Electric Accumulators Market: Introduction
- Electric accumulator is electrochemical device used to store electric energy in the form of chemical energy and use it when needed. It is a rechargeable device. This conversion of energy is repeated over a period of time in order to harness the electrical energy.
- An accumulator consists of one or more cells separated and compiled together according to the required capacity or amount of energy they require to store and dispense. A cell comprises two electrodes and an electrolyte. The two electrodes are placed in a cell, separated by ion-conducting liquid or solid electrolyte.
- The capacity of a cell results from the size or weight, the internal structure, and the material combination of the electrodes. Major parameters of an electric accumulator are capacity, discharge depth, shelf life, self-discharge, and recharge time.
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Rise in demand for electric accumulators in portable devices, automotive, and renewable energy sectors
- The automotive sector is witnessing significantly high rate of adoption of accumulators or rechargeable batteries, as the trend of EVs is gaining popularity due to the enactment of stringent regulations for reduction of emission and changing fuel economics. Demand for electric or hybrid vehicles is projected to increase significantly during the forecast period. Batteries are pivotal in the development of EVs and hence, increase in manufacturing setups, specifically in lithium-ion, and expansion of charging infrastructure are estimated to change the face of the automotive sector.
- Demand for portable devices, household electronics, and wearables is also likely to increase, replacing the old battery technology with the new lithium-ion batteries, owing to numerous advantages such as less weight, size and higher efficiency, and energy density.
- Increase in demand for renewable electricity is fueling the demand for efficient, safe, and sustainable storage batteries. The renewable electricity sector witnesses extensive usage of lead acid batteries, fluid batteries due to lower cost. Increasing data centers and requirement for continuous uninterrupted power supply in industrial applications are also estimated to fuel the market.
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Asia Pacific to Hold Prominent Share of Global Electric Accumulators Market
- Asia Pacific is estimated to account for a prominent share of the global electric accumulator market due to the presence of major manufacturing factories in the region especially in China and Korea, and presence of raw material and technological expertise. Australia also holds a notable share of the market in the region owing to the presence of large units harnessing renewable energy in the country.
- Europe follows Asia Pacific in terms of share of the market for electric accumulator. Increasing integration of lithium-ion batteries in automotive and portable devices is estimated to boost the share held by the region in the global market.
- North America follows Europe in terms of share of the global market. Increasing number of renewable energy projects and electric vehicles are estimated to propel the electric accumulator market in the region. Cost effectiveness of electric accumulators and government initiatives are also key factors driving the market in Europe.
- Middle East & Africa and South America are also expected to witness an increase in sales of electric accumulators. The importance of power consumption is increasing, which directly effects the economy and development of the nation. Larger parts of world are witnessing the electrification in all the major sectors, which is propelling the share held by this regions in the global electric accumulator market.
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