Global Absorbent Glass Mat (AGM) Battery Market is valued at USD 10.27 Billion in 2021 and is expected to reach USD 14.77 Billion by 2028 with a CAGR of 5.33% over the forecast period.
Global Absorbent Glass Mat (AGM) Battery Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Increasing demand for stationary AGM batteries and rising number of research & development for the new innovative products by the leading manufacturers are some of the major factors driving the growth of Global Absorbent Glass Mat (AGM) Battery Market.
The advanced battery technology compared to other batteries such as lead-acid battery is nothing but the absorbent glass mat (AGM) battery. It is constructed in a such way that the electrolyte is attached to be suspended between glass mat and battery plates. These AGM batteries are far more efficient than other batteries due to its design & construction, better lifespan, resistance to vibrations, high capacity, and many other factors. These provider5 have superior power to support the higher electrical demands of today’s vehicles and start-stop applications. These advanced AGM batteries are a great premium choice for high-end and advanced fuel-efficient vehicles with large power demands, and for people who seek greater reliability and longer life in auto batteries. Since 1980s AGM technology became popular for military aircraft, vehicles, and UPS to reduce weight and improve reliability.
Covid-19 has severe impact on various industries which includes automotive, battery and also numerous manufacturing disruptions occur across globe and assembling factories were closed during the pandemic. Moreover, the raw material shipments are being disrupted. This has created high supply & demand gap which puts much pressure on battery sector also that already haggling with a downturn in global demand. This has severely affected the growth of the market during pandemic.
Global absorbent glass mat (AGM) battery market is segmented into type, applications, and region. On the basis of type, the global absorbent glass mat (AGM) battery market is segmented into stationery and motive. On the basis of application, the market is segmented into automotive, UPS, industrial and energy storage.
Some of the key players for Global Absorbent Glass Mat (AGM) Battery Market
On April 27th, 2021; Gridtential Energy company announced USD 12 Million financing for the deployment of its advanced AGM battery technology. Further, company added that it is also launching a series of groundbreaking AGM reference batteries produced on East Penn Manufacturing’s prototype line.
As stationary AGM batteries are mainly used for backup power, power supply storage as it is the best for standby power supply applications in industrial sector, medical equipment, telecommunication devices and many other sectors. For instance; According to ITRI Ltd.; AGM-type battery production in Europe was approaching 10 million (14%) and a similar trend was reported in China in 2016. Moreover, the world’s leading automotive battery producer- Johnson Controls announced that it is being recognized for its Absorbent Glass Mat (AGM) technology by Automobile & Parts, a major automotive magazine in China. This has increased the importance & demand for AGM batteries. Consequently, it is driving the growth of the market.
In addition, rising number of research & development for the new innovative products by the leading manufacturer along with the production of maintenance-free and non-spillage batteries with loner life is also boosting the growth of the market. For instance; On September 21st, 2018; FIAMM Energy Technology company has announced that it received the """"Innovation Award - Parts&Components Category"""" in relation to the range of powerCUBE AGM batteries. This is during Automechanika fair which took place from the 11th to 15th September in Frankfurt. On April 27th, 2021, Gridtential Energy company announced that it is getting ready to rapidly deploy its advanced AGM battery technology, Silicon Joule. Fir this the company has announced about USD 12 million in financing led by 1955 Capital. It is also launching a series of groundbreaking AGM reference batteries produced on East Penn Manufacturing’s prototype line.
However, high cost of AGM Battery technology and its disadvantages including lower tolerance to overcharging and high voltage requirement than flooded batteries may also hamper the growth of the market. Despite, increasing penetration of renewable energy across grids may offer more growth opportunities for the further growth of the market.
Geographically, Asia Pacific region is expected to dominate the global AGM battery market due rising demand for AGM batteries from grid and microgrid applications from developing countries such as India and China. Also, the increasing adoption of energy storage solutions for industrial, automotive, and other applications is also supplementing . Also, as energy storage has a key role in the transition toward clean energy and as energy storage represents a huge economic opportunity for India, the demand for new storage technologies including AGM batteries, is increasing which is supplementing in the market growth. For instance; As India has made a commitment of meeting 40% of its electricity generations, this requires about 175 GW of renewable energy target by 2022. This is expected to boost the growth of AGM battery market.
In addition, North America is at second position in dominance owing to increasing usage of automotive vehicles catering to all powering needs. The concept of mobility has changed in the new better way with powering vehicles in United States. According to Reuters about 250 million cars, SUVs, and light-duty trucks on the road in the United States are electric. And Getting drivers to switch from gas-powered to electric vehicles (EVs) is essential for the U.S. to be carbon-neutral by 2050. This has increased the demand for AGM battery technology to fulfill the steady efficient power need. Consequently, it is boosting the growth of the market into the region.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 10.27 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 14.77 Billion
|Tables, Charts & Figures:
|Companies / Manufacturers
|Robert Bosch GmbH, Duracell, Exide, Trojan Batteries, AMARON QUANTA, ODYSSEY batteries, Adventure Power, Johnson Controls, MK Battery, Defender Industries, Tudor India Limited, Centennial AGM and others.
|By Type, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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