The adoption of renewable energy resources, including solar energy, wind energy, and biofuels, instead of conventional resources, such as fossil fuels, is growing swiftly. This is due to the rapidly declining rate of fossil fuels, adverse effects on the environment due to the excessive consumption of traditional energy resources, and surging demand for energy al across the globe. The use of clean energy resources can aid significantly in reversing the damage that has been caused to the environment and have the potential to keep up with energy requirements. The effective use of renewable energy resources depends largely on batteries, as the energy needs to be stored.
Because of these reasons, the demand for lead–acid batteries is growing as well. These batteries make use of lead peroxide and sponge lead for converting chemical energy into electrical power. Lead–acid batteries are highly reliable during their lifetime, have medium-to-high efficiency, and have strong surge capabilities. They are suitable for power quality, uninterruptible power supplies (UPS), and spinning reserve applications. Ascribed to these factors, the global lead–acid battery market is projected to reach a value of $70.7 billion in 2023, increasing from $56.9 billion in 2017, and is expected to progress at a 3.7% CAGR during the forecast period (2018–2023).
Browse detailed report – Lead-Acid Battery Market Analysis and Demand Forecast Report
This can be attributed to the high reliability, high durability, low maintenance, and low cost of SLI batteries. Due to these reasons, these batteries are widely utilized in the automotive industry. In the automotive industry lead–acid batteries are utilized for applications in forklifts, transport vehicles, non-electric vehicles, and electric vehicles. The industry is the major consumer of lead–acid batteries. Other than this, these batteries also find applications in leisure, utilities, UPS, marine, telecommunication, construction, and oil & gas industries. The demand for lead–acid batteries is projected to rise considerably in the oil & gas industry in the coming years.
This is because of the growing adoption of energy storage devices and rising usage of UPSs in the oil & gas industry. Geographically, Asia-Pacific has emerged as the largest lead–acid battery market, owing to the expanding automotive industry in the region on account of the increasing disposable income in countries including India and China. In addition to this, the adoption of energy storage systems is also growing swiftly in the region, further driving the demand for lead–acid batteries.
Hence, the need for lead–acid batteries is increasing due to the growing utilization of renewable energy resources.
