Lead Acid Battery for Energy Storage Market to Grow at 3.6% CAGR till 2027; Rising Construction of Solar and Wind Micro Grids to Boost the Market

The global lead acid battery for energy storage market size is projected to reach USD 9.73 billion by 2027 owing to surging demand for uninterrupted power supply in residential areas, states Fortune Business Insights™ in its report, titled “Lead 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, 2020-2027”. As per the report findings, the value of this market stood at USD 7.36 billion in 2019 and is expected to register a CAGR of 3.6% from 2020 to 2027.

The COVID-19 outbreak is anticipated to hamper the lead acid battery for energy storage market growth as lockdowns, social distancing, and work from home have led to a sharp decline in energy demand and consumption.

Vistra Announces Expansion of Battery Storage Systems at Its Moss Landing Facility

In May 2020, Vistra Energy, an energy company based in the US, announced its plans to expand its battery energy storage systems facility at Moss Landing, California, subject to clearance from the California Public Utilities Commission. A major player in utility-scale battery development domain, Vistra has been developing the Moss Landing Facility under a 10-year resource adequacy agreement with Pacific Gas & Electric Company (PG&E). The additional 100-megawatt/400-megawatt hour battery is sought by PG&E to complement the existing capacity. This venture is aimed at accelerating the advancements in renewable energy storage technologies and ultimately establishing carbon-free grid infrastructures.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/lead-acid-battery-for-energy-storage-market-103445

Increasing Demand for Electric Vehicles to Favor Market Growth

Electric vehicles (EVs) eliminate the need for an internal combustion engine found in their conventional counterparts as they run on batteries. To function smoothly, EVs require efficient storage systems and therefore, many of them are heavily dependent on the highly mature lead-acid battery systems. Considering their extensive and long-term environmental benefits, the demand for EVs is rapidly rising worldwide. According to the International Energy Agency (IEA), global electric car sales hit 2.1 million in 2019, accounting for 2.6% of the total worldwide car sales during the year. However, the advent of lithium-ion batteries has led to a substantial slump in the adoption of lead-acid batteries as the former are more energy-efficient. Nonetheless, experts believe that these batteries will continue to be demanded owing to significantly lower costs than Li-ion batteries and high reliability.

Industry-Academia Collaborations to be Marquee Feature of the Market

Battery storage domain presents a wide scope for research and innovation and many academic institutions are actively exploring the length and breadth of the application areas of this technology. Since lead-acid batteries are cost-competitive compared to their more modern counterparts, companies and research bodies are increasingly entering into collaborations to maintain the uptake of these batteries until the energy transition is completed. With the demand for renewables and EVs growing prolifically worldwide, the scope for R&D expansion in this field is set to broaden considerably in the coming years.

Industry Development:

• February 2020: Bharat Heavy Electricals Limited (BHEL) won a tender floated by the Energy and Resources Institute (TERI) to install and maintain battery energy storage systems (BESS) in Delhi at an estimated cost of INR 2.51crore over a period of six years.

List of Key Players Profiled in the Market for Lead Acid Battery for Energy Storage:

• First National Battery (Benoni, South Africa)
• Storage Battery Systems, LLC (Ridgewood Dr. Menomonee Falls, United States)
• C&D Technologies (Pennsylvania, United States)
• FIAMM (Montecchio Maggiore, Italy)
• Guangdong JIYI General Corporation (Guangzhou, China)
• Leoch (Shenzhen, China)
• Narada (Hangzhou, China)
• Exide Technologies (Georgia, United States)
• Rolls Surrette (Springhill, Canada)
• Okaya (New Delhi, India)
• Champion Storage Battery Company Limited (Shenzhen, China)
• Bulls Power (Guangdong, China)
• HOPPECKE (Brilon, Germany)
• GSYuasa (Kyoto, Japan)
• Amara Raja (Hyderabad, India)
• East Penn Manufacturing (Lyons, PA, USA)
• Enersys (Reading, United States)

Further Report Findings:

• Asia Pacific, which boasted a market size of USD 3.12 billion in 2019, is expected to command the lead acid battery for energy storage market share during the forecast period owing to the emergence of virtual power plants in certain countries including Japan and Australia.
• The utility-owned segment is anticipated to grow rapidly as large-scale battery installations are undertaken by utility companies.

The Global Market for Lead Acid Battery for Energy Storage is segmented into: