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New York, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Gulf Cooperation Council (GCC) Stationary Lead-acid Battery (LAB) Growth Opportunities' -
Economic and energy diversification away from oil and gas is a key trend in the GCC that is impacting the adoption and future growth of stationary lead-acid batteries in the region.
Increasing penetration of renewable energy at a grid and distributed level, rising focus and investment in industrialization, constant development in commercial activity, and a growing digital or IT footprint are some key factors that are driving the adoption of stationary lead-acid batteries in the region.Among the 6 countries that constitute the GCC, the United Arab Emirates (UAE) and Saudi Arabia are the leading centers for stationary lead-acid batteries in the region.
While the UAE is the largest market for stationary LAB installations, KSA is expected to emerge as a key demand center for stationary LABs boosted by increasing renewable energy penetration and a growing focus on industrialization to achieve economic diversification.Oman is set to become one of the fastest growing markets in the region, boosted by investments in distributed renewable power and the telecom sector.
Despite a positive outlook for the stationary lead-acid battery market, subdued investments owing to the COVID-19 pandemic and growing competition from new battery chemistries pose a threat to the market share of stationary lead-acid batteries. New energy storage technologies have been introduced; however, currently there are only some applications where lead-acid dominates. The lead-acid battery market is predicted to lose market share in certain applications, owing to the preference for lower cost of ownership, product differentiation, and pricing competitiveness from emerging battery chemistries. Despite growing competition from alternative battery chemistries, the reliability and proven performance of lead-acid batteries is a key factor in the technology's continued strong market share in the GCC region. Increasing penetration of renewable energy, growth in distributed generation, rising industrialization, and digitization will continue to drive the demand, provided companies are able to adhere and adapt to the evolving business environment in the region.
Author: Neeraj Sanjay Mense
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