Deep Cycle Battery Market, By Battery Type (Flooded deep-cycle batteries, Sealed deep-cycle batteries, and Lithium-ion batteries), By Application (Solar Energy Storage, Off-Grid Power, Electric Vehicles, Marine Equipment, Telecom Backup, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Published In : Mar 2024

Code : CMI6770

Pages :175

Formats :

Excel and PDF

Industry : Consumer Electronics

Market Concentration and Competitive Landscape

Deep Cycle Battery Market Concentration By Players

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Emergence of Energy Storage Applications

The emergence of new energy storage applications beyond traditional uses in solar home systems and UPS systems is another key driver fueling the demand for deep cycle batteries. With concerns over intermittent renewable energy supply and carbon emission goals, many developed nations are focusing on modernizing their power grids to integrate higher shares of variable renewable energy sources like solar and wind through large-scale energy storage installations. Technical advances are also enabling the use of battery storage in electric vehicles, microgrids, and behind-the-meter residential storage systems. Deep cycle batteries are well-suited for stationary storage applications owing to their ability to charge-discharge hundreds or thousands of times over many years. Additionally, their maintenance-free sealed designs make them suitable for use in indoor energy storage installations unlike flooded lead-acid variants. The uptake of battery storage is growing across many markets driven by factors like declining battery prices, new revenue streams through ancillary power grid services, time-of-use tariff arbitrage, and enhanced grid resiliency. The rapid cost declines witnessed in lithium-ion batteries is also boosting their competitive position versus conventional lead-acid batteries for several grid and residential storage roles.

For instance, on February 7, 2024, the U.S. Department of Energy's Advanced Materials and Manufacturing Technologies Office announced a US$15.7 million funding opportunity to boost the domestic manufacturing of next-generation batteries and energy storage systems.

Key Players Insights