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The crowded lead-acid battery market is valued at US$77.2 billion in 2023 and is expected to grow at a compound annual growth rate of over 2.7% from 2024 to 2032. Rising investment in the automobile industry and growth in the telecom industry will drive product penetration.
Flooded lead acid batteries, also known as wet batteries, are a type of rechargeable battery used in a wide range of applications. It consists of lead plates immersed in an electrolyte solution of sulfuric acid and water. The term “immersed” means that the plates are completely immersed in the electrolyte solution. These batteries are characterized by relatively low cost, reliability and the ability to deliver high pulse currents. These batteries require regular maintenance, including adding distilled water to replenish the electrolyte levels.
Growing demand for energy storage systems and large-scale integration of renewable energy sources will have a positive impact on the industry landscape. An increased focus on improving battery recycling processes to minimize environmental impact and meet regulatory standards will improve product adoption. These units are an economical and reliable option, especially where deep circulation and high energy density are required. Additionally, the growing demand for power backup solutions in regions with frequent power outages will increase business potential.
By 2032, the stationary lead-acid battery market will exceed US$26.5 billion. A shift in focus to intermittent renewable energy sources such as solar and wind will require efficient energy storage solutions to balance supply and demand, thereby increasing the industry’s potential. Continued technological improvements, including improvements in battery efficiency, durability and recyclability, will drive product demand. Falling battery costs and growing consumer preference for uninterrupted and uninterrupted power supply will boost the industry’s prospects.
By 2032, the OEM lead-acid battery market will grow by more than 2.5%. The global shift towards electrification across all industries and increased investment in infrastructure will drive the business landscape. Strict emission regulations and consumer preference for greener products, coupled with the ongoing shift to electric vehicles, will have a positive impact on the industry’s growth.
By 2032, the lead-acid battery market in the Asia-Pacific region will exceed US$56 billion. Technology adoption will be driven by the growing suitability of electrically powered driver assistance systems, including lighting, infotainment systems and start-stop systems. Rapid industrialization, increasing rates of urbanization and growing popularity of renewable energy sources will expand the industry landscape. Additionally, the telecom industry relies heavily on these batteries to provide backup power in remote areas where network infrastructure is unreliable, thereby driving business growth.
The U.S. lead-acid battery market is expected to grow significantly due to rising sales of electric and hybrid vehicles across the country. Unreliable power grids and increased government funding for grid upgrades will provide significant opportunities for industrial expansion. With the booming real estate industry, there is a growing demand for uninterrupted power supply, which will be beneficial for business viability.
Johnson Controls International is one of the most dominant players. The company’s strong presence, strong distribution network and diversified product portfolio have ensured it a leading position in the market. The company has made significant investments in research and development, allowing it to offer advanced flooded lead-acid battery solutions for the automotive, industrial and renewable energy markets. Through its commitment to quality, innovation and sustainability, the company continues to play a vital role in shaping markets, setting industry standards and introducing technological advances to meet the ever-changing needs of its customers.
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Post time: Sep-10-2024