Pune, India, Dec. 14, 2022 (GLOBE NEWSWIRE) — The global “Absorbent Glass Mat Battery Market” size was USD 8.85 billion in 2020. The market is expected to grow from USD 9.06 billion in 2021 to USD 13.40 billion in 2028, exhibiting a CAGR of 5.7% during the forecast period. Strong demand for energy storage solutions for high-current applications and rising investments in renewable energy are expected to fuel market progress. Fortune Business Insights™ presents this information in its report titled “Absorbent Glass Mat Battery Market, 2021-2028.”
Absorbent glass mat battery is an advanced lead-acid battery that offers resistance to vibrations and provides excellent power to vehicles. Rising demand for energy storage solutions for high-current applications is expected to bolster the product’s adoption. Further, growing investments in renewable energy resources are expected to fuel the market development. In addition, the spill-proof, zero maintenance, shock resistance, vibration resistance, and easy transportation are expected to bolster market growth during the upcoming years.
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|Forecast Period 2021 to 2028 CAGR||5.7%|
|2028 Value Projection||USD 13.40 Million|
|Market Size in 2020||USD 8.85 Million|
|Historical Data for||2017-2019|
|No. of Pages||180|
|Segments covered||Absorbent Glass Mat Battery Market Size, Share & COVID-19 Impact Analysis, By Type (Stationary, Motive), By Application (Automotive, UPS, Industrial, Energy Storage, and Others) And Regional|
|Growth Drivers||Rapidly Inclining Data Centers Globally to Boost Market Development|
|Rising Energy Storage Solutions for Several Industries to Bolster Industry Progress in Asia Pacific|
Drivers and Restraints:
The emergence of cloud computing and virtualization technologies lead to a sudden spike in data centers. The rising developments in 5G technology, artificial intelligence, data center construction, machine learning, and rising efforts in existing data centers are expected to boost absorbent glass mat battery adoption. Further, technological developments in UPS batteries, such as AGM batteries, are expected to fuel the market development. Moreover, the rising demand for absorbent glass mat batteries from solar systems or backup systems is expected to bolster market development. In addition, the rising demand for the product for off-grid and small solar systems is expected to drive the absorbent glass mat battery market growth.
However, higher costs associated with AGM batteries are expected to hinder the market’s progress.
Supply Chain Restrictions to Impede Market Development
This market is expected to be negatively affected during the COVID-19 pandemic because of severe supply chain restrictions. The sudden spike in COVID patients led to the adoption of stringent lockdown norms, thereby negatively affecting the market’s development. The restrictions on transport, declining automotive sales, and the lack of raw materials led to severe disruptions in the supply chain. Further, manufacturing restraints negatively affected manufacturers’ revenue generation. These factors may propel market development during the pandemic.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
By type, the market is segmented into stationary and motive. As per application, it is classified into automotive, UPS, industrial, energy storage, and others. Geographically, it is clubbed into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia Pacific is expected to dominate the absorbent glass mat battery market share because of rising energy storage solutions for several industries. The market in Asia Pacific was USD 3.40 billion in 2020 and is expected to grow positively in the upcoming years. Furthermore, the adoption of renewable energy resources in India and China is expected to boost the absorbent glass mat battery adoption. These factors may fuel the industry growth.
In Europe, the rising focus on greenhouse gas (GHG) emissions is expected to support industry growth. The absorbent glass mat battery’s fuel efficiency, reliability, and longer lifespan are expected to boost its adoption. These factors may propel market development.
In North America, the presence of several key players and increasing AGM installations are expected to boost the product’s adoption. Furthermore, the rising adoption of AGM batteries from the marine industry is expected to bolster industry growth.
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Manufacturers Launch Novel Products to Improve Brand Image
Prominent companies operating in the market announce novel products to attract consumers and improve brand image. For example, The East Penn Manufacturing Corporation announced its Deka HRC battery in October 2020. This battery is an addition to its well-known technology range. This launch may enhance the company’s product portfolio, attract consumers and boost brand image. Furthermore, companies incorporate product launches, research and development, mergers, acquisitions, and expansions to boost their market position.
- May 2021: Fiamm Energy Technology announced that the company aims to offer advanced flooded batteries powered by AGM technologies to power Ford’s start-stop automobiles.
A List of Key Manufacturers Operating in the Global Market:
- Power Sonic Corporation
- C&D Technologies
- East Penn Manufacturing Company
- Fullriver Battery
- Concorde Battery Corporation
- Universal Power Group
- Yuasa Group
- Fiamm Energy Technology
- Exide Technologies
Absorbent Glass Mat Battery Market Segmentation:
- Energy Storage
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Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Key Developments: Mergers, Acquisitions, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Regulatory Landscape
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on Absorbed Glass Mat Battery Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Absorbed Glass Mat Battery Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.3. Market Analysis, Insights and Forecast – By Application
6.4. Market Analysis, Insights and Forecast – By Region
6.4.5.Middle East & Africa
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