by Market Overview:
Absorbent glass mat batteries are maintenance-free lead-acid batteries widely used as a power source for telecommunication systems, photovoltaic systems, and uninterrupted power supply systems. They provide a deep discharge cycling capability, low self-discharge rate, excellent charge acceptance, and longer shelf and service life than conventional flooded lead-acid batteries. Due to these properties, absorbent glass mat batteries are suitable for applications requiring frequent discharges or long-term float service as off-grid energy storage.
Market Dynamics:
Rising demand for renewable integration into grids is expected to boost the market growth over the forecast period. Renewable energy sources such as solar and wind have intermittent power generation capabilities which require large-scale energy storage solutions. Absorbent glass mat batteries are well-suited to integrate the variable renewable energy supply into the grid through ancillary services such as frequency regulation, ramping, and power quality control. Growing adoption of solar home systems and mini-grids based on renewable energy in remote and off-grid areas is also fueling the demand for absorbent glass mat batteries. Furthermore, increasing installations of telecommunication towers, especially in developing countries, and rising demand for UPS systems from data centers and industrial sector will propel the absorbent glass mat battery market growth.
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.
Segment Analysis
The absorbent glass mat (AGM) battery market can be segmented into motive and stationary batteries. The motive battery segment dominates the market and accounts for over 60% share as AGM batteries are largely used in automotive applications likepassenger cars, motorcycles, and boats due to their maintenance-free properties and longer shelf life compared to traditional flooded lead-acid batteries.
PEST Analysis
Political: Government initiatives towards green energy and emission reduction are promoting the production and adoption of AGM batteries for renewable energy storage and electric vehicles.
Economic: The high demand from automotive and industrial sectors along with cost benefits of AGM batteries over liquid electrolyte batteries is fueling the market growth.
Social: Increasing consumer preference for low-maintenance and sustainable energy storage solutions is driving the replacemnet of flooded lead-acid batteries with AGM batteries.
Technological: Advancements in material science and manufacturing technologies have improved the performance characteristics of AGM batteries, increasing their applications.
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 electric vehicles and growing investments in renewable energy integration. The market size is estimated to reach US$ 28.05 Bn by 2030 from US$ 14.72 Bn in 2023.
Regional analysis
Asia Pacific dominates the global market and is expected to remain the fastest growing region during the forecast period owing to large EV market, rapid industrialization and growing renewable energy adoption in major countries like China and India.
Key players
Key players operating in the absorbent glass mat battery market are EnerSys, Exide Technologies, GS Yuasa, Hoppecke, and Crown Battery. Leading battery manufacturers are investing in R&D to enhance battery safety and performance through material and design innovations. Players are also focusing on expanding production capacities to cater to the growing demand from automotive and industrial energy storage applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
