Countries worldwide are taking an active interest in reducing emission levels of GHG through promotion of clean energy such as solar and wind, and finding alternatives to fossil fuel-based generation. Compared to conventional fossil fuel installations, battery energy storage is a practical alternative for renewables. The shift toward solar energy storage will help countries to reduce fossil fuel import costs as well as protect the environment.
These factors promote the prospects for growth in this market and results in its steady CAGR of almost 7.5% by 2019.
According to the report, sealed lead-acid or VRLA batteries have enhanced features such as safe handling capabilities that ensure smooth and efficient product functionality in the event of power outage. Though there are limited technological advances in the lead-acid battery market, vendors are introducing new products with enhancements such as longer life and durability.