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Global Market Forecast on Deep Cycle Battery

Deep Cycle Battery: Introduction

·         Deep cycle batteries are energy storage units that provide the required amount of electricity. Electric power is generated by the chemical reaction that develops potential voltage or current. These batteries are designed to cycle in terms of charge and discharge for a number of times. Deep cycle battery is designed for regular deep discharge by using its maximum capacity.

·         Deep cycle batteries are widely employed in various applications such as electrically propelled forklifts, floor sweepers, motorized wheelchairs, golf carts, traffic signals, and electric vehicles. These batteries are highly used in off-grid energy storage systems, especially in solar power and wind power, to store a large amount of energy converted in the day time through solar systems.

·         Various types of deep cycle batteries are available in the market. These include flooded batteries, gel batteries, AGM batteries, and lithium-ion batteries. Deep cycle batteries are designed to deliver a depth of discharge (DOD) up to 80% compared to the normal batteries due to the larger and thicker plates inside.

Key Drivers and Restraints of Deep Cycle Battery Market

·         Increase in demand for off-grid energy storage devices in a various countries is likely to boost the global deep cycle battery market in the next few years. Off-grid energy storage requires efficient backup to recover demand for instant electricity. This can be provided by deep cycle batteries.

·         Rise in disposable income of consumers owing to the improvement in economic conditions in various countries has boosted travel and tourism activities. This, in turn, has propelled the demand for recreational boating and motorized water sports activities across the globe. Deep cycle batteries are widely employed in recreational boats, fishing boats, and sailing boats due to high requirement of electric power for a long duration. Rise in demand for effective energy cycle batteries in the recreational vehicle industry is projected to augment the deep cycle battery market in the near future.

·         Implementation of stringent government regulations for lead production due to high risk of environmental hazards is key factor likely to hamper the deep cycle battery market during the forecast period

COVID-19 Impact Analysis

Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, production facilities of automobile and other industries have come to a temporary halt. Disruption in operation of production facilities is adversely affecting the demand for deep cycle batteries, as these batteries are used in electrical vehicle and electronics goods to provide continuous power supply for their proper functioning.

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Valve Regulated Lead-acid Batteries Type Segment Expected to Hold Prominent Share of Global Market

·         The global deep cycle battery market can be segmented based on type, application, and region

·         Based on type, the global deep cycle battery market can be segregated into valve regulated lead-acid batteries (VRLA) and flooded lead-acid batteries (FLA). The valve regulated lead-acid batteries (VRLA) segment is anticipated to expand significantly during the forecast period due to the benefits associated with VRLA batteries. VRLA batteries are maintenance free and require no addition of electrolyte or water.

·         Based on application, the global deep cycle battery market can be divided into motive platform, stationary, and automotive. The stationary segment is anticipated to expand significantly during the forecast period due to the widespread network of telecommunication towers across the globe.

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Asia Pacific Expected to Constitute Major Share of Global Deep Cycle Battery Market

·         In terms of region, the global deep cycle battery market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America

·         Asia Pacific is expected to account for dominant share of the global deep cycle battery market during the forecast period. Rise in demand for automotive, especially electric vehicles, and growth of telecommunication networks in China, India, and South Korea are expected to fuel the demand for deep cycle batteries in Asia Pacific.

·         Increase in demand for off-grid energy storage devices in developing economies of Asia Pacific such as Malaysia, Indonesia, and Vietnam is estimated to offer lucrative opportunities for manufacturing companies of deep cycle batteries in Asia Pacific

·          The deep cycle battery market in North America and Europe is likely to expand during the forecast period due to rise in demand for recreational boating, golf carts, and forklifts across the manufacturing industry. The U.S. consumers are the prominent owners of recreational boats and fishing boats. Increase in sales of recreational boats is estimated to fuel the deep cycle battery market in the country during the forecast period.

·         Rise in import of deep cycle batteries in Latin America and Middle East & Africa due to the attractive travel & tourism industry is projected to boost the demand for these batteries in these regions

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Key Players Operating in Global Market

Leading companies operating in the global deep cycle battery market include:

·         Trojan Battery

·         Exide Technologies

·         Johnson Controls

·         C&D Technologies

·         U.S. Battery Manufacturing Company

·         Rolls Battery

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