Absorbent Glass Mat (AGM) Battery Market: Scaling Up to $13.9 Billion by 2025
According to MarketsandMarketsTM' "Absorbent Glass Mat (AGM) Battery Market" analysis, the global AGM Battery Market will grow rapidly, with a projected CAGR of 5.3%, from USD 10.2 billion in 2019 to USD 13.9 billion by 2025. AGM batteries are increasingly in demand in the automotive, UPS, energy storage, and industrial sectors, according to a report that analyses market trends based on voltage, type, end user, application, and location. The predicted growth is attributed to elements like maintenance-free functioning, improved safety, and technical developments, signalling great prospects for industry participants and stakeholders in the years to come.
Due to a number of reasons, the AGM battery market has a promising growth potential in the anticipated time frame. Demand is anticipated to be driven by the inherent benefits of AGM batteries and their simple recycling process when compared to lithium-ion batteries. Market growth is further aided by rising investments in renewable energy systems and the rising need for powerful batteries for energy storage and UPS applications. Additionally, there are lots of opportunities in the market for both new and established firms to investigate and grow in this booming industry.
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Stationary battery type segment held largest share of AGM battery market
The AGM battery market was dominated by the stationary battery type category, which had the biggest market share. For important loads, stationary batteries are frequently employed as backup or emergency power supplies. They provide outstanding performance during extended deep discharges and are specifically intended for standby power supply applications. AGM batteries are a popular option in these industries because of the broad applications they find in stationary settings such as energy storage, maritime, industrial, UPS, telecommunications, utilities, and medical equipment.
In conclusion, the significant market share of the stationary battery category emphasises the value of AGM batteries in delivering dependable backup power solutions for essential applications across a range of industries. AGM batteries' adaptability in stationary applications highlights its significance and ongoing demand in the AGM battery industry.
Market for energy storage application is expected to grow significantly during forecast period
Due to the growing integration of renewable energy sources into power grids, the market for energy storage applications is expected to experience considerable growth during the forecast period. The increased use of renewable energy has increased the need for effective, adaptable energy storage systems with long operational lifetimes. As a result of their ability to cost-effectively store renewable energy at diverse places, AGM batteries have become a popular option for energy storage in large-scale solar and wind installations. AGM batteries are excellent for solar installations that are difficult to access due to their maintenance-free nature. They offer a dependable and cost-effective battery storage solution for the utility industry.
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APAC to exhibit largest market size during forecast period
The Asia-Pacific (APAC) region is anticipated to see the greatest market size and the highest Compound Annual Growth Rate (CAGR) for the AGM battery market during the forecast period. Due to the substantial population in the area, there is a growth in the production of energy based on fossil fuels, followed by the integration of renewable energy sources, which increases the demand for batteries. Leading AGM battery producers including Vision Group (China), HBL Power Systems Ltd. (India), Leoch (China), and B.B. Battery (China) are also based in APAC and serve a variety of applications, supporting the market's brisk growth in this area.
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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