The global AGM battery market size is estimated to grow from USD 10.2 billion in 2019 to USD 13.9 billion by 2025; it is expected to grow at a CAGR of 5.3%. The growth of this market is expected to be driven by the inherent benefits of AGM batteries such as their maintenance free & non-spillable nature, upsurge in renewable energy investments, increasing demand for energy storage solutions for high-current applications such as UPS, and easily recycling of AGM batteries compared with lithium-ion batteries. The report covers the market segmented into type, voltage, end user, application, and geography.
Download PDF Brochure:-
Market for energy storage application is expected to grow significantly during forecast period
The increasing penetration of renewable energy across grids has, in turn, increased the need for efficient, and flexible energy storage solutions with a long operating life. Deep-cycle batteries are a popular choice for renewable energy applications due to their ability to withstand the demands of solar energy use such as unstable grid energy, heavy cycling (charging and discharging), and irregular full recharging. AGM battery, with all its attractive features, has become the most preferred energy storage technology for energy storage as large-sale solar and wind plants require technologies that can cost-effectively store renewable energy for future use at any location. These batteries are the most viable for storage, as they are maintenance free. Since solar applications can be in hard-to-reach areas, the ability to plug in the batteries and let them function without maintenance is a huge benefit. Besides, AGM batteries are also reliable, cost-effective solutions, which make battery storage affordable for the utility sector. Moreover, with growing investments and the increasing number of renewable energy projects worldwide, the adoption of AGM batteries is expected to grow significantly during the forecast period
APAC to exhibit largest market size during forecast period
The AGM battery market in APAC is expected to grow at the highest CAGR during the forecast period. The huge population in this region leads to an increased energy demand, which eventually increases the need for fossil fuel based energy generation, and leads to renewable energy integration creating the need for batteries. In addition to this, APAC is home to some of the prominent players such as Vision Group (China), HBL Power Systems Ltd. (India), Leoch (China), and B.B. Battery (China) providing AGM batteries for different applications. These factors contribute to the high growth of the AGM battery market in APAC.
Exide Technologies (US), Clarios (US), Power Sonic Corporation (US), EnerSys (US), Fullriver Battery (US) East Penn Manufacturing Company (US), Universal Power Group (US), Fullriver Battery (US), and C&D Technologies (US), among others, are the major players operating in the AGM battery market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment