NEW YORK , June 30, 2022 -- Grid structure changes spurring the demand for energy storage will be a key trend for the Advanced Lead-acid Battery Market in the forecast period. The change in power generation, storage, supply, and demand patterns have transformed grid operations. The various challenges faced by grid networks include overdependence on certain sources of power generation, such as natural gas or coal, the integration of renewables into the grid network, the variations in daily load curves, voltage regulation and control, and the implementation of efficient and low-cost energy storage solutions. Therefore, the integration of renewables with the grid network and the selection of the most appropriate energy storage solution have become critical because of the growing adoption of renewable energy sources globally. Moreover, renewable energy sources are intermittent in nature, which renders the power output uncertain on several occasions. As a result, power generation from renewables is highly prone to deviations from the nominal frequency in the grid, along with variable loads. Owing to the advantages of advanced lead-acid batteries over traditional lead-acid batteries, such as superior performance and their low-cost compared to lithium-ion batteries, lead-acid battery technology is witnessing a rapid rise in its adoption for energy storage applications. Therefore, the changing grid structure is expected to contribute to the demand for ESS and, thus, drive the growth of the global advanced lead-acid battery market during the forecast period.

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Advanced Lead-acid Battery Market Application Outlook (Revenue, USD bn, 2020-2025)

Advanced Lead-acid Battery Market Geography Outlook (Revenue, USD bn, 2020-2025)

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Advanced Lead-acid Battery Market Scope

Accelerate at a CAGR of 8.7%

Europe, North America, APAC, South America, and MEA

China, US, Japan, India, and Germany

Leading companies, competitive strategies, consumer engagement scope

AHCZS, Clarios, Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., GS Yuasa Corp., Leoch International Technology Ltd., Narada Power Source Co. Ltd., and The Furukawa Battery Co. Ltd.

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

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Advanced Lead-acid Battery Market: Growing Adoption of Advanced Lead Batteries in Emerging Golf Cart Market to Drive the Market Growth

Globally, the golf cart market is expected to continue to grow rapidly during the forecast period owing to the rise in popularity of golf as a game in developed countries such as the US and the UK. Golf carts are being used for commercial purposes along with their use in golf courses. For instance, in several countries, golf carts are being used in shopping malls, zoos, and large residential complexes to carry elderly people. The low maintenance requirement of battery-powered golf carts and the rise in the inclination of end-users toward sustainable energy solutions have driven the demand for advanced and low-maintenance electric golf carts during the forecast period. In addition, the introduction of stringent emission control regulations from authorities further fuels market growth. Therefore, the adoption of electric golf carts by end-users such as golf clubs, airports, malls, and residential societies is increasing, which is driving the demand for golf cart batteries. This, in turn, drives the global advanced lead-acid battery market.

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Some of the Major Advanced Lead-acid Battery Companies:

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

The advanced lead-acid battery market is fragmented and the vendors are deploying growth strategies such as high product differentiation to compete in the market.

Advanced Lead-acid Battery Market: Increasing Competition from Lithium-ion Batteries to Hamper the Market Growth

The market for lithium-ion batteries is growing at a rapid rate, which is posing competition for other battery types. The price is a major factor that distinguishes lithium-ion from other batteries. However, leading lithium-ion battery vendors are working on technological advances and reducing the cost. For instance, Tesla Inc., a US-based energy storage and automotive company, announced that it would reduce the cost of lithium-ion batteries to $100 per kWh by 2020 after the commissioning of Tesla Gigafactory. Moreover, the rapid adoption of lithium-ion batteries in applications such as data centers, EVs, and automobiles owing to the decline in their price and other benefits, is boosting the market for lithium-ion batteries. Lithium-ion batteries are safe and environmentally clean products. They can be charged in a normal room as no acid fumes are associated with the charging of these batteries. These advantages of lithium-ion batteries are the biggest threat to the market for advanced lead-acid batteries as demand for replacing lead-acid batteries with modern lithium-ion batteries is increasing. Hence, the continuous adoption and declining cost of lithium-ion batteries are expected to hinder the growth of the global advanced lead-acid battery market.

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Lead Acid Battery Market in US by Application and Type - Forecast and Analysis 2022-2026: The lead acid battery market in US share is expected to increase to USD 939.46 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.82%. Find More Exclusive Research Insights Here

Solar PV Market in APAC by End-user and Geography - Forecast and Analysis 2022-2026: The solar PV market share in APAC is expected to increase to USD 150.13 million by 2026, and the market's growth momentum will accelerate at a CAGR of 21.74%. Find More Exclusive Research Insights Here

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