Full Report! https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
Lead Acid Battery Developers to Find Growth Opportunities in the United States
Government Initiatives to Boost the Lead Acid Battery Industry in India
Increasing Sales of Electric and Plug-in-hybrid Vehicles in China to Create Opportunities for Lead Acid Battery Developers
Adoption of Novel Technologies to Spur Market for Lead Acid Battery in Germany
Growth in Power Utilities and Other Sectors in Japan to Augment Sales of Lead Acid Battery
The global lead-acid battery market is intensely competitive, with major players channeling substantial investments into research and development to boost battery efficiency, longevity, and performance. This focus on innovation aims to introduce more appealing products for both individual consumers and large enterprises. Concurrently, companies are integrating cutting-edge technologies, such as advanced separators, novel grid designs, and specialized additives, to enhance battery capabilities and distinctiveness, positioning themselves at the forefront of industry advancements.
Key Players Operating in the Industry:
Lead Acid Battery Market Segmentation Analysis:
Browse Old Promotion of Lead Acid Battery Market Report from Different Publications:
Global Lead Acid Battery Market Revenue Share to Exceed USD 104.13 Billion by 2034, With a CAGR of 5.20% | Future Market Insights, Inc.
Lead Acid Battery Market to Reach USD 90.5 Billion by 2031 - Future Market Insights, Inc.
Lead Acid Battery Market 2021 - 2031: Europe Lead Acid Battery Market to exhibit a CAGR of 5.2% through 2031 – Future Market Insights, Inc.
Lead Acid Battery Market is Expected to be Worth of USD 90.5 Billion at CAGR of 5.2% by forecast period 2032 end.
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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