Lead Acid Battery for Energy Storage Market to Hit $9.73 Bn by 2027; Escalating Demand for Efficient Energy Storage Systems Worldwide to Feed Market Growth: Fortune Business Insights™

Pune, Aug. 13, 2020 (GLOBE NEWSWIRE) — The global lead acid battery for energy storage market size is projected to reach USD 9.73 billion by 2027, exhibiting a CAGR of 3.6% during the forecast period. Increasing renewable capacity additions will be a major growth determinant for this market, shares Fortune Business Insights™ in its report, titled “Lead Acid Battery for Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Type (Utility Owned, Custom Owned, Third Party Owned), By Application (Micro-grid, Household, Industrial, Military), and Regional Forecast, 2020-2027”. According to the latest publication by the International Renewable Energy Agency (IRENA), the global renewable energy capacity stood at 2,537 GW at the end of 2019, with wind and solar accounting for 25% of the increase. While renewables capacity is growing at an impressive rate, the challenge faced by the energy sector is in the form of energy storage. The International Energy Agency (IEA) estimates that by 2030 the world will need 266 GW of energy storage. Lead-acid batteries are the oldest and some of the most reliable battery storage systems, costing substantially lower than lithium-ion batteries. Moreover, these batteries can be effectively used for solar power storage are they are configurable and scalable to meet any capacity requirements.
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Tangible insights into the factors driving and restraining the market;Exhaustive study of the various market segments;Detailed examination of the regional developments and competitive dynamics influencing the market growth; andThorough research into the upcoming investment opportunities in the market.
Market RestraintLimited Utilization of Lead-acid Batteries in Grid Stabilization to Hinder Market GrowthOne of the major constraints facing the lead acid battery for energy storage market growth is the limited capacity and usage of lead-acid batteries in grid storage. Power companies are preferring lithium-ion (li-ion) batteries for grid stabilization over more conventional energy storage systems owing to their high energy density and lightweight properties. For instance, the Hornsdale Power Reserve in Southern Australia is the world’s largest lithium-ion battery storage facility built by Tesla, which is used to stabilize the electricity grid from the energy received from a nearby wind farm. The battery system also powers over 30,000 homes in the region. In 2015, California heavily utilized lithium-ion battery technology to offset the loss of energy that was triggered when the Aliso Canyon natural gas facility leaked. Considerable benefits of li-ion batteries as compared to lead-acid energy storage systems will be a critical hurdle for this market in the coming years, as the race for energy security intensifies.Transforming Renewables Infrastructure to Accelerate the Market in Asia PacificWith a market size of USD 3.12 billion, Asia Pacific is set to dominate the lead acid battery for energy storage market share in the upcoming years on account of rapidly transforming renewable energy infrastructure in China and India. This factor is further bolstered by the skyrocketing demand for electricity in these two as well as other developing countries in the region, which is surging the installations of battery storage units connected to the grid.The market for lead acid battery for energy storage in Europe is expected to be mainly driven by the ambitious targets set by countries of the European Union (EU) to mitigate the ill-effects of climate change and global warming. In North America, on the other hand, aggressive adoption of fully-electric and hybrid vehicles is likely to stoke the adoption of lead-acid batteries.Competitive LandscapeKey Players to Focus on Providing Efficient Battery Back-up SystemsPower storage and transmission necessitates the development of efficient back-up battery systems to ensure uninterrupted supply of energy. Companies in the lead acid for energy storage market are constantly in the process of engineering such storage solutions, with particular focus on government bodies, which need to ensure continuous power supply to households and industries.Industry Developments:June 2020: GNB Industrial Power, part of Exide Technologies, secured an order from the US Navy to deliver five stationary battery back-up units for the Los Angeles-class submarines. The order is part of the 5-year contract signed by the company with the Department of Defense to supply lead-acid batteries for Navy’s submarine fleets.June 2020: Tata Power Renewable Energy bagged a contract from the Maharashtra State Electricity Distribution Co to supply solar power for a period of 25 years. As per the contract, Tata Power will construct a 100 MW power plant within the next 18 months.Rolls Surrette (Springhill, Canada)Okaya (New Delhi, India)Champion Storage Battery Company Limited (Shenzhen, China)Bulls Power (Guangdong, China)HOPPECKE (Brilon, Germany)GSYuasa (Kyoto, Japan)Amara Raja (Hyderabad, India)East Penn Manufacturing (Lyons, PA, USA)Enersys (Reading, United States)First National Battery (Benoni, South Africa)Storage Battery Systems, LLC (Ridgewood Dr. Menomonee Falls, United States)C&D Technologies (Pennsylvania, United States)FIAMM (Montecchio Maggiore, Italy)Guangdong JIYI General Corporation (Guangzhou, China)Leoch (Shenzhen, China)Narada (Hangzhou, China)Exide Technologies (Georgia, United States)
Quick Buy:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesKey Developments: Merger & Acquisition, Partnership, etc.Latest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Lead Acid Battery for Energy Storage MarketSteps Taken by the Government to Overcome the ImpactKey Developments by the Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Lead Acid Battery for Energy Storage Market Analysis (Million KVah, USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeUtility OwnedCustom OwnedThird Party OwnedMarket Analysis, Insights and Forecast – By Application Micro grid Household Industrial MilitaryMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaTOC Continued..!!!

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