Lead-Acid Battery Market in Southeast Asia to Benefit from the Change in Energy Mix | Technavio

LONDON–(BUSINESS WIRE)–Technavio
market research analysts forecast the lead-acid
battery market in Southeast Asia
to grow at a CAGR of close
to 9% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
lead-acid battery market in Southeast Asia for 2017-2021. The report
also lists stationary, automotive and motive residential buildings, and
automotive as the three major application segments, of which the
stationary segment accounted for 52% of the market share in 2016.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the lead-acid battery market in Southeast
Asia:

  • Increasing deployment of microgrids
  • Improved consumer spending
  • Change in energy mix

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Increasing deployment of microgrids

A microgrid is a small-scale, localized power station than can either
operate independently or in congruence with the main central grid. As a
way to incorporate renewables, microgrid often involves multiple energy
resources such as solar, wind, biomass, geothermal, and fossil fuel
generators. With the integration of renewable power sources, it can
function as hybrid and operates independently to supply power to a local
community, a university, or a military base among others.

A microgrid is connected to the central grid as a single point of load
and usually accompanied by energy storage systems to address the
intermittency of the renewables, and the entire network is managed by an
energy management system.

“Microgrids are more resilient to natural calamities than traditional
grids and provide power to a limited geography when the main grid fails.
A major portion of rural and remote areas in Southeast Asia are yet to
have access to electricity. With the growing deployment of microgrids in
Southeast Asia, the market for lead-acid batteries is likely to grow,”
says
Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy
storage
research.

Improved consumer spending

Consumer spending is a substantial economic factor since it usually
matches with the consumer confidence in a nation’s economy. High
consumer confidence indicators characteristically relate to upper levels
of consumer spending in the economic market.

The growth in urbanization and increase in the number of earning members
in a family have led to an increase in disposable income in Southeast
Asia. As a result, products such as automobiles, power tools, gardening
equipment among others have become affordable for a majority of the
population. Lead-acid batteries operate most of this equipment. Thus, an
increase in consumer confidence has resulted in the rise in sales of
consumer goods which adds impetus to the lead-acid
battery market in Southeast Asia
.

Change in energy mix

The growing population and economic development in ASEAN countries has
led to an upsurge in consumption and demand for power. Fossil fuels held
a dominant position in the energy mix, but burning fossil fuels for
power generation releases high amount of greenhouse gas (GHG) into the
atmosphere. This compelled governments in the region to focus on clean
and sustainable energy resources such as wind, solar, and biomass, which
have a lesser impact on the environment. The result was a
diversification of energy supply resources, with renewables occupying a
significant share in the region’s energy mix.

“The increasing integration of renewable resources in energy
production spurred the need for durable power backup power systems to
compensate for the intermittency of renewables. Therefore, governments
have been supporting such technologies with the aid of lucrative
policies, incentives, and rebates, which augurs well for the growth of
the lead-acid battery market in Southeast Asia,”
says Thanikachalam.

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