Lead Acid Battery Market Growth Analysis
Considering the environmental benefits of lead-acid batteries, several end-user 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, the lead-acid battery market in 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 an in-depth understanding of the chemical interactions inside a dead battery while it charges & discharges. Apparently, this would help the mass commercialization of the lead-acid batteries in electric vehicles, energy utilities, and smartphones, 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, the lithium ion battery market held a valuation of over USD 24 billion in 2016.
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