Absorbent Glass Mat Battery Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Absorbent Glass Mat Battery Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 7,658.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.3% and is expected to reach a valuation of US$ 12,836.6 Mn by 2032 end.
Throughout the projected period, the market is anticipated to drive market expansion in the ensuing years; grids’ increased use of renewable energy has increased the demand for effective, adaptable energy storage technologies with long service lives.
GROWING DEMAND FOR AUTOMOBILES DRIVES THE MARKET
Absorbent glass mat (AGM) batteries are increasingly gaining attention as a prospective energy storage solution, owing to the low self-discharge rate and rapid charging capabilities. They are being utilized in advanced vehicles, such as hybrid cars. The automotive sector is one of the most promising end markets worldwide for absorbent glass mat (AGM) batteries. It will command significantly higher revenues over the next few years due to high fuel economy standards set by governments worldwide and growing demand for more advanced vehicles.
HIGH INVESTMENT COSTS HAMPER THE MARKET GROWTH
Absorbent glass mat (AGM) technology is one of the most effective alternative technologies in energy storage space. It absorbs kinetic energy and converts it into potential energy. The growing preferences for alternative technologies are likely to act as a major restraint factor for the growth of this market in the assessment period. Moreover, the insufficient power generation capacity in the country is likely to hinder its expansion in the coming years. Furthermore, a lack of technical expertise and rising cost levels may impede its growth in the coming years.
THE RISE IN THE USE OF RENEWABLE BATTERY-POWERING SOURCES WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The absorbent glass mat (AGM) battery market is expected to target aggressive growth in upcoming years. Increasing penetration of renewable energy across grids has boosted the need for efficient and flexible energy storage solutions with long operating life to promote market growth in the coming years. Government initiatives for implementing strict regulations related to carbon emissions are expected to augment the growth of absorbent glass mat (AGM) batteries. Also, rising industrial demand for battery power storage units has boosted the demand for absorbent glass mat (AGM) battery systems.
The abrupt coronavirus outbreak has had a negative impact on the expansion of utility applications. In several projects, the installation of Absorbent Glass Mat Battery systems declined in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion.
However, Although these batteries are used in many applications, their most extensive growth is in the automotive sector. Still, full-charge automotive batteries declined by 43.0% due to COVID-19, which has reduced worldwide production and sales of AGM batteries. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By End User:
By Region and Country:
Why are Absorbent Glass Mat Batteries to record High Sales at Voltage 2-4 Volts during the forecast period?
At 50.0%, The 2-4 volts segment is expected to have the greatest revenue share. The 2-4 volts absorbent glass mat( AGM) batteries are the most demanded and used batteries, as they are equipped with high capacity and unmatched capabilities. These batteries are used primarily for vehicular applications due to their excellent power density, long cycle life, low cost, and high discharge current capability.
Why is the Battery for the UPS segment expected to expand the fastest during the forecast period?
In 2021, the Battery for the UPS application market will rule. UPS segment is among the major application of absorbent glass mat batteries used for backup applications in industries and households, as AGM battery provides high current for short durations for the UPS system. Due to their properties, such as low internal resistance, higher specific power & efficiency, low purchasing costs, and low self-discharge rate, absorbent glass mats (AGM) are preferred for UPS systems.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major firms are using organic and inorganic development strategies to broaden their product offerings and increase their position in the market.
Some of the key developments that have taken place in the Absorbent Glass Mat Battery Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Voltage, End User, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.3%.
The market is anticipated to experience growth during the forecast period due to rising demand for renewable energy systems and components, such as solar power, which depends on energy storage batteries.
Major global Absorbent Glass Mat Battery Market players are Clarios, Power-Sonic Corporation, Exide Technologies, C&D Technologies, and East Penn Manufacturing Company.
Market growth is constrained by the high capital investment needed to deploy Absorbent Glass Mat Battery systems. This analysis finds that system deployment will keep up with demand, and the pilot project could become an affordable large-scale energy source.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Absorbent Glass Mat Battery market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst