DUBLIN--(BUSINESS WIRE)--The "Global Advanced Lead Acid Battery Market by Type (Stationary, Motive), Construction Method (Flooded, VRLA), End-User (Utilities, Transportation, Industrial, Commercial & Residential) and Region (North America, APAC, Europe, RoW) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The market size of advanced lead acid battery is estimated to grow from USD 22.7 billion in 2022 to USD 30.7 billion by 2027, at a CAGR of 6.3% during the forecast period.
The advanced lead acid battery market has been growing moderately over the past five years, owing to rapid technological advancements and expansion in the telecom sector.
Utility is the fastest growing segment of advanced lead acid battery market by end-user
The advanced lead acid battery market by end-user is segmented into utility, transportation, industrial, and commercial & residential. The utility segment is expected to grow at the fastest rate owing to growing industrialization in developing countries such as India and China, which will enhance the electricity demand, creating the market for advanced lead acid batteries.
By type, motive segment is expected to account for the largest market share during the forecast period
By type, motive segment was the largest in the advanced lead acid battery market, in 2021, in terms of value. Motive advanced lead acid batteries are used in automotive and automobile applications and have a significantly high discharge and charge rate. These batteries commonly comprise of cathode, and anode plates, strengthened with either an amalgamate of lead and antimony in a flooded setup or calcium and lead alloy in a sealed setup. Usage of motive advanced lead acid batteries in automotive sector is expected to drive the market in the future.
Asia Pacific was the fastest growing region for advanced lead acid battery market in 2021
Asia Pacific is one of the major market for advanced lead acid battery, in terms of value. Asia Pacific is the leader in the advanced lead acid battery market, and this dominance is expected to continue during the forecast period as well. Key countries in the Asia Pacific advanced lead acid battery market include China, Japan, South Korea, and India, which dominated the region's overall market in terms of value in 2021. The growing demand for electricity in emerging countries of Asia Pacific are expected to drive the growth of the advanced lead acid battery market in the region.
- Cost-Competitive Energy Storage Solution
- Rapid Technological Advancements and Expansion in Telecom Sector
- Easily Recyclable Compared to Lithium-Ion Battery
- Low-Cost Alternatives in Energy Storage Space
- Safety Related to Battery Usage
- Expanding Data Center Infrastructure
- Increase in Renewable Energy Generation Target
- Growth of Electric Vehicles
- Impact of COVID-19 on Advanced Lead Acid Battery Market
- Amara Raja Batteries Ltd.
- Banner Batteries
- Camel Group Co., Ltd.
- Chaowei Power Holdings Limited
- Coslight Technology International Group Co., Ltd.
- Crown Battery
- Csb Energy Technology Co., Ltd.
- East Penn Manufacturing Company
- Exide Industries Ltd.
- Exide Technologies
- Fiamm Energy Technology S.P.A.
- First National Battery
- Gridtential Energy, Inc.
- Gs Yuasa International Ltd.
- Hoppecke Batterien GmbH & Co. Kg
- Leoch International Technology Limited Inc.
- Midac Batteries S.P.A.
- Narada Power
- Ritar International Group
- Shuangdeng Group Co., Ltd.
- The Furukawa Battery Co., Ltd.
- Tianneng Group
- Trojan Battery Company, LLC
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Laura Wood, Senior Press Manager
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