Published Date : 16 Jun 2023
The global advanced lead acid battery market size exhibited USD 25.69 billion in 2022 and is projected to increase USD 48.9 billion by 2030, poised to grow at a strong CAGR of 8.38 percent during the projection period from 2022 to 2030.
The Asia Pacific region had the largest market share in recent years. This Market is expected to have a good market share in terms of value in the coming years. The increasing population in this region leads to an increased demand for energy. The government of various nations like India China Japan or taking initiatives in order to curb the adverse effects of the energy sector on the environment. Also, a greater need is created for the storage of energy in the battery systems to fulfill the demands of the energy which is required in the future.
They shall be extremely useful for the future instead of generating energy by burning various fossil fuels. Storage of energy is extremely advisable in order to curb the emission of greenhouse gases into the environment by the burning of fossil fuels. There is an increase in the deployment of battery energy storage systems in the public as well as the residential utility applications across the Asia Pacific nations. This increased demand across various utility sectors is expected to drive the market in the Asia Pacific region.
Advanced Lead Acid Battery Market Report Scope:
|Market Revenue in 2023||USD 27.84 Billion|
|Projected Forecast Revenue in 2030||USD 48.9 Billion|
|Growth Rate from 2022 to 2030||CAGR of 8.38%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The advanced lead acid batteries can be easily recycled compared to the lithium-ion batteries and this happens to be a major driving factor for the growth of this market. The decomposition process of these batteries is less cumbersome compared to any other battery storage system. The recycling of these batteries is carried out by way of two methods. Initially, there is neutralization of the acid which is used in the battery with the help of an industrial chemical per compound. Which helps in turning the acid in the battery into water.
In order to bring the standard of this water to the clean water that is treated in the wastewater treatment plant. In the other method the acid can also be converted to something called as sodium sulfate it is an extremely odorless white powder that is used as a laundry detergent in the business of glass and textile manufacturing. These methods ensure that the old batteries are completely recycled hence this happens to be the major driving factor for the growth of this market.
Advanced lead-acid batteries could cause serious injuries if they are not handled properly. These batteries can conduct electric charge at an extremely high rate. The various gases that are released during the working of these batteries are extremely flammable and can be ignited easily. They can result in serious explosions. The use of sulfuric acid in lead acid batteries can cause severe injuries as it is extremely corrosive in case it comes in contact with the skin.
These batteries need to be handled with care by the people operating the battery as it could cause significant damage in case it is filled. Advanced lead acid batteries need to be handled with extra care and due to all of these significant dangers when handling this battery, the growth of this product is restrained.
In case of power disruptions and inconsistencies in data centers, a lot of inconvenience is caused. There's a growing demand for battery storage in these data centers in order to avoid these problems. The Advanced lead acid batteries are extremely helpful in these data centers as it provides a backup for these industries. As the increased installation of data centers across the world, the demand for battery storage in these data centers is also growing rapidly. The data handling capacity is also expected to increase in the forecast period.
Advanced lead acid batteries have a limited usage capability. A maximum of 50% of the capacity of the lead acid battery is used. Even if occasionally the batteries are drained more than this 50% capacity the battery life will be reduced drastically. These batteries have a limited life cycle. One has to be careful to never over drain these battery cells. So, the major challenge in the usage of advanced lead acid batteries is its limited usage.
Major Key Players:
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