The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 11 billion
• Forecast CAGR (2021-2026): 5%
• Forecast Market Size (2026): USD 15 billion
Absorbed Glass Mat Battery (AGM) products are witnessing an increase in popularity owing to their very low internal resistance, capacity to deliver high currents on demand and relatively long service life, even when deep cycled. Traction for the product is higher, because it is maintenance-free, provides good electrical reliability and is lighter than other types of batteries like the flooded lead-acid type. Furthermore, the swift growth of Absorbed Glass Mat Battery (AGM) in the automotive industries and telecommunication industries as a fast charging and recombinant battery will have a positive influence on the growth of the global market. In Addition, their use in environmentally sustainable clean energy systems such as wind and solar power as an off-grid power system is anticipated to increase the demand in the market.
Industry Definition and Major Segments
Absorbed glass mat (AGM) is a comparatively recent method of sealed battery structure that Incorporates saturated absorbent glass (boron silicate) mats between plates instead of gelled or liquid electrolytes. The electrolyte is suspended between the glass mat and the battery layer, and the quantity remains to a minimum. Absorbed glass mat battery is a state-of-the-art technology battery used to fuel various automotive parts. The mat provides enough electrolyte in the battery to deliver its maximum power, even if the battery case gets broken or the battery flips on its side, the electrolyte will not spill. AGM batteries are more expensive than the flooded (liquid) variety but offer a number of advantages.
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Based type, the market is divided into:
Based on output capacity, the industry can be segmented into:
By distribution channel, the industry is categorised into:
By end-use market, the industry is categorised into:
• Energy Sector
The demand for AGM Separator Batteries is evolving rapidly, as new technologies generate new opportunities for industry players in a wide variety of industrial segments. However, it is expected that the high manufacturing costs of AGM separator batteries and their distribution mechanism would slightly impede overall demand in the market. The presence of alternatives such as gel batteries, nickel-cadmium-based batteries, flooded batteries, and lithium-ion batteries, which are available in smaller casts and are made from readily available raw materials is another factor creating hindrance in the growth of the market. Despite the challenges the market is expected to witness growth, owing to its self-discharge capacity, which has many industrial applications. The global market growth of the absorbed glass mat battery is driven by favorable features of absorbed glass mat batteries, such as longer battery life, vibration resistance, start-stop applications, high electrical loads, quick recharges, and long-life cycles. Because of the need for powerful batteries, the industry is expected to record substantial growth. Stringent CO2 emission regulations by policymakers across the globe have given further momentum for demand in the market. In addition, the huge rise in electric car manufacture and the widespread use of AGM separator batteries in electric vehicles are projected to push the demand for absorbed glass mat separator batteries during the forecast period.
Europe market is expected to witness the fastest growth in the market. The growth of the market in Europe is attributed to the implementation of strict environmental regulations and the manufacture of cars with start-stop functions. In Asia, China is expected to hold a major share in the Asia Pacific market, owing to the presence of leading manufacturers in the region. Moreover, rapid industrialization and the growing demand for advanced technology are expected to spur market growth, especially in the Asia Pacific, one of the fastest-growing regions. LATAM is another prominent region for the growth of the absorbed glass mat battery market. The growth of the market could be primarily attributed to advancements in the automotive industry in Brazil, and Mexico. Increasing demand for pollution-free electric automobiles coupled with technological advancements is projected to fuel the demand for absorbed glass mat battery over the upcoming years.
Key Market Players
The major players in the market are Robert Bosch GmbH, Trojan battery company, Panasonic corporation, Defender Industries, Power sonic corporation, Exide technologies, among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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