The Global Industrial Lead Acid Battery Market 2014-2018 study recently revealed that the worldwide market for these batteries, commonly used to power forklifts, will grow at an approximate compound annual growth rate (CAGR) of 5% by 2018.According to a September 6 Whatech.com article, the study, conducted by RnR Market Research, was conducted by looking at a variety of different sectors of the market for these batteries, using “in-depth market analysis with inputs from industry experts.”
The report cites the growing need for UPS services, which are driven by warehouses and, in turn, forklifts, around the globe. A possible challenge that could inhibit growth is the possibility of market explosion, which will inevitably lead to a significant decline shortly after, Whatech.com reports.
Lead-acid batteries are an attractive option to warehouse operators as a source of power for forklifts because the batteries, which contain lead electrodes in combination with diluted sulfuric acid that performs the role of an electrolyte, effectively generates about two volts per cell. Despite their low energy-to-weight and energy-to-volume ratios, lead-acid batteries supply a huge amount of power to keep forklifts mobile, the Whatech.com article states.
These batteries are also rechargeable — and if each battery is never allowed to run below 20% charge, the batteries can have a lifespan of up to five years, another attractive factor for warehouse operators.
The Global Industrial Lead Acid Battery Market study examined four distinct end-user sectors for lead-acid batteries: Industrial Forklift Trucks, Telecom, UPS, and Others, according to Whatech.com. The study also looked at the variances in usage throughout different global regions.