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The industrial lead-acid battery market is estimated to expand by USD 6.21 billion, at a compound annual growth rate (CAGR) of 6.63% between 2023 and 2028. Among the segments, Stationary Industrial Lead was the largest, valued at 8.85 billion in 2018 and continued to grow. The shift in the global energy landscape and the rise of green telecom towers are driving the increased demand for the lead-acid battery market.
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Key Industrial Lead-Acid Battery Market Driver
The high demand for electric forklift applications is the key factor driving market growth. The retail and wholesale, logistics, mechanical or automotive, food and beverages, chemical, timber or paper, and print industries are the end-users for battery-powered forklifts. Most of the end-users prefer electric forklifts, owing to their low emissions and noise hazards. Furthermore, lead-acid battery products are cost-effective and offer high resilience even in difficult environmental conditions involving dirt, chemicals, and vibration in the motive power industry. Advanced lead-acid batteries require less maintenance.
Additionally, the advanced charging technologies secure 90% efficiency, with additional to 99% power factors approaching. This, in turn, reduces the utility costs. Technical innovations like opportunity charging and fast charging during operator downtime expand the cost efficiency of lead-acid batteries. Hence, these factors will drive the growth of the global industrial lead-acid battery market during the forecast period.
The evolution of advanced lead-acid batteries represents a significant market trend driving market growth within the industrial battery sector. These advanced batteries offer enhanced performance characteristics and address limitations associated with traditional lead-acid batteries, such as sulfation-related performance degradation. Notably, advanced lead-acid batteries encompass various technologies, including Enhanced Flooded Batteries (EFBs), Absorbent Glass Mat (AGM) batteries, and lead-carbon batteries, which are gaining prominence in the market.
Furthermore, industry stakeholders are actively engaging in collaborative initiatives and investing in research and development (R&D) endeavors focused on advancing lead-acid battery technology. Organizations like the Consortium of Battery Innovation serve as pivotal platforms for fostering innovation and knowledge exchange within the lead-acid battery industry. Through collaborative efforts and sustained R&D investments, the industry aims to propel market growth and accelerate the adoption of advanced lead-acid batteries across diverse industrial applications.
In conclusion, the development and adoption of advanced lead-acid batteries underscore a transformative market trend that promises to reshape the industrial battery landscape. By leveraging collaborative partnerships, innovative research initiatives, and proactive market forecasting, industry players can unlock new opportunities and drive market growth in the evolving landscape of industrial battery solutions.
The reduction in costs associated with lithium-ion batteries presents a significant challenge to market growth within the industrial battery sector. While lead-acid batteries excel in providing rapid bursts of power essential for automotive cranking applications, the narrowing cost differential between various battery chemistries poses a formidable obstacle to the market. This trend is driven by factors such as increased adoption of battery technology in automotive applications and advancements in manufacturing efficiency, leading to a more cost-effective production landscape.
Moreover, ongoing research and development endeavors aimed at enhancing the performance of lithium-ion batteries further compound the challenge. As these efforts yield improvements in both performance and cost-effectiveness, the competitive advantage of lithium-ion batteries is poised to strengthen, potentially inhibiting the market growth of industrial lead-acid batteries in the foreseeable future.
The Industrial Lead-Acid Battery market analysis research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Industrial Lead-Acid Battery Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The stationary industrial lead-acid batteries segment segment is estimated to witness significant growth during the forecast period. Stationary power systems are used in many critical operations or applications, such as preventing unscheduled outages, reducing maintenance costs, and extending the life of the equipment. Nowadays, stationary batteries have become an important part of industrial and telecom applications. The market is projected to grow owing to the need for power storage and an uninterrupted electricity supply.
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The stationary industrial lead-acid batteries segment was the largest segment and was valued at USD 8.85 billion in 2018. The weight and size of stationary batteries, which are usually valve-regulated lead-acid (VRLA) batteries, are of less concern. Furthermore, the telecom, UPS, and data communication segments have shown a steady performance while contributing to the growth of stationary batteries. Hence, such factors will drive the growth of the stationary industrial lead-acid batteries segment of the global industrial lead-acid battery market during the forecast period.
The industrial lead-acid battery market serves as a cornerstone in the manufacturing sector and various industrial applications, providing reliable energy storage and power backup solutions. These batteries are widely used in the automotive industry for vehicles and material handling equipment like forklifts. Additionally, they play a crucial role in renewable energy systems, telecom towers, and emergency lighting applications, ensuring uninterrupted power supply. With the rise of off-grid power systems and the need for backup power solutions, industrial lead-acid batteries continue to be in high demand. Moreover, advancements in battery management systems have enhanced battery maintenance and testing, contributing to battery recycling efforts and overall sustainability in the industry.
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APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, the market growth was positively impacted by the rising use of industrial lead-acid batteries in the renewable energy and industrial sectors. Japan, China, Australia, India, South Korea, Taiwan, Singapore, and others contribute significantly to the growth of the industrial lead-acid battery market in the region.
Furthermore, in recent years, the industrial lead-acid battery market in APAC saw a boom, and China had the largest share of the market in the region. In addition, the industrial lead-acid battery market in APAC for telecom applications is expected to grow rapidly during the forecast period. This growth can be attributed to the increasing smartphone penetration and rapid growth in the number of rural subscribers across the region.
The industrial lead-acid battery market report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Industrial Lead-Acid Battery Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.63% |
Market Growth 2024-2028 |
USD 6.21 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.59 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accumulatorenwerke HOPPECKE Carl Zoellner and Sohn GmbH, Amara Raja Batteries Ltd., C and D Technologies Inc., Coslight International Group, Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Corp., Exide Industries Ltd., Exponential Power Inc., Furukawa Electric Co. Ltd., GS Yuasa International Ltd., Hankook Tire and Technology Co. Ltd., HBL Power Systems Ltd., Korea Battery Co. Ltd., Leoch International Technology Ltd., Microtex Energy Pvt. Ltd., MIDAC SpA, Panasonic Holdings Corp., and Surrette Battery Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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