The lead acid battery market is estimated to grow at a substantial rate on the back of rising demand for energy storage devices and high preference for electric automobiles. Low maintenance cost and superior cranking performance of lead acid batteries is likely to fuel its adoption in the automobile industry.
Lead acid batteries offer high-power delivery which makes their usage viable in stationary applications like in UPS, control & switchgear. Increasing need for mobile phone devices throughout the world has propelled construction of telecommunication infrastructure, consequently boosting the requirement for batteries for reliable supply of power. Moreover, minimal maintenance and safe operations are other factors driving product demand. Lead acid batteries consist of lead oxide cathode, an electrolyte of sulfuric acid solution, and sponge metallic lead anode, that allow the batteries to get recharged as well as offer cost effective power storage solution.
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Essentially, firms operating in the lead acid battery market are introducing new products and solutions. For instance, in 2020, EnerSys, creator of stored energy solutions for industrial applications, launched its NexSys PURE PACK battery and on-board charger system having integrated battery monitoring. Considering such developments, Global Market Insights, Inc., suggests that the lead acid battery market may witness an annual installation of above 1 billion units by 2027.
Mentioned below are some of the vital trends driving lead acid battery market expansion:
- Acceptance of valve regulated lead acid batteries
Valve regulated lead acid (VRLA) batteries are becoming more popular across the world owing to high demand for economical and reliable energy supply for several applications having critical power requirements. These batteries have a low discharge rate and need minimal maintenance. VRLA batteries are being highly used in the industrial truck segment given to the installation of flooded lead acid batteries regarding its low-cost structure. Although, since flooded batteries need high maintenance, their cost is high, hence VRLA batteries are gaining more preference.
- Robust demand for aftermarket services
The aftermarket sales channel is expected to witness steady growth over the forecast timeframe owing to rising requirement for battery replacements due to their end of life cycle. The low cost of aftermarket services and availability of a dense distribution channel is likely to raise segmental development. Additionally, surge in investments for the improvement of customer experience as well as the current expansion of OEM services into the aftermarket sales channel could drive product demand.
- Promising growth prospects across North America
The North America lead acid battery market is projected to rise over 2% in the upcoming years on account of more investments towards the development and expansion of existing data centers through the region. The demand for lead acid batteries is continuously increasing from the mainstream IT infrastructure, irrespective of whether other alternative energy sources are available or not. The surge in demand for reliable power supply along with the refurbishment of old grid infrastructure could impel the requirement for effective energy storage systems.
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