The global lead-acid battery market to register a revenue of more than USD 65 billion during the period 2018-2022.
Global Lead-acid Battery Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the growing legislative support for battery recycling. Governments of several countries across the globe are focusing on legalizing battery recycling to create environment-friendly and economically sustainable business models and ensure recycling efficiency. For instance, the Canadian government has set up several locations for consumers to drop used batteries for recycling. The support from governments for recycling lead-acid batteries, coupled with the growth of the automotive industry, will subsequently drive the growth of the lead-acid battery market.
According to the report, one of the major drivers for this market is increasing deployment of microgrids. Microgrids can function independently and as hybrid and can efficiently supply power to the local community, military bases, and educational organizations. Microgrids include multiple power generation techniques such as wind, biomass, solar, geothermal, and fossil fuel generators and are connected to energy storage systems to handle the intermittency of renewables. The resilience to natural calamities and the ability to provide power even during main grid failure will drive the need for lead-acid batteries in microgrids. With the major portion of the remote and rural areas across the globe without access to electricity the deployment of microgrids will increase in the coming years, which will subsequently fuel the growth of the lead-acid battery market.
Further, the report states that one of the major factors hindering the growth of this market is Declining Li-ion battery prices. The market for Lithium-ion batteries is witnessing rapid growth. Owing to this, there has been a decline in the demand for other battery types. The factor that discriminates between Lithium-ion batteries and other battery technologies such as fuel cell is the price. However, leading vendors in the manufacturer of Lithium-ion batteries are working on technological advances and are trying to reduce the price of Lithium-ion batteries.