Deep Cycle Batteries Market: Highly Reliable for Instant Electric Power
- 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 the 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.
- Increase in demand for off-grid energy storage devices in a number of countries is likely to boost the global deep cycle batteries market in the next few years. Off-grid energy storage requires efficient back up to recover demand for instant electricity. This can be provided by deep cycle batteries.
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Growth in Recreational Vehicle Industry to Boost Deep Cycle Batteries Market
- 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 or 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 batteries market in the near future.
- According to the International Council of Marin Industry Association (ICOMIA), the recreational boating industry evaluated over 6% growth rate for boats, engines and equipment segment in 2017. Domestic retail spending on boats, engines, and accessories along with the service was valued at more than US$ 44 Bn in 2017.
VRLA Segment to Offer Lucrative Opportunities
- Deep cycle batteries are majorly classified into two types: valve regulated lead-acid batteries (VRLA) and flooded lead-acid batteries (FLA)
- The VRLA segment is projected to account for prominent share of the global deep cycle batteries market during the forecast period. The aircraft industry is one of the prominent users of deep cycle batteries due to the excellent deep discharge cycle. This factor is expected to boost the demand for deep cycle batteries during the forecast period.
- In terms of application, the deep cycle batteries market can be divided into motive platform, stationary, and automotive. The stationary segment is anticipated to hold larger share of the market in the near future due to the widespread network of telecommunication towers across the globe. This is estimated to boost deep cycle batteries market during the forecast period.
- Deep cycle batteries are also used in off-grid energy storage devices and uninterruptible power supply (UPS) units. Increase in demand for off-grid energy supplying devices in several emerging countries is projected to drive the deep cycle batteries market in the next few years.
Stiff Competition from Counterparts and Stringent Regulations to Restrain Market
- Most manufacturing companies face major challenges such as high competition from a large number of manufacturers, rapid technological development, and stringent regulations in several countries. These key factors are anticipated to hamper the demand for deep cycle batteries during the forecast period.
- Deep cycle batteries face stiff competition from counterparts such as nickel ion batteries, cadmium batteries, and lithium-ion batteries. These batteries are extensively used in a number of applications, but have low discharge cycle as compared to deep cycle batteries. Intense competition is likely to hamper the market during the forecast period.
- Stringent government regulations for lead production due to high risk for environmental hazard is key factor likely to hamper the market during the forecast period
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Asia Pacific to Hold Large Share of Global Deep Cycle Batteries Market
- In terms of consumption, Asia Pacific is expected to account for dominant share of the global deep cycle batteries market in the near future
- 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 during the forecast period
- Increase in demand for off-grid energy storage devices in developing economies of Asia Pacific such as Malaysia, Indonesia, and Vietnam is expected to offer lucrative opportunities for manufacturing companies of deep cycle batteries in Asia Pacific
- Rise in demand for recreational boating, golf carts, and forklifts across the manufacturing industry is propelling the demand for deep cycle batteries in North America and Europe. 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 batteries market during the forecast period.
- Rise in import of deep cycle batteries in Latin America and Middle East & Africa due to its attractive travel & tourism industry is projected to boost the demand for these batteries in these regions.
Key Players in Market
The global deep cycle batteries market is highly competitive due to the presence of large number of domestic and international manufacturers. Key players operating in the deep cycle batteries market include:
- Trojan Battery
- Exide Technologies
- Johnson Controls
- C&D Technologies
- U.S. Battery Manufacturing Company
- Rolls Battery
- Microtex Energy Private Limited
- Su-Kam Power Systems
Global Deep Cycle Batteries Market: Research Scope
Global Deep Cycle Batteries Market, by Type
- VRLA Battery
- FLA Battery
Global Deep Cycle Batteries Market, by Application
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.