The Deep Cycle Battery Market Is Anticipated To Witness High Growth Owing To Increasing Demand

raj11

posted on 1 month ago — updated on 1 second ago

21
views

The Deep Cycle Battery Market Is Anticipated To Witness High Growth Owing To Increasing Demand

A deep cycle battery is a rechargeable valve regulated lead-acid (VRLA) battery designed to be regularly deeply discharged and recharged.

A deep cycle battery is a rechargeable valve regulated lead-acid (VRLA) battery designed to be regularly deeply discharged and recharged. These batteries have a slow discharge rate and are designed for use in applications that require deep and repetitive discharges without damage. The primary application of deep cycle batteries is in electric vehicles, marine vessels, golf carts, mobility scooters and other power backup systems since it provides stable power throughout the discharge cycle. The growing demand for uninterrupted and reliable power backup from various industries is one of the major drivers for the deep cycle battery market.

The global deep cycle battery market is estimated to be valued at US$ 2.57 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period from 2024 to 2031.

Deep cycle batteries are significantly beneficial over standard lead-acid batteries due to their ability to withstand deep discharge cycles without damage to plates and membranes in the battery. The demand for deep cycle batteries is growing from the telecom industry for power backup in cellular towers and telecom switching centers. These batteries are also witnessing increased adoption in renewable energy storage systems such as solar charge controllers and off-grid solar systems.

Key Takeaways

Key players operating in the deep cycle battery market include CD Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Industrial Co. Ltd., Exide Technologies, GS Yuasa Corp., HBL Power Systems Ltd., Johnson Controls, Microtex Energy Private Limited, Midac S.p.A, Navitas System LLC., Rolls Battery, S. Battery Manufacturing Company, Su-Kam Power Systems, Trojan Battery, U.S. Battery Manufacturing Company, West Marine Inc., and Yokohama Trading N.V. (Suriname). Key players are focusing on expansion plans and new product launches to gain market share. For instance, in 2021 Crown Battery launched their new Crown 12-volt deep cycle battery with increased cyclic performance and design improvements.

The key opportunities in the Deep Cycle Battery Market Demand include increasing sales from the renewable energy storage applications and growing demand from electric vehicles. Deep cycle batteries play a vital role in energy storage for solar power systems and off-grid applications which is anticipated to drive the market growth. Furthermore, with the rising adoption of electric vehicles worldwide, demand for large-capacity deep cycle batteries is expected to surge in the coming years.

Globally, the demand for deep cycle batteries is increasing across all major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific currently dominates the global market owing to large consumer base and presence of key battery manufacturers in China and India. However, North America and Europe are also anticipated to witness significant growth in the deep cycle battery market driven by strict emission regulations favoring electric mobility.

Market Drivers

One of the key drivers for the deep cycle battery market is the increasing use of renewable energy sources such as solar and wind power. Deep cycle batteries are extensively used for energy storage in residential and commercial solar power systems as well as off-grid applications. The growing emphasis on renewable energy generation driven by environmental concerns is driving the sales of deep cycle batteries.

Another major factor Deep Cycle Battery Market Size And Trends growth is the rising adoption of electric vehicles worldwide. Deep cycle batteries are the primary storage medium used in electric cars, scooters, forklifts and other electric transportation modes. Stringent emission norms boosting EV sales and growing consumer inclination towards green mobility is expected to propel the demand for deep cycle batteries over the forecast period.

Market Restraints

High initial costs of deep cycle batteries compared to regular lead-acid batteries is one of the major challenges restraining rapid market adoption. The advanced designs and construction of deep cycle batteries make them more expensive than commonly used SLI batteries. This high upfront expenditure may deter some potential customers.

Complex design parameters and maintenance requirements of deep cycle batteries also acts as a bottleneck in their widespread usage. These batteries require regular maintenance, monitoring and controlled charging for optimal performance. Such operational challenges can limit their adoption in commercial and industrial settings to some extent.

Segment Analysis

The deep cycle battery market is divided into sealed (VRLA - Valve Regulated Lead Acid) and flooded segments. The sealed segment accounts for around 65% of the market share as the maintenance requirements and safety precautions needed for flooded batteries make the sealed option more viable for users. This segment is expected to grow at a higher rate during the forecast period due to rising demand for maintenance-free batteries from various end-use industries like power industry, telecommunication, golf carts, boating etc.

Global Analysis

North America currently dominates the deep cycle battery market owing to high demand from industries like telecommunications and uninterrupted power supply systems in the region. The Asia Pacific region is projected to witness the highest growth during the forecast period mainly due to growing investments in telecom towers and rapid expansion of digital infrastructure in developing economies like China and India. Additionally, increasing sales of recreational vehicles in countries like Japan, Australia and growth in marine and golf cart sectors are fueling the deep cycle battery market growth in Asia Pacific region.

Get More Insights On, Deep Cycle Battery Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)