New York, 02 Feb. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Gulf Cooperation Council (GCC) Stationary Lead-acid Battery (LAB) Growth Opportunities” – https://www.reportlinker. com/p06226836/?utm_source=GNW
Economic and energy diversification away from oil and gas is a key trend in the GCC that impacts the adoption and future growth of stationary lead-acid batteries in the region.
Growing penetration of renewables at the grid and distribution level, growing attention and investment in industrialization, steady development of business activity and a growing digital or IT footprint are some of the key factors that promote 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 main centers of stationary lead-acid batteries in the region.
While the United Arab Emirates is the largest market for stationary LAB installations, Saudi Arabia is expected to become a key demand center for stationary LABs, driven by the growing penetration of renewable energy and the growing focus on energy. industrialization to achieve economic diversification. Oman is poised to become one of the fastest growing markets in the region, driven by investments in distributed renewable energy and the telecommunications sector.
Despite a positive outlook for the stationary lead-acid battery market, weak investment due to the COVID-19 pandemic and growing competition from new battery chemistries pose a threat to the stationary lead-acid battery market share. New energy storage technologies have been introduced; however, there are currently only a few applications where lead-acid dominates. The lead-acid battery market is expected to lose market share in certain applications, driven by the preference for lower cost of ownership, product differentiation, and price competitiveness against emerging battery chemistries. Despite growing competition from alternative battery chemistries, the proven reliability and performance of lead-acid batteries is a key factor in the technology’s continued strong market share in the GCC region. Growing renewable energy penetration, growth in distributed generation, increasing industrialization and digitalization will continue to drive demand, provided companies are able to embrace and adapt to the changing environment. business environment in the region.
Author: Neeraj Sanjay Mense
Read the full report: https://www.reportlinker.com/p06226836/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.