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According to the research report on advanced lead-acid batteries released by Technavio, an international market research institution, the global market size of advanced lead-acid batteries is expected to increase to $3.
08 billion from 2021 to 2025, with a compound annual growth rate of 8.
7%
during the period.
The report argues that population growth and economic development will contribute to increased electricity consumption, while greenhouse gas emission control and reduction targets force the government to focus on sustainable and renewable energy sources such as wind, solar and biomass
.
As government mandates for the use of renewable energy continue to increase, the global energy mix has changed
.
Thus, intermittent power generation from renewable sources will drive the demand for advanced lead-acid batteries for energy storage during
the forecast period.
The growing popularity of microgrids is an important trend during the forecast period, which will influence the market landscape
of advanced lead-acid batteries.
Microgrids use solar and wind energy to generate electricity, which is one of
the main factors driving the adoption of microgrids driven by growing concerns about environmental concerns.
On the other hand, the installation of microgrids will increase due to the need to supply power in places where the grid cannot be provided, thereby stimulating the growth in demand for advanced lead-acid batteries for energy storage applications
.
60% of the growth of the market will come from Asia Pacific
during the forecast period.
China, Japan, and India are the major markets
for advanced lead-acid batteries in the Asia-Pacific region.
Increasing vehicle penetration and increasing demand for ESSs for utility and automotive applications will contribute to the rapid growth
of the lead-acid battery market in Asia Pacific during the forecast period.
However, in terms of growth rate, the market growth in this region will be slower than that of EMEA, and the Americas
.
According to the research report on advanced lead-acid batteries released by Technavio, an international market research institution, the global market size of advanced lead-acid batteries is expected to increase to $3.
08 billion from 2021 to 2025, with a compound annual growth rate of 8.
7%
during the period.
The report argues that population growth and economic development will contribute to increased electricity consumption, while greenhouse gas emission control and reduction targets force the government to focus on sustainable and renewable energy sources such as wind, solar and biomass
.
As government mandates for the use of renewable energy continue to increase, the global energy mix has changed
.
Thus, intermittent power generation from renewable sources will drive the demand for advanced lead-acid batteries for energy storage during
the forecast period.
The growing popularity of microgrids is an important trend during the forecast period, which will influence the market landscape
of advanced lead-acid batteries.
Microgrids use solar and wind energy to generate electricity, which is one of
the main factors driving the adoption of microgrids driven by growing concerns about environmental concerns.
On the other hand, the installation of microgrids will increase due to the need to supply power in places where the grid cannot be provided, thereby stimulating the growth in demand for advanced lead-acid batteries for energy storage applications
.
60% of the growth of the market will come from Asia Pacific
during the forecast period.
China, Japan, and India are the major markets
for advanced lead-acid batteries in the Asia-Pacific region.
Increasing vehicle penetration and increasing demand for ESSs for utility and automotive applications will contribute to the rapid growth
of the lead-acid battery market in Asia Pacific during the forecast period.
However, in terms of growth rate, the market growth in this region will be slower than that of EMEA, and the Americas
.
