Deep Cycle Batteries Market Analysis up to Segments and Key Trends 2027
Deep Cycle Batteries Market: Highly Reliable for Instant Electric Power
Deep cycle batteries are energy storage units that provide the required amount of electricity. Electric power is generated by the chemical reaction that develops potential voltage or current. These batteries are designed to cycle in terms of charge and discharge for a number of times. Deep cycle battery is designed for the regular deep discharge by using its maximum capacity. Deep cycle batteries are widely employed in various applications such as electrically propelled forklifts, floor sweepers, motorized wheelchairs, golf carts, traffic signals, and electric vehicles. These batteries are highly used in off-grid energy storage systems, especially in solar power and wind power, to store a large amount of energy converted in the day time through solar systems. Various types of deep cycle batteries are available in the market. These include flooded batteries, gel batteries, AGM batteries, and lithium-ion batteries. Deep cycle batteries are designed to deliver a depth of discharge (DOD) up to 80% compared to the normal batteries due to the larger and thicker plates inside. Increase in demand for off-grid energy storage devices in a number of countries is likely to boost the global deep cycle batteries market in the next few years. Off-grid energy storage requires efficient back up to recover demand for instant electricity. This can be provided by deep cycle batteries.
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Rise in disposable income of consumers owing to the improvement in economic conditions in various countries has boosted travel and tourism activities. This, in turn, has propelled the demand or recreational boating and motorized water sports activities across the globe. Deep cycle batteries are widely employed in recreational boats, fishing boats, and sailing boats due to high requirement of electric power for a long duration. Rise in demand for effective energy cycle batteries in the recreational vehicle industry is projected to augment the deep cycle batteries market in the near future. According to the International Council of Marin Industry Association (ICOMIA), the recreational boating industry evaluated over 6% growth rate for boats, engines and equipment segment in 2017. Domestic retail spending on boats, engines, and accessories along with the service was valued at more than US$ 44 Bn in 2017.