Deep-Cycle Battery Market Size to Reach US$ US$3.8 Bn in 2030, Fairfield Market Research Forecasts 7.4% CAGR
A recent report by Fairfield Market Research highlights a significant rise in global sales of deep-cycle batteries, driven by increasing demand for efficient energy storage solutions and the expanding utilization of renewable energy sources.
London, March 18, 2024 (GLOBE NEWSWIRE) -- Global deep-cycle battery market is poised to witness a stable surge, growing at U$S 3.8 Bn in 2030, showing a considerable increase from US$2.3 Bn attained in 2023. This growth is driven by a predicted CAGR of 7.4% from the period 2023 to 2030.
The growing adoption of renewable energy sources such as solar and wind power has driven the demand for deep-cycle batteries for energy storage applications. Also, the automotive industry's shift towards electric and hybrid vehicles has fuelled the demand for deep-cycle batteries for use as traction batteries.
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REPORT SCOPE
Report Attributes | Details | |
Base Year | 2022 |
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Forecast Year | 2023 – 2030 | |
Market Size in 2022 | US$2.3 Bn | |
Estimated Market Size in 2030 | US$3.8 Bn | |
CAGR | 7.4% |
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Growth Drivers |
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Segmentation |
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Regional Coverage |
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Deep-cycle batteries are used in off-grid and grid-tied solar systems, as well as wind energy storage systems, to store excess energy generated during periods of high production for use during times of low production or high demand. The increasing need for reliable electricity supply in such locations is driving the demand for deep-cycle batteries.
“As the need for energy storage solutions increases, driven by factors such as grid stabilization, peak shaving, and demand response, deep-cycle batteries are becoming increasingly important. They offer a viable solution for storing excess energy generated during off-peak hours for use during peak demand periods,” says the analyst.
Deep-cycle batteries are used in off-grid and grid-tied solar systems, as well as wind energy storage systems, to store excess energy generated during periods of high production for use during times of low production or high demand.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/deep-cycle-battery-market
Key Research Insights
The flooded lead-acid batteries (FLA) category dominated the industry in 2023.
The motive platform segment is anticipated to dominate the market in terms of market share for deep-cycle batteries globally.
The market for deep-cycle batteries is expanding in North America.
The Asia Pacific region is anticipated to account for the largest global deep-cycle battery market share.
Insights into Segmentation Analysis
Motive Platform is Expected to Surge Ahead Throughout the Forecast Period
The motive platform category dominated the industry. Motive platform offers analytics and data to the battery business. Battery distributors, manufacturers, and consumers can all benefit from the company's platform by tracking and analysing battery performance.
The data from the Motive Platform can be utilised to enhance battery usage, production, and design.
The automotive category is anticipated to grow substantially throughout the projected period. The automotive deep-cycle battery business has enormous potential for future growth.
FLA Category Continues to Dominate
The flooded lead-acid batteries (FLA) segment dominated the market in 2023. FLA batteries are a well-liked option for deep-cycle applications because of their performance and price.
Other deep-cycle battery types, such as lithium-ion and valve-regulated lead-acid (VRLA) batteries, are becoming more and more competitive with them.
The automotive category is anticipated to grow substantially throughout the projected period. The automotive deep-cycle battery business has enormous potential for future growth.
Key Report Highlights
The key trend anticipated to fuel the deep-cycle battery market growth is the demand for effective energy storage technologies.
The growing use of renewable energy sources drives the market growth.
The increasing popularity of electric vehicles, driven by concerns about environmental pollution and the depletion of fossil fuels, is boosting the demand for deep-cycle batteries
Insights into Regional Analysis
North America Poised for Noteworthy Expansion
The presence of major regional companies is driving expansion in the North American deep-cycle battery market. A few major companies, including Trojan Battery, Exide Technologies, and Johnson Controls, control the majority of the deep-cycle battery business in North America. These companies sell a variety of deep-cycle batteries, ranging in size from big industrial batteries to little golf cart batteries.
New companies entering the industry, like Panasonic, and Tesla, are also becoming visible. In contrast to conventional lead-acid batteries, these businesses are creating new kinds of deep-cycle batteries called lithium-ion batteries, which have longer lifespans and higher energy densities.
Asia Pacific Remains the Largest Revenue Contributor
Due to the growing need for automobiles, it is anticipated to dominate Asia Pacific. Based on utilisation, Asia Pacific is predicted to hold a significant portion of the global deep-cycle battery market in the upcoming years.
Deep-cycle battery demand is expected to rise in the upcoming year due to the growing need for automobiles, particularly electric ones, and the expansion of telecommunication networks in China, India, and South Korea.
Deep-cycle battery manufacturers in Asia are expected to find great opportunities because of the growing demand for off-grid power reserve equipment in emerging nations such as Vietnam, Indonesia, and Malaysia.
Key Companies Profiled in the Global Deep-cycle Battery Market
C&D Technologies Inc.
Trojan Battery
East Penn Manufacturing Co. Inc.
Crown Battery Manufacturing Co.
Johnson Controls International Plc
EnerSys
EverExceed Industrial Co. Ltd.
Exide Technologies
Rolls Battery
GS Yuasa Corp.
Battery Manufacturing Company
HBL Power Systems Ltd
Global Deep-Cycle Battery Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/deep-cycle-battery-market
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