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.
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Market for AGM batteries ranging 2–4 Volts to grow at highest CAGR during forecast period
Based on voltage, the market for AGM batteries ranging 2–4 Volts is expected to grow at the highest CAGR during the forecast period. AGM batteries with this range are the most demanded and used batteries, which are equipped with high capacity and unmatched capabilities. These batteries are meant for high-current applications such as start-stop systems. These batteries are better than low-voltage batteries as they are non-flammable, have a long shelf life, are safe, and release high energy. They have a significant market in automotive, marine, energy storage, telecom, and off-grid & backup industries.
UPS application to dominate AGM battery market during forecast period
Based on application, the market for the UPS application dominated the market in 2018. UPS (Uninterruptible power supply) applications make use of a wide variety of battery types; however, lead acid batteries are currently the most common technology. UPS is among the initial applications for AGM batteries. UPS is used for emergency backup applications for many commercial and industrial purposes. The AGM battery provides high current for short durations for the UPS system. AGM batteries are a preferred choice for UPS systems due to their properties such as low internal resistance, higher specific power & efficiency, low purchasing costs, and low self-discharge rate.
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.
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