Absorbent Glass Mat Battery Market

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.

Market Dynamic

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.

COVID-19 Impact

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 Type:

• Stationary Absorbent Glass Mat (AGM) Battery
• Motive Absorbent Glass Mat (AGM) Battery

By Voltage:

• 2-4 Volts
• 6-8 volts
• 12 volts

By End User:

• Battery OEM
• Battery Aftermarket

By Application:

• Battery for Automotive
• Motor Vehicle
• Motor Cycle
• Others
• Battery for UPS
• Industrial Applications
• Energy Storage
• Other Applications

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market held a sizeable revenue share of 41.0%. The absorbent glass mat (AGM) battery market is expected to witness substantial growth, especially in the emerging countries of India, China, Japan, and others. Growing industrialization in China and increasing demand for advanced technology products are the major factors behind this market’s growth.
• The U.S. is the main driver of regional growth in North America, which has the second-largest proportion of the Absorbent Glass Mat Battery systems market. The area’s quick expansion can be ascribed to the region’s burgeoning Battery manufacturing industry. Due to considerable investment in the automotive industry, the demand for AGM batteries in the Middle East, Africa, and Latin America is anticipated to grow at a modest rate during the forecast period.

Competition Analysis

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:

• In October 2020, Using Compu-PressTM, an exclusive method for compressing the lead into a grid designed for corrosion resistance and long life, East Penn introduced the Deka HRC battery, the newest addition to the company’s highly regarded line of advanced AGM technology, ensuring that the user doesn’t compromise on high rate power or performance.
• In May 2021, To have a smaller environmental impact, Exide Technologies revamped its Exide Premium line with a sleek, new black design and new recycled components. With the modification, Exide’s manufacturing will save 2,700 tons of CO2, 8 million liters of water, and 1.2 million liters of crude oil annually.

A list of some of the key suppliers present in the market are:

• Clarios
• Power-Sonic Corporation
• Exide Technologies
• C&D Technologies
• East Penn Manufacturing Company
• others

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.