AGM Battery Market on the Rise: Anticipating $13.9 Billion by 2025
According to projections, the Absorbent Glass Mat (AGM) Battery Market would rise significantly, rising from USD 10.2 billion in 2019 to USD 13.9 billion by 2025. The compound annual growth rate (CAGR) for this growth is a noteworthy 5.3%.
The upward trend in market value reflects the rising usage and demand for AGM batteries, which is fueled by factors including technological developments and the expanding demand for dependable and efficient energy storage solutions. AGM batteries are anticipated to play a critical role in meeting these demands and contributing to the market's overall growth as businesses and consumers place a higher priority on energy sustainability and look for more effective power solutions.
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Numerous advantages that come with AGM batteries are expected to drive the market for these batteries to increase. These advantages include the fact that they are maintenance-free and non-spillable, which makes them very appealing for a variety of applications. An increase in renewable energy investments has increased demand for effective energy storage options like AGM batteries, which is supporting the market even more. There is a noticeable growth in the demand for energy storage solutions, especially in high-current applications like Uninterruptible Power Supply (UPS), which is helping to drive the market for AGM batteries. AGM batteries are also more readily recycled than lithium-ion batteries, which favours their selection in environmental initiatives and boosts market growth.
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Market for AGM batteries ranging 2–4 Volts to grow at highest CAGR during forecast period
During the forecast period, the market for AGM batteries in the voltage range of 2-4 Volts is predicted to grow at the highest compound annual growth rate (CAGR). Due to their better capacity and unparalleled capabilities, AGM batteries that fall within this voltage range are in high demand. These batteries, which are primarily used for high-current applications like start-stop systems, offer improved safety characteristics like non-flammability and longer shelf lives. They are also highly effective in a variety of industries, including automotive, marine, energy storage, communications, as well as off-grid and backup systems, thanks to their high energy release. The increased demand and technological advantage explain the market for AGM batteries in this particular area is expected to rise significantly.
UPS application to dominate AGM battery market during forecast period
During the forecast period, the Uninterruptible Power Supply (UPS) application is anticipated to dominate the AGM battery market. The UPS application already has a monopoly on the market in 2018. Lead acid batteries are currently the most extensively used battery type in UPS applications, while other battery types are also widely used. AGM batteries have been a popular option among them, particularly for emergency backup applications in commercial and industrial environments. AGM batteries excel in delivering high current for brief periods of time, meeting the needs of UPS systems. Key characteristics including low internal resistance, high specific power and efficiency, cost effectiveness, and a low self-discharge rate are responsible for their applicability for UPS applications.
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APAC to exhibit largest market size during forecast period
During the projected period, the AGM battery market is expected to grow at the greatest market size and the highest Compound Annual Growth Rate (CAGR) in the Asia-Pacific (APAC) region. This is due to the area's sizable population, which has led to an increase in the demand for energy. Increased energy output, which frequently relies on sources based on fossil fuels, is required to meet the rising energy demand, which emphasises the integration of batteries and renewable energy sources. APAC is home to numerous major AGM battery market players that service a variety of applications, including Vision Group (China), HBL Power Systems Ltd. (India), Leoch (China), and B.B. Battery (China). These elements work together to explain AGM batteries' strong growth and market domination in the APAC region.
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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