LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial lead-acid battery market to grow to USD 9.9 billion by 2021, at a CAGR of more than 5% over the forecast period, according to their latest report.
The research study by Technavio on the global industrial lead-acid battery market for 2017-2021 provides detailed industry analysis based on the applications (stationery industrial lead-acid battery and motive power industrial lead-acid battery), battery type (flooded lead-acid (FLA) batteries and valve regulated lead-acid (VRLA) batteries), and geography (APAC, the Americas, and EMEA).
|APAC is the dominant regional segment of the industrial lead-acid battery market, expected to generate both the highest revenue and maximum incremental growth over the forecast period. The use of lead-acid batteries in the renewable energy and industrial sectors in APAC is responsible for the dominance of the market segment.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global industrial lead-acid battery market:
- Increased investment in green telecom
- Change in global energy mix
- High demand for electric forklift applications
Increased investment in green telecom
Growing population and rapid advances in technology have resulted in increased mobile and smartphone penetration across countries, leading to the robust growth of the telecommunication industry. The industry is currently under immense pressure to lower their carbon footprint, and are investing in green telecom power systems which create a high demand for lead-acid batteries.
“Vendors in the market are releasing green offerings, which is creating a new consumer demographic to the market. For instance, Eaton offers integrated clean fuel-cell backup power solutions and generator start-up optimization software,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research.
Change in global energy mix
The continuous population growth and economic development have resulted in an increase in power consumption and demand. To cater to the steadily increasing power requirements, governments across the world are actively pushing for the adoption of clean and sustainable energy sources, such as solar, wind, and biomass. This has created a requirement for dependable off-grid energy storage batteries such as lead-acid batteries, thereby driving the growth of the market.
High demand for electric forklift applications
“The retail and wholesale, logistics, mechanical or automotive, food and beverages, chemical, timber or paper, and print industries are the end-users for battery-powered forklifts. Electric forklifts are usually powered by lead-acid batteries, as they require less maintenance and has lower replacement costs,” says Thanikachalam.
End-users show a clear preference towards electric forklifts as they emit low emissions, have fewer noise hazards, and eliminate fuel costs. Electric forklifts also have a longer lifespan when compared with internal combustion forklifts.
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