The energy and power sector is experiencing a sea change owing to the adoption of modern technologies that makes power supply easily accessible and more convenient for customers. Energy underpins every facet of contemporary life, that is driving prosperity and economic growth, and thus has a direct connection to living standards of consumers. This is a vast and growing industry comprising of all sectors that are involved both in the production of energy and also its sale. This includes manufacturing, extraction, refining, and distribution. The modern society consumes a massive amount of energy, and thus, this industry is crucial all across the world. The energy industry is broadly categorized into the coal industry, renewable energy industry, petroleum industry, gas industry, and the electrical power industry.
Lead corrosive batteries are battery-powered batteries. These batteries are comprised of lead and sulfuric acids. These batteries are utilized for UPS machines, traveler vehicles, transportation, private and different purposes. The worldwide lead corrosive battery market will achieve 76.15 billion USD by 2025 from 57.21 billion USD in 2018 with a CAGR of 4.17% during the guaging time frame.
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Growth by Region
Asia Pacific will hold prominent share in the market owing to increasing usage of lead acid batteries in UPS applications, which are low cost and reliable. Europe is a key region of the lead acid battery market due to the ongoing developments, research and investments for off-shore in on-shore renewable energy generation activities. North America will have slow increment in demand during the period due to adoption of other alternatives for lead acid batteries.
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Drivers vs Constraints
Demand for passenger vehicles is increasing enormously which in turn increased the demand for lead acid batteries. Increasing requirement of UPS appliances in various sectors has driven the growth of the market. However, the adoption of Ii-ion batteries in automobile industry due to poor performance of lead acid batteries restrains the growth of the market.
Industry Trends and Updates
Gravita India company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements.
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