by Market Overview:
Absorbent glass mat (AGM) batteries use absorba glass mat between the positive and negative plates to absorb and immobilise the electrolyte. The absorbed electrolyte ensures reliable power delivery with minimal maintenance. AGM batteries have advantages of high charge retention, no electrolyte spills, deep cycle capability and extended shelf life. These properies make AGM batteries suitable for applications in uninterrupted power supply, solar systems, marine installations and motive power.
Market key trends:
One of the key trends in the AGM battery market is growing demand for renewable energy storage. The intermittent nature of renewable energy sources such as solar and wind require efficient energy storage solutions. AGM batteries are increasingly used in residential, commercial and grid-scale energy storage applications due to their long life, high cycle counts and minimal maintenance needs. With policies supporting renewable energy adoption, the demand for AGM batteries is expected to rise considerably over the forecast period. Features such as higher energy density compared to traditional lead acid batteries and greater capacity to support solar photovoltaic systems is further driving their uptake in the renewable energy sector.
The global Absorbent Glass Mat Battery Market Size is estimated to be valued at US$ 14.72 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Absorbent glass mat batteries have a long shelf life and cycle life. They are spill-proof and maintenance free.
Weakness: Absorbent glass mat batteries have a higher initial cost compared to lead-acid batteries. They also cannot be deep discharged and have reduced life if overcharged.
Opportunity: The rise in demand for backup power solutions from telecom towers and data centers offers significant growth opportunities. Furthermore, growing demand for electric vehicles will boost the absorbent glass mat battery market.
Threats: Fluctuations in the prices of key raw materials like lead, glass mats, and electrolytes pose a major threat. Furthermore, growing competition from lithium-ion batteries is a challenge.
Key Takeaways
The global absorbent glass mat battery market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing demand for telecom and data center infrastructure.
Regional analysis
North America dominates the global absorbent glass mat battery market and is expected to continue its dominance over the forecast period. This is attributed to high investments in data centers and telecom infrastructure in the region. Asia Pacific is expected to be the fastest growing market, driven by rising telecom infrastructure in China and India. Countries like India, China, Japan, and South Korea offer lucrative growth opportunities.
Key players operating in the absorbent glass mat battery market include EnerSys, Exide Technologies, GS Yuasa, Hoppecke, Crown Battery, Hitachi Chemical, Amara Raja, HBL Power Systems, C&D Technologies, Luminous, Okaya Power, Rolls Battery, Amara Raja Batteries, Hankook AtlasBX Co, Leoch Battery, Power-Sonic, Southern Batteries, Panasonic Corporation, Samsung SDI, and LG Chem. Manufacturers are focusing on developing advanced and large capacity batteries to cater to evolving needs of end-use industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
