The adoption of renewable energy resources, including solar energy, wind energy, and biofuels, instead of conventional resources, such as fossil fuels, is growing swiftly. This is due to the rapidly declining rate of fossil fuels, adverse effects on the environment due to the excessive consumption of traditional energy resources, and surging demand for energy al across the globe. The use of clean energy resources can aid significantly in reversing the damage that has been caused to the environment and have the potential to keep up with energy requirements. The effective use of renewable energy resources depends largely on batteries, as the energy needs to be stored.
Because of these reasons, the demand for lead–acid batteries is growing as well. These batteries make use of lead peroxide and sponge lead for converting chemical energy into electrical power. Lead–acid batteries are highly reliable during their lifetime, have medium-to-high efficiency, and have strong surge capabilities. They are suitable for power quality, uninterruptible power supplies (UPS), and spinning reserve applications. Ascribed to these factors, the global lead-acid battery market is projected to reach a value of $70.7 billion in 2023, increasing from $56.9 billion in 2017, and is expected to progress at a 3.7% CAGR during the forecast period (2018–2023).
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Two types of lead–acid batteries in terms of construction are valve-regulated lead–acid, and flooded. Because of their rising requirement in marine applications, high power output, and cost-effectiveness for entry-level start-stop systems, the demand for flooded lead–acid batteries was the highest in the past. Starting, lighting, & ignition (SLI), standby, and motive are three types of lead–acid batteries. Out of these, SLI batteries were the most in demand in the past and the situation is projected to be the same in the years to come as well.
This is because of the growing adoption of energy storage devices and rising usage of UPSs in the oil & gas industry. Geographically, Asia-Pacific has emerged as the largest lead-acid battery market, owing to the expanding automotive industry in the region on account of the increasing disposable income in countries including India and China. In addition to this, the adoption of energy storage systems is also growing swiftly in the region, further driving the demand for lead–acid batteries.