Considering the environmental benefits of
lead acid batteries, several end-use companies and regional governments
have also shifted their focus toward the development and implementation
of this product for various applications. Having already established its stance in both the automotive and industrial sectors, lead acid battery market in the recent years, has been gaining exceptional importance, given that the product is extremely reliable and cost effective for critical power supply applications.
Recently for instance, the Department of
Energy’s Argonne National Laboratory has inked an agreement with 14
members of the Advanced Lead Acid Battery Consortium to leverage
advanced X-ray technology to increase the potential of lead batteries
for various applications. Reports reveal that by using the X-ray beam
technology, the governmental body and the investigators will be
benefited with in-depth understanding of the chemical interactions
inside a lead battery while it charges & discharges. Apparently,
this would help the mass commercialization of the lead acid batteries in
electric vehicles, energy utilities, and smart phones, eventually
driving lead acid battery market trends.
Despite the growing investment scenarios
in the lead-acid batteries, it is imperative to mention that the global
lead acid battery industry has fallen behind the competing technologies
of lithium-ion batteries – that have captured a massive chunk of more
than 90% of the overall battery market for stationary energy storage.
The high energy density and fast charging potential of lithium ion
batteries have made them a good match and a product of choice in the
rapidly proliferating business sphere of electric vehicles and power
grid, which has significantly brought down on the costs of these
batteries. Indeed, lithium ion battery market held a valuation of over USD 24 billion in 2016.
Lead acid batteries still have huge
potential as they do not pose the same explosion and fire risks as that
of the lithium-ion batteries, in turn making them more reliable for
stationary power grid, and automotive applications. Owing to the
increasing focus toward improved power quality, the stationary lead acid
market, according to reliable estimates, is projected to record a y-o-y
growth of more than 5% over 2018-2024. The stationary lead acid
batteries, for the record, find prominent applications in the energy
utilities, backup power, renewable energy systems, emergency lighting,
railway backup systems, security systems, and O&G explorations.
Speaking along similar lines, another
important investment ground for potential stakeholders is the SLI lead
acid battery industry. Given the globally increasing automotive sales,
SLI lead acid batteries are catering to the increasing demand of
vehicles with the start-stop functionality and micro-hybrid systems.
Accounting for more than USD 25 billion in 2017, this segment of the
lead acid battery market is expected to garner lucrative proceeds, owing
to its growing prominence as a means to lower carbon emissions in
micro-hybrid vehicles. On this note, it is prudent to mention that more
than 99% of the passenger cars in Europe, as of 2017, were operated on
lead acid batteries, courtesy – Battery Council International (BCI).
Lead has been further considered as the
most effectively recycled commodity metal, and the lead acid batteries
in this regard are the only energy storage systems in the form of
batteries that are almost 100% recycled. Reports claim than around 99%
of lead batteries are collected & recycled in the United States and
Europe. Elaborating further, the Europe lead acid battery market has in
fact outpaced the annual sales of more than 9 million units in 2017,
and is further expected to propel the regional landscape subject to the
growing investments and regulations pertaining to renewable power
generation, green transport, and emission reduction targets.
Considering the environmental benefits of
these batteries, the renowned giants operating in the global lead acid
battery market space have been indulging in product innovation and
technological advancements, in compliance with energy and GHG emission
targets, which would in turn have a powerful impact on the future trends
of the overall industry expansion. From a valuation of USD 50 billion
in 2017, a report by Global Market Insights, Inc., forecasts lead acid
battery market to surpass a remuneration portfolio of USD 75 billion by