The global lead–acid battery market size was valued at $39.7 billion in 2018, and is projected to reach $59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026. A lead-acid battery is a type of rechargeable battery that is commonly used in vehicles and backup power systems. It consists of lead plates and an electrolyte solution made of sulfuric acid.
Lead-acid batteries have several advantages, including their low-cost, high-energy density, and ability to deliver high currents. They are also relatively easy to manufacture and recycle. However, they have some disadvantages, such as their heavy weight, short lifespan, and limited charging capacity.
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The major player studied and profiled in the global lead–acid battery market are EnerSys, Exide Industries, Crown Battery, East Penn, HOPPECKE, NorthStar, Hitachi Chemical, Exide Technologies, Teledyne Technologies, Hankook AltasBX, and C&D Technologies.
The lead-acid battery operates through a chemical reaction between the lead plates and the sulfuric acid. When the battery is charged, the sulfuric acid reacts with the lead plates, producing lead sulfate and releasing hydrogen gas. When the battery is discharged, the reverse reaction occurs, with the lead sulfate and hydrogen gas combining to produce sulfuric acid and lead plates.
Lead-acid batteries are commonly used in vehicles such as cars, trucks, and motorcycles, as well as in backup power systems for homes and businesses. They are also used in some industrial and marine applications.
In recent years, there has been a growing interest in developing alternative battery technologies that offer improved performance and environmental benefits, such as lithium-ion batteries and other advanced rechargeable batteries. However, lead-acid batteries remain an important and widely used technology for many applications.
By construction method, the flooded battery segment accounted for the largest market share in 2018. The adoption of flooded batteries is high in diesel-electric submarines, nuclear submarines, and in the automotive industry due to which there is a great demand for flooded batteries in the market. In addition, forklift trucks also use such batteries in material handling applications due to their low-cost.
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By application, the automotive segment accounted for the largest global lead–acid battery market share in 2018. Lead–acid battery is used for SLI applications in the automotive industry due to its high current surge. As per the Battery, Recycling, and Manufacturing Associations, more than 250 million units of lead–acid batteries were sold in the automotive industry in 2017 due to flourishing growth in vehicle sales.
Renewable energy generation activities are growing significantly, and governments are also setting mandatory renewable energy targets by aiming electrification as well as decarbonization.
Lead–acid battery technology is one of the technologies that has the performance capability to meet these energy targets. Therefore, lead–acid batteries are expected to support governmental approaches during the forecast period.
Rise in popularity as well as the demand for lithium-ion battery limits the growth of the global lead–acid battery market. Expansion of data centers and resulting demand for heavy weight lead–acid batteries is the key global lead–acid battery market trend observed in the recent years.
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In the energy storage sector, a major battle has been seen among two battery types, i.e. lead-acid and lithium-ion batteries. Each battery type is superior to other and it is tough to claim which is the better one.
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