Around the world, the population continues to grow, which is leading to the rising demand for electricity, among almost all other things. More people and houses mean more electrical appliances in use, which is putting immense pressure on national grids. In a large number of countries, especially the developing ones, the energy being produced is still way lesser than required. Thus, the existing grids regularly witness high-load conditions, which lead to power cuts for short and long durations.
As power cuts disrupt the day-to-day life, the demand for equipment that can continue to provide power in case of outages has been steadily increasing. Therefore, uninterruptible power supply (UPS) sales are increasing around the world. Since these devices draw electricity from lead–acid batteries, P&S Intelligence has forecast a 3.7% CAGR for the lead–acid battery market during 2018–2023. At this rate, the revenue generated from the sale of these energy storage systems will likely rise from $56.9 billion in 2017 to $70.7 billion by 2023.
Individual homes can still deal with a power cut, but there are several settings, such as hospitals, factories, public transport facilities, and data centers, that cannot. Therefore, a continuous supply of electricity is even more important at these places, which is either achieved via on-site generators or high-power UPSs with large batteries. Other than UPSs, other applications of lead–acid batteries are utilities, automotive, oil and gas, telecommunications, construction, leisure, mining, marine, and military. Among these, the largest application area is automotive, due to the rapidly increasing sale of vehicles Across the globe.
Globally, the sales of lead-acid batteries will increase rapidly in the Asia-Pacific region in the near future, on account of the rapidly expanding automotive industry, the growing usage of electric vehicles, and the rising disposable income of the people residing in the regional countries such as India and China. The ballooning sales of these batteries will cause the boom of the lead-acid battery market in this region in the coming years.
Hence, it can be said without any doubt that the sales of lead-acid batteries will soar all over the world in the upcoming years, mainly because of the growing deployment of electric and hybrid electric vehicles in several countries, on account of the rising implementation of favorable government policies, increasing spending power of people, and the surging consumer awareness of the environmental damage caused because of the usage of fossil fuel-powered vehicles.
Explore at: https://www.psmarketresearch.com/press-release/lead-acid-battery-market
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