Deep-Cycle Battery Market - 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)

Deep-Cycle Battery Market - 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)

The Global Deep-Cycle battery market is set to witness significant expansion, with forecasts indicating a rise from US$2.3 billion in 2023 to a projected US$3.8 billion by 2030. This growth trajectory, translating to a Compound Annual Growth Rate (CAGR) of 7.4% between 2023 and 2030, underscores the increasing demand for effective energy storage solutions, particularly in the context of renewable energy utilization.

Trend Driving Growth: Renewable Energy Integration

An essential factor propelling the deep-cycle battery market is the escalating adoption of renewable energy sources such as solar and wind power. Deep-cycle batteries play a crucial role in storing and distributing electricity generated from these sources, ensuring reliability and efficiency in power supply.

Distinguishing Features of Deep-Cycle Batteries

Compared to their SLI counterparts, deep-cycle batteries feature thicker lead plates, enabling longer discharge cycles despite generating less current. This characteristic makes them ideal for applications requiring sustained power output over extended periods, such as renewable energy systems.

Market Dynamics by Segment

In 2023, flooded lead-acid batteries (FLA) dominated the deep-cycle battery market, offering advantages in maintenance and discharge cycle longevity. Additionally, the motive platform segment is anticipated to hold a significant market share globally, driven by the rising demand for electric vehicles and material-handling equipment.

Regional Insights: Asia Pacific Leads the Charge

The Asia Pacific region is expected to command the largest share of the global deep-cycle battery market, fueled by the rapid expansion of automotive and telecommunication networks, particularly in China, India, and South Korea. Moreover, North America's well-established maritime industry contributes to the market's growth in the region.

Key Growth Determinants

1. Ageing Population's Increasing Use of Golf Carts: The market expansion is bolstered by the growing adoption of golf carts among senior citizens in nations like the US and India, supported by government initiatives and public sector integration.

2. Rising Demand for Electric Forklifts: Increased preference for electric forklifts due to their cost-effectiveness and environmental benefits drives the demand for deep-cycle batteries, emphasizing the importance of prolonged battery lifespan.

3. Rise in Funding for Green Telecom: Telecom companies' investments in renewable energy sources to power infrastructure contribute to the market's growth, driven by environmental concerns and regulatory pressures.

Major Growth Barriers

Despite the promising outlook, the deep-cycle battery market faces challenges such as high initial costs and stringent government regulations. The comparatively higher prices of deep-cycle batteries and regulatory compliance requirements pose obstacles to market expansion.

Key Trends and Opportunities

1. Newly Emerging Markets: Rapidly developing economies like China, Brazil, and India present significant growth opportunities, driven by investments in renewable energy and increasing energy storage demands.

2. Modifications to the World Energy Mix: The global transition from fossil fuels to renewable energy sources underscores the importance of reliable energy storage technologies, positioning deep-cycle batteries as integral components in this paradigm shift.

3. Growing Marine Sector: The expanding marine industry offers promising prospects for market expansion, with deep-cycle batteries playing a vital role in powering auxiliary equipment and propulsion systems.

Competitive Analysis:

The global deep-cycle battery market is characterized by a limited number of major players operating worldwide. These leaders are actively introducing fresh product offerings and refining their distribution channels to bolster their presence on a global scale. Fairfield Market Research anticipates further consolidation in this sector in the coming years.

Some of the prominent leaders in the global deep-cycle battery space include:
• C&D Technologies Inc.
• Trojan Battery
• Crown Battery Manufacturing Co.
• East Penn Manufacturing Co. Inc.
• Battery Manufacturing Company
• Johnson Controls International Plc
• EnerSys
• EverExceed Industrial Co. Ltd.
• Exide Technologies
• Rolls Battery
• GS Yuasa Corp.
• HBL Power Systems Ltd.

Global Deep-Cycle Platform Market is Segmented as Below:

By Type:
• Flooded Lead-acid Batteries (FLA)
• Valve Regulated Lead-acid Batteries (VRLA)

By Application:
• Stationary
• Automotive
• Motive Platform

By Geographic Coverage:
• North America

o U.S.

o Canada
• Europe

o Germany

o U.K.

o France

o Italy

o Turkey

o Russia

o Rest of Europe
• Asia Pacific

o China

o Japan

o South Korea

o India

o Southeast Asia

o Rest of Asia Pacific
• Latin America

o Brazil

o Mexico

o Argentina

o Rest of Latin America
• Middle East & Africa

o GCC

o South Africa

o Egypt

o Nigeria

o Rest of Middle East & Africa

Please note: The PDF e-mail from publisher version of this report is for a global site license. Delivery Timelines - 5 working days.