Latest News- Secondary Battery Market: Lead-acid is expected to lead the Technology segment during 2025-2029

The Secondary Battery Market is being driven by Decline in lithium-ion battery costs

The Secondary Battery Market is expected to grow at a CAGR of 23.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 34486.5 billion. Advanced lead-acid batteries represent a significant advancement in energy storage technology, delivering superior overall performance and combating the performance degradation issues common in standard lead-acid batteries, particularly sulfation. Three leading technologies in this field are Enhanced Flooded Batteries (EFBs), absorbent glass mat (AGM) batteries, and lead-carbon batteries. These advanced batteries are extensively utilized for both on-grid and off-grid energy storage systems to ensure uninterrupted power supply. In the automotive sector, they are predominantly employed for start/stop applications in micro-hybrid vehicles and electric vehicles (EVs). 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Lead-acid
  • Lithium-ion
  • Others
• Application
  • Automotive batteries
  • Industrial batteries
  • Portable batteries
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Decline in lithium-ion battery costs
• Technological advancements in battery chemistry
• Rising focus on renewable power generation

However, the market also witnesses some limitations, which are as follows:

• Operational and environmental issues associated with lead-acid batteries
• Concerns associated with recycling and end-of-life management of secondary batteries
• Growing competition from fuel cells

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Market Scope in Secondary Battery Market Research Report

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Research Analysis Overview

The secondary battery market encompasses various types of rechargeable batteries, with key performance metrics including charge capacity, discharge rate, self-discharge rate, internal resistance, open circuit voltage, and temperature dependence. Factors such as calendar life, cycle testing, capacity fade, voltage sag, thermal runaway, short circuit, overcharge protection, and overdischarge protection are essential considerations. Power electronics and electrical storage systems are integral to battery applications in grid integration, renewable energy, electric vehicles, hybrid vehicles, and portable electronics. Battery pack architecture involves parallel and series connections, cell configuration, and various safety features like thermal management systems.

Market Research Overview

The secondary battery market, specifically the lithium-ion battery sector, plays a pivotal role in the expansion of the global renewable electricity market. Energy and power density, cycle life, and cathode materials are crucial factors influencing the performance and cost-effectiveness of these batteries. The market's growth is driven by supportive policies and ambitious targets for renewable energy deployment, which have significantly boosted the adoption of renewables over the past decade. This trend is expected to continue, with key players in the global renewable electricity market, including independent power producers, gas and power marketing specialists, integrated energy merchants, and renewable electricity manufacturers, benefiting from this shift towards sustainable energy solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/