Global Absorbent Glass Mat Battery Market projected to grow at a CAGR of 5.4% from 2022 to 2031
Various advantages of AGM batteries and upsurge in renewable energy investment are the key factors boosting the Absorbent glass mat battery market growth.”
WILMINGTON, DE, UNITED STATES, November 27, 2024 /EINPresswire.com/ -- — Allied Market Research
According to a new report published by Allied Market Research, The absorbent glass mat battery market size was valued at $11.6 billion in 2021, and absorbent glass mat industry is estimated to reach $19.5 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
AGM or Absorbent Glass Mat is an advanced lead-acid battery that provides superior power to support the higher electrical demands of today's vehicles and start-stop applications. It is widely used in the automotive, military, UPS, energy storage, and other industries.
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North America is expected to exhibit CAGR of 5.0% during 2022-2031.
North America holds a significant market share in the said market. Increase in usage of automotive vehicles catering to all powering needs, presence of key market players in the U.S., and increase in installation of AGM batteries for renewable energy applications are the key factors driving the market in this region.
The major companies profiled in global absorbent glass mat (AGM) battery industry report include Clarios, Exide Technologies, Universal Power Group, EnerSys, East Penn Manufacturing Company, Yusa Group, Flamm Energy Technology, Robert Bosch GmbH, Duracell, Johnson Controls, MK Battery, and Power Sonic Corporation.
Rapidly growing demand for power from clean energy resources, increase in the sales of automotive vehicles which are used for transportation and material handling purpose have driven the demand for AGM battery market.
Increase in penetration of cloud computing and virtualization in the daily life has led to increase in the demand for datacenters.
AGM batteries are maintenance free alternative to traditional flooded lead-acid batteries. Their AGM batteries are used for newly manufactured cars for start-stop technology in cars.
Growth in investment toward renewable energy sources such as solar and wind, has led to increase in the demand for energy storage devices, which led to increase in the demand for absorbent glass mat battery market.
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The advantages of technologies such as 5G, artificial intelligence, machine learning, data center construction, and others technologies related with telecommunications have huge impact over the market growth.
Growing concerns toward energy security coupled with cost saving potential is expected to positively compliment the adoption of absorbent glass mat battery during the forecast period.
APAC absorbent glass mat battery market is growing rapidly with the increasing adoption of energy storage solutions for industrial, automotive, and other applications. Also, renewable energy integration in countries such as India and China is an additional factor fueling the market growth in APAC.
Marine applications such as powerboats, personal watercrafts, yachts and heavy marine house power primarily comprises AGM battery systems.
By voltage range, 2-4 volts was the leading segment in 2021.
By end-use, OEM segment occupies 65.3% of total absorbent glass mat battery market share in 2021.
By application, UPS segment has largest market share in 2021.
Impact of Covid-19 on Global Absorbent Glass Mat Battery Market
The outbreak of COVID-19 has adversely impacted the market in the first half of 2020 credited to the closure of manufacturing plants during the lockdown period. Due to social distancing and WFH norms across the world, the residential sector observed high installation demand for uninterrupted power source (UPS) systems.
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Post pandemic crisis, the government of various countries across the globe has invested in the renewable power generation such as solar power plant, which has increased the demand for absorbent glass mat battery through energy storage devices.
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