Deep Cycle Batteries Market Size is valued at USD 2.45 Bn in 2023 and is predicted to reach USD 4.39 Bn by the year 2031 at a 7.5% CAGR during the forecast period for 2024-2031.
Deep-cycle batteries are engineered to be recharged and discharged multiple times. Golf carts, recreational vehicles, and solar power systems are some of the most typical use cases for them. A deep-cycle battery can only last as long as the owner takes the time to maintain it regularly. These batteries are engineered to endure the extreme vibration and impact that any boat is bound to encounter. They are thus ideal for use on ships and other vessels. The deep-cycle battery market is anticipated to see expansion because of factors such as the increasing need for maritime freight transportation vessels, the advantages of lithium-ion batteries over lead-acid batteries, and the growing popularity of water sports as well as leisure activities. Furthermore, the growing popularity of renewable energy sources is propelling the need for efficient energy storage solutions, which in turn is fueling the deep-cycle battery industry.
However, the market growth is hampered by the restricted storage capacity and energy density criteria for the safety and health of the deep cycle batteries market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high deep cycle batteries because of the current limitations in battery technology, including their poor energy density and storage capacity, some marine applications have power requirements that are hard to meet. The long-range and energy density that large commercial vessels and long-range vessels often need may not be fully provided by the current battery technology. The COVID-19 pandemic has impacted markets around the world and shut down several industries to prevent the spread of the virus. This could slow down the industry's progress.
Competitive Landscape
Some Major Key Players In The Deep Cycle Batteries Market:
- C&D 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
- Su-Kam Power Systems
- Trojan Battery
- S. Battery Manufacturing Company
- West Marine Inc.
- Yokohama Trading N.V. (Suriname)
- Other market players
Market Segmentation:
The deep cycle batteries market is segmented based on battery type, application, and organization size. The battery type segment is segmented into flooded deep-cycle batteries (Absorbed Glass Mat (AGM) batteries, Gel batteries), sealed deep-cycle batteries, and lithium-ion batteries. As per the to the application segment, the market is segmented into solar energy storage, off-grid power, electric vehicles, marine equipment, telecom backup, and others.
Based On The Application, The Off-Grid Power Segment Is Accounted As A Major Contributor To The Deep Cycle Batteries Market
The off-grid power deep-cycle batteries market is expected to hold a major global market share in 2022. The use of off-grid electricity systems is on the rise in developing countries, hilly regions, rural agricultural communities, and island states. Having deep-cycle batteries on hand is crucial for maintaining energy availability in situations where primary renewable sources are not accessible.
Sealed Deep-Cycle Batteries Segment To Witness Growth At A Rapid Rate
Sealed deep-cycle batteries make up the bulk of acrylic acid ester usage because they are superior to flooded batteries in design. Sealed batteries are far easier for users than flooded ones because they don't need water maintenance. There is no longer any need to monitor the battery fluid levels because the sealed design stops gas and electrolytes from escaping, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The Asia Pacific Deep Cycle Batteries Market Holds A Significant Revenue Share.
The Asia Pacific deep-cycle batteries market is expected to record the maximum market revenue share in revenue in the near future. This can be attributed to the fact that electric vehicles, renewable energy systems, and options for powering off-grid are becoming more popular. It is also projected to grow rapidly in the global Deep Cycle Batteries Market due to growing environmental concerns, stricter regulations, and a greater focus on sustainable shipping operations.
Recent Developments:
- In May 2022, Exide used SVOLT expertise to construct a gigawatt-scale lithium-ion facility worth INR 6,000 cr. The development of the greenfield Li-ion cell facility, which reached a capacity of several gigawatts, was finished in two distinct stages. The company disclosed that phase one capital expenditures would amount to INR 2,500 crore. Initial annual production capacity was anticipated to be 6 gigawatt hours (GWh), with a target increase to 12 GWh within 8-10 years. Construction of the facility was scheduled to commence within the next 3–4 years.
- In Feb 2024, EnerSys, a manufacturer of batteries, has announced plans to construct a gigafactory near Greenville, South Carolina, specifically for the production of lithium-ion cells. This facility aims to enhance and expand battery manufacturing capabilities. The plant, spanning an area of 500,000 square feet, will generate 500 new employment opportunities and commence production by the end of 2027. It will have an increased production capacity of four gigawatt hours per year. The completion of the deal is contingent upon meeting closing conditions, obtaining final board approval, and securing regulatory and incentive approvals.
Deep Cycle Batteries Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.45 Bn |
|
Revenue Forecast In 2031 |
USD 4.39 Bn |
|
Growth Rate CAGR |
CAGR of 7.5 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Battery Type, Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
C&D 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) |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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