According to the new market research report "Absorbent Glass Mat (AGM) Battery Market by Voltage (2-4 Volts, 6-8 Volts, 12 Volts & Above), Type (Stationary, Motive), End User (OEM, Aftermarket), Application (Automotive, UPS, Energy storage, Industrial), and Geography - Global Forecast to 2025", the global AGM battery market size is estimated to grow from USD 10.2 billion in 2019 to reach USD 13.9 billion by 2025; it is expected to grow at a CAGR of 5.3%. The AGM battery market is likely to exhibit lucrative growth potential during the forecast period. The growth of this market is expected to be driven by the inherent benefits tendered by AGM batteries, easy recyclability of AGM batteries compared with lithium-ion batteries, increasing demand for high powered batteries for UPS & energy storage, and growing investments for renewable energy systems. The market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.
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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 dominate AGM battery market during forecast period
APAC dominated the market in 2018. The market in APAC 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. After APAC, North America holds a significant market share in the said market. The increasing usage of automotive vehicles catering to all powering needs, presence of key market players in the US, and increase in installation of AGM batteries for renewable energy applications are the key factors driving the market in this region. Another critical driving factor for the installation of AGM batteries in North America is the marine industry. Marine applications such as powerboats, personal watercrafts, and yachts. Heavy marine house power primarily comprises AGM battery systems, which are driving the North American market.
Key Market Players
Clarios (US), Power Sonic Corporation (US), Exide Technologies (US), C&D Technologies (US), Fullriver Battery (US), East Penn Manufacturing Company (US), Universal Power Group (US), EnerSys (US), among others, are the major players operating in AGM battery market.
Clarios (US), formerly known as Johnson Control Power Solutions is a global provider of advanced energy storage solutions, operating as a subsidiary of Brookfield Business Partners. The company is into manufacturing advanced battery technologies for every type of vehicle, which include AGM batteries, low-voltage lithium ion batteries, enhanced flooded batteries, and standard lead-acid batteries. Its brands include Varta, Optima, LTH, Heliar, Delkor, and Baterías Mac. It provides AGM batteries through its brands for automotive and marine applications such as motorcycles, cars, trucks, electric boats, yachts, and motorboats. Their AGM batteries are used for newly manufactured cars for start-stop technology in cars. Their AGM batteries have 3-8 times the cycle life compared to conventional batteries. The additional features of these batteries are high-vibration resistance, low self-discharge, optimal starting power, and deep-cycle power. The company has expanded its AGM battery portfolio due to increased electrification demands such as electrical load generation from features such as navigation and entertainment systems. The company is well positioned to capitalize on AGM battery market trends since it has a wide range of AGM batteries, as well as other batteries with different functionality used in all types of vehicles.
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