Global outlook of the valve regulated lead-acid batteries market
Market research analysts at Technavio have predicted that the global valve regulated lead-acid batteries market will grow steadily at a CAGR of about 8% by 2020. Forklifts have become the ideal choice for indoor operations in various sectors, such as automotive industries, iron and steel plants, food and beverages, and radioactive waste handling. As a result, the recent years have witnessed an exponential increase in the market share of electric forklifts. Since valve regulated rechargeable batteries offer high resilience even in difficult environmental conditions involving dirt, chemicals, and vibrations, they have become the ideal choice for use in forklifts. This market study report considers this increasing demand for forklifts as one of the major factors that will augment the growth of the valve regulated lead-acid (VRLA) rechargeable battery market.
It has been observed that sudden losses of power, voltage fluctuations, and power surges are the principle causes of damage to sensitive electronics. The exponential increase in the adoption of electronic devices has increased the dependence on a constant power supply to ensure continuity in daily operations. UPS systems enable constant power supply to electronic devices, prevent loss of data and productivity, protect electrical appliances from distorted power failures, and also regulate power fluctuations. The growing number of power outages will lead to an increasing demand for continuous power supply and storage, which will be a major trend that will gain traction in this market. The availability of cost-efficient labor and raw materials have
Outlook of the global forklift battery market
Technavio’s market research analyst has estimated the global forklift battery market to grow at a CAGR of over 8% by 2020. The augmented usage of forklifts across a wide array of end-user industries will be the key growth driver for this market. The end users for battery-powered forklifts are retail and wholesale, logistics, mechanical or automotive, food and beverages, chemical, and timber or paper and print industries. These forklifts are extensively used in these sectors due to its low emissions and low noise hazard. Also, their ability to eliminate fuel costs is another major factor that will spur the adoption of battery-powered forklifts across a number of end-user industries.
In this market study, analysts have estimated factors like the extensive use of fast chargers to impel market growth during the forecast period. The use of fast chargers will help end users to overcome the barrier of long duration recharge. Fast chargers range from 15-30 kW and charge the battery to 100% state of charge (SOC) in one or two hours. The cost of a fast charge battery is much higher than a lead-acid battery, but since this technology helps to reduce the recharge duration, its preference among the end users will increase significantly over the next few years.
End-user segmentation and analysis of the forklift battery market
Based on end users, the warehouse segment will be the largest market segment during the forecast period and will account for an impressive market share of nearly 47% by 2020. The mechanization involved in material handling and improving productivity in warehouses is a major driver for the growth of this segment.
Geographical segmentation and analysis of the forklift battery market
Overview of the battery monitoring solutions market
Technavio’s market research analyst predicts the global battery monitoring solutions market to grow at a CAGR of around 23% by 2020. One of the primary growth drivers for this market is the growing usage of electric vehicles (EVs). The technological advances in EVs have necessitated the adoption of battery monitoring systems to maintain safe operations of batteries in these electric-powered vehicles. The battery monitoring system limits the charge and peak voltage of the battery during charging, maintains the voltage threshold during discharge, and also maintains the battery temperature, thereby maintaining a safe area of operation in all situations. The growing importance of battery health will boost the implementation of battery monitoring solutions in EVs.
The recent changes in grid structure and the growing need for energy storage as distributed generation has propelled the need for efficient battery technologies in grids. Battery monitoring systems protect the devices from critical situations like overheating, over voltage, and under voltage, thereby increasing their lifespan and operational efficiency. The rising need for monitoring solutions, especially for applications where larger batteries are used such as in electric vehicles and grid applications, will propel the market’s growth during the forecast period.
Segmentation by end-user and analysis of the battery monitoring solutions market
- Telecom and data centers
The automotive sector dominates the battery monitoring solutions market and is expected to occupy more than 39% by 2020. This segment’s high growth rate can be attributed to the applicability of these monitoring solutions in various electric-powered vehicles. Factors such as growing need for constant check on battery applications in terms of
Market outlook of the global battery market for energy storage in telecom
The need to overcome the high operational and maintenance costs drives the battery market for energy storage in telecom. The need for reducing the diesel consumption by increasing the number of renewable installations to power telecom towers are expected to help the market grow at a CAGR of more than 10% in the next four years.
