China Stationary Lead Acid Battery Market Methodology And Scope 2024
China Stationary Lead Acid Battery Industry Overview
China stationary lead acid battery market is expected to reach USD 4.55 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for lead acid battery in uninterruptible power supply (UPS) systems as they provide high power density and enhanced life expectancy will propel market growth over the forecast period. The growth of the commercial sector including theaters, malls, and hotels & restaurants in China is expected to stimulate the product demand on account of increasing government spending and FDIs. Rising emphasis on energy security has resulted in increasing the establishment of power plant installations over the past few years, and this trend is expected to continue owing to the increasing population and improving infrastructure.
China Stationary Lead Acid Battery Market Segmentation
Grand View Research has segmented the China stationary lead acid battery market on the basis of application:
Based on the Application Insights, the market is segmented into Utilities, Oil & Gas, Industries, Buildings, Transportation Infrastructure, Off-Grid Renewable, Telecommunication.
- Industrial applications accounted for 16.7% of the overall market in 2015. Lead-acid batteries are extensively used for providing backup power in various industries including manufacturing, chemical, metal, mining, and cement owing to the economic nature of these products.
- Utilities are expected to witness substantial growth at a CAGR of 7.9% from 2016 to 2024 owing to the high usage of these products in nuclear power plants. Rising environmental concerns along with the growing need for electricity generation will result in increasing demand for nuclear reactors.
- Increasing electricity generation in the country is expected to spur the demand for energy storage systems which in turn will fuel the demand for the stationary lead-acid battery market.
Key Companies Profile & Market Share Insights
Companies are focusing on product innovation to increase their market presence. For instance, in March 2016, GS Yuasa Corp introduced the “SLR-1000” lead-acid battery for solar application, which can handle 5,000 charge-discharge cycles, along with a rated capacity of 1,000 Ah.
Some prominent players in the China stationary lead acid battery market include
- GS Yuasa Corporation
- Leoch International Technology Ltd.
- Narada Power Source Co., Ltd
- Fengfan Co. Ltd.
- China Shoto
- Johnson Control
- Exide Technologies
- EnerSys
- Fujian Quanzhou Dahua Battery Co., Ltd
- C&D Technologies
- B. Battery Co., Ltd.
Order a free sample PDF of the China Stationary Lead Acid Battery Market Intelligence Study, published by Grand View Research.