Advanced Lead-Acid Battery Market Will Reach USD 42.6 Billion by 2030, Says P&S Intelligence
NEW YORK, April 19, 2023 -- The global advanced lead–acid battery market value is projected to be USD 42.6 billion by 2030, growing at a CAGR of 7.3%, according to P&S Intelligence.
This growth can be ascribed to the high reprocessing abilities, ample power storage, and high performance of these batteries than lithium-ion batteries. Furthermore, the market growth potential is enhancing because of the huge demand for such batteries from data centers, the count of which is increasing quickly.
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Significant Development in Data Generation
Data centers need a superior and high energy supply continuously, as even a little power cut and fluctuations in the voltage can cause a serious situation.
Market specialists suggest that most businesses now collect some form of digitalized data generated by users' activity on the internet, while the bigger ones use it for refining their advertising, transferring it globally as well.
Thus, the rise in data generation is projected to boost the demand for battery storage in data centers.
Technological Improvements Fuel Demand for Smart Energy Solutions
Usually, conventional batteries were the main power storage solution for a huge count of applications, as they work well with an extensive variety of consumer electronics.
Though, with the commercialization of EVs and cutting-edge power storage solutions to fortify power grids, the need for dynamic power storage solutions is growing.
Moreover, advanced lead–acid batteries offer high current and take shorter time to charge, replenishing nearly five times quicker than orthodox batteries.
Growing Demand for EVs Boosts Product Sales
Hybrid, plug-in hybrid, and battery electric vehicles are in high demand as they allow for clean and comfortable transport. Furthermore, the prevalent government standards for restricting the worldwide temperature increase and decreasing greenhouse gas releases are increasing the requirement for such e-vehicles.
Browse detailed report on Advanced Lead Acid Battery Market Share, Growth and Demand Forecast to 2030
Mushrooming Requirement for UPS Systems
The rising requirement for UPS systems is another booster for the new-generation lead–acid battery industry. UPS systems play a vital role in supplying continuous power and defending economies against data damage, equipment malfunctioning, and load surges.
Moreover, credited to the quick industrialization and urbanization in emerging economies throughout the world, the need for electronic devices and power is growing, which is, in turn, propelling the requirement for UPS systems.
VRLA Batteries Are Integrated in Largest Numbers
In 2022, the VRLA battery category held the largest market share, of 66%, and the category is also predicted to grow at the highest CAGR, of 8.2%, in the future. This kind of battery does not need water to be poured on top of its cells regularly, which makes it relatively maintenance-free.
Advanced Lead–Acid Battery Market Segmentation Coverage in the Report
Advanced Lead–Acid Battery Market Analysis by Type
Advanced Lead–Acid Battery Market Analysis by Construction Method
- Valve Regulated Lead Acid (VRLA) Battery
- Flooded Battery
Advanced Lead–Acid Battery Market Analysis by End-Use Industry
- Automotive and Transportation
- Energy and Power
- Commercial & Residential
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