Globally, the telecom sector has seen a remarkable jump in last 5-10 years. Globally, as wired telecom infrastructure is getting replaced with cellular systems in a big way, the total number of towers has grown drastically. Telecommunication networks need assured power supply on a continuous basis. Power requirements of telecom towers are fulfilled either through the grid or diesel generator sets. However, climate change issues have triggered the requirement for clean and greener telecom towers. Many telecom operators are likely to switch over to renewable power sources such as wind and solar for powering the telecom towers in the future.
Segmentation of the market and further analysis by application
- Lead acid
The revenue generated from for the Li-Ion battery market for energy storage in telecom sector was in excess of $18 million in 2014. The battery technology is expected to occupy a major share of the battery storage for renewable plants in the coming years. During the forecast period, the market demand for attributes like energy and power density is likely to gain significant momentum.
Segmentation of the market by geography
China has one of the world’s largest telecom sector. As of 2014, the country had more than 1.3 million telecom subscriptions, and the count is expected to
Market overview of DFMC
Technavio’s market research analyst predicts the global DFMC market to grow at a CAGR of more than 40% during the forecast period. The rising need to save energy and high adoption of green technology in many countries are the major drivers contributing to the growth of the global DMFC market. At present, governments worldwide are taking several initiatives, in terms of investments, R&D, and commercialization, to increase energy efficiency and reduce energy consumption. As a result, there has been an increased focus on energy-efficient products for energy generation and storage, including fuel cells. This has led to growing awareness among consumers about the use of DMFCs. Also, many end-users prefer using energy-efficient products such as DMFCs to expand their energy storage and reduce their operating expenses.
Advances in technology have boosted the growth and use of DMFCs in different electronics devices. For instance, the use of DMFC in combination with batteries in forklifts extends the working time, reduces the operating cost, and also reduces the greenhouse gas emissions. Also, important developments have been made to raise the system energy densities. With the rise in energy density, the lifespan and performance of DMFCs will also get extended. This will enable the use of DMFCs in many portable applications. At present, lithium-based batteries are primarily employed in portable applications. However, rapid technological advancements will enable DMFCs to replace lithium-based batteries.
Segmentation by application and analysis of the DFMC market
The portable segment accounted for more than 81% of the market share during 2015 and is expected to retain its market leadership until the end of 2020. The military sector is the emerging area for DMFC applications in terms
Overview of the global solid oxide fuel cell market
A solid oxide fuel cell, or SOFC, is a fuel cell that produces electricity through an electrochemical process and offers benefits like low emissions, long-term stability, high efficiency, and fuel flexibility. Its flexibility in the usage of fuels is a critical factor that will spur the prospects for market growth until 2020. Due to their high operating temperature of 800°C to 1,000°C, SOFCs are capable of running on almost any fuel to generate electricity. Emerging fuels such as syngas, pure and impure hydrogen, and biofuels can be used to operate SOFCs. Since these fuel cells can tolerate fossil fuel impurities like ammonia and chlorides, they are widely being used for a number of applications. Technavio’s market research analysts have estimated the widespread applicability of SOFCs to result in its impressive CAGR of nearly 10% over the forecast period.
An important factor that impels the prospects for growth in this market is the commercialization of hybrid SOFCs. The search for higher efficiency and emission free power has resulted in the development of hybrid SOFC systems that utilize a gas turbine to generate power. The combination of SOFC with a gas turbine will offer advantages like high electrical efficiency, which is estimated to reach around 75-80%. The high efficiency of such systems will result in its increased development in countries such as Japan, the US, and the UK.
Segmentation by application and analysis of the SOFC market
In this market study, analysts have estimated the stationary application segment to account for a market share of almost 78% by 2020. The prospects for growth in this market segment will be driven by the augmented utilization of SOFC as a primary and
The energy storage industry has evolved over the last decade to address the growing demand for power. Energy storage includes pumped hydro, compressed air energy storage, batteries, flywheels, fuel cells, superconducting magnetic energy storage, thermal energy storage, and grid energy storage.
Many countries are becoming more conscious about meeting their carbon emission targets and focusing more on renewable energy options. Batteries are gaining importance as they help store energy from renewable sources, thereby overcoming issues with the intermittent nature of renewables.
In the past two years, energy storage has gained even more traction as nations integrate battery energy storage systems with renewable technologies to secure a stable power supply. As a result, a number of international companies, such as Tesla, Panasonic, and Samsung, are investing heavily in the energy storage segment.