China Stationary Lead Acid Battery Market Will Witness Growth Owing To Rising Demand For Energy Storage Systems
Increasing usage of lead acid batteries in stationary applications owing excellent properties such as remarkable performance, long life, high energy density and ease of installation will stimulate market growth. Rising adoption of these batteries in UPS, oil & gas, energy, and railway sector owing to its low cost will fuel industry expansion over the forecast period.
Lead acid batteries have been used extensively for uninterruptible power supply (UPS) systems in commercial buildings such as offices, hospitals, banks and data centers. An increasing number of hospitals in China will drive the requirement for power backup devices which in turn will increase the market size. Moreover, favorable government policies along with growing number of public-private partnership projects are expected to augment its usage in buildings. Growing number of FMCG industries owing to increasing FDI will propel industry expansion over the forecast period.
Increasing off-grid renewable energy industry coupled with rising R&D investments by manufacturers will stimulate product demand over the upcoming years. Moreover, rising demand for efficient energy storage systems in electricity generation industry will open new avenues for the market. Various government policies including “National Energy Development Strategy 2014-2020”, Renewable Energy Quota Management Approach, “13th Five-year Plan on Renewable Energy”, “New Electric Power System Reform,” and “Golden Sun Programme” will stimulate demand over the forecast period.
The presence of major energy generation companies including China General Nuclear Power Group (CGN), China National Nuclear Corporation, Shenhua Group, Shenzhen Energy, China Datang Corporation, and China Guodian Corporation will propel market growth over the forecast period.
Volatility in raw material prices coupled with rising adoption of Li-ion batteries is expected to hinder growth over the next eight years. Numerous battery manufacturers including Narada Power Source Co., Ltd, East Penn Manufacturing, and GS Yuasa Corporation are continuously working on innovative products and solutions that are environmentally friendly and meet global environmental requirements such as EU’s Directive 2006/66/EU on battery recycling processes. The addition of carbon in lead acid batteries helps in increasing performance for power intensive applications including solar PV which will create growth opportunities over the next eight years.
China stationary lead acid battery is highly competitive in nature owing to the presence of numerous global and local manufacturers. Key players 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, and C&D Technologies.
GS Yuasa Corporation has been implementing numerous strategies for strengthening its foothold in the local as well as international market. The company has been undertaking strategies such as mergers & acquisitions, new product developments and expansion within the local market as well as in other countries of Asia Pacific to increase its overall penetration.
In-depth report on China stationary lead acid battery market by Grand View Research:
https://www.grandviewresearch.com/industry-analysis/china-stationary-lead-acid-battery-market