The global hybrid lead-acid battery market is expected to grow at a CAGR of more than 15% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global hybrid lead-acid battery market 2018-2022 under their energy library. (Graphic: Business Wire)
The report categorizes the global hybrid lead-acid battery market by end-user that includes grid energy storage and automotive. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising demand for cleaner fuels
CO2 emissions have been growing because of the rise in the economic activities across the globe. The quantity of CO2 being produced from various activities has emerged as a main source of concern. Countries across the world have engaged in efforts to decarbonize power systems and shift to RE for controlling the CO2 emissions. Since 2014, global CO2 emissions remained almost stable for three straight years, even though the global economy has grown, thereby decoupling economic activities with CO2 emissions. But, this is not the case with the transportation sector. When compared with the year 2000, the CO2 emissions from the transportation sector increased by approximately 63% in 2014.
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Market trend: implementation of hybrid power systems in telecom towers
The telecom industry is growing at a rapid pace, mostly in the developing nations. More telecom towers have been built in remote locations with poor grid connectivity. Thus, isolated towers need efficient energy supply that can be provided by a combination of RE sources with diesel generators for backup. The focus is on hybrid power systems that have a lower impact on the environment. This is because hybrid power systems produce fewer carbon emissions when compared with legacy power systems that use a different combination of energy types.
According to a senior analyst at Technavio for energy storage research, “Hybrid power systems can resolve the problem of electricity imbalances in remote locations, particularly with the use of the renewable hybrid sources. Therefore, the adoption of hybrid power systems is one of the trends in the power utility industry because of the increasing penetration of the telecom industry into the off-grid areas. Countries across the world are taking an active interest in reducing emission levels by promoting the use of clean energy, such as wind and solar energy storage.”
Market challenge: lead pollution and stringent laws
As of 2016, lead-acid batteries accounted for more than 85% share of the overall production of lead. The standard arrangement of lead-acid batteries includes lead plates placed in sulfuric acid inside a plastic casting. The recycling of lead-acid batteries reduces the number of disposable batteries as a solid waste. But, the battery cells contain a significant amount of lead oxide toxins that are harmful to the environment.
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