Pune, Aug. 13, 2020 (GLOBE NEWSWIRE) — The global lead acid battery for energy storage market size is projected to reach USD 9.73 billion by 2027, exhibiting a CAGR of 3.6% during the forecast period. Increasing renewable capacity additions will be a major growth determinant for this market, shares Fortune Business Insightsâ„˘ in its report, titled â€śLead Acid Battery for Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Type (Utility Owned, Custom Owned, Third Party Owned), By Application (Micro-grid, Household, Industrial, Military), and Regional Forecast, 2020-2027â€ť. According to the latest publication by the International Renewable Energy Agency (IRENA), the global renewable energy capacity stood at 2,537 GW at the end of 2019, with wind and solar accounting for 25% of the increase. While renewables capacity is growing at an impressive rate, the challenge faced by the energy sector is in the form of energy storage. The International Energy Agency (IEA) estimates that by 2030 the world will need 266 GW of energy storage. Lead-acid batteries are the oldest and some of the most reliable battery storage systems, costing substantially lower than lithium-ion batteries. Moreover, these batteries can be effectively used for solar power storage are they are configurable and scalable to meet any capacity requirements.
The eruption of the COVID-19 pandemic in early 2020 has shaken the world economic dynamics, with some sectors and industries bearing the severest brunt of the crisis. While governments worldwide are taking various measures to curb the spread of the virus and reboot their economies, the short- and medium-term implications of the pandemic are anticipated to be dire. At Fortune Business Insightsâ„˘, based on our experience and expertise, we are offering specialized market research reports, detailing the impact of the coronavirus on your business.
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The report states that the global market value was at USD 7.36 billion in 2019 and also contains the following information:
Limited Utilization of Lead-acid Batteries in Grid Stabilization to Hinder Market Growth
One of the major constraints facing the lead acid battery for energy storage market growth is the limited capacity and usage of lead-acid batteries in grid storage. Power companies are preferring lithium-ion (li-ion) batteries for grid stabilization over more conventional energy storage systems owing to their high energy density and lightweight properties. For instance, the Hornsdale Power Reserve in Southern Australia is the worldâ€™s largest lithium-ion battery storage facility built by Tesla, which is used to stabilize the electricity grid from the energy received from a nearby wind farm. The battery system also powers over 30,000 homes in the region. In 2015, California heavily utilized lithium-ion battery technology to offset the loss of energy that was triggered when the Aliso Canyon natural gas facility leaked. Considerable benefits of li-ion batteries as compared to lead-acid energy storage systems will be a critical hurdle for this market in the coming years, as the race for energy security intensifies.
Transforming Renewables Infrastructure to Accelerate the Market in Asia Pacific
With a market size of USD 3.12 billion, Asia Pacific is set to dominate the lead acid battery for energy storage market share in the upcoming years on account of rapidly transforming renewable energy infrastructure in China and India. This factor is further bolstered by the skyrocketing demand for electricity in these two as well as other developing countries in the region, which is surging the installations of battery storage units connected to the grid.
The market for lead acid battery for energy storage in Europe is expected to be mainly driven by the ambitious targets set by countries of the European Union (EU) to mitigate the ill-effects of climate change and global warming. In North America, on the other hand, aggressive adoption of fully-electric and hybrid vehicles is likely to stoke the adoption of lead-acid batteries.
Key Players to Focus on Providing Efficient Battery Back-up Systems
Power storage and transmission necessitates the development of efficient back-up battery systems to ensure uninterrupted supply of energy. Companies in the lead acid for energy storage market are constantly in the process of engineering such storage solutions, with particular focus on government bodies, which need to ensure continuous power supply to households and industries.
List of Key Players Covered in the Market for Lead Acid Battery for Energy Storage:
Lead Acid Battery For Energy Storage Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103445
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