Gel Battery Market Growing at a CAGR of 4.2% to Reach $2.6 billion by 2027
Asia-Pacific dominated the gel battery market with a share of over 39.9% in 2019, in terms of revenue
The gel battery market size was valued at $1.8 billion in 2019, and is projected to reach $2.6 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027. Gel battery has pre-determined quantity of an electrolyte, together with sulphuric acid and silica fumes. It is one of the types of valve regulated lead acid (VRLA) battery. Gel battery is used in numerous applications such as electrification, hybrid power systems, navigational aids, mobile phones, motorcycles, camcorders, marine equipment, and others.
The gel battery market is driven owing to its adoption in numerous applications such as telecommunication, uninterrupted power supply (UPS), and others. This is attributed to its beneficial specifications such as less maintenance, leakage proof, high compatibility with sensitive electronic equipment, lowest cost-per-month, and others. However, high initial costs, requirement of special chargers as well as regulator are some of the factors expected to hinder the gel battery market growth.
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The global gel battery market is segmented into type, application, and region. Depending on type, the market is categorized into 2V, 6V, and 12V. Various applications of gel battery studied in the market include electric mobility, energy storage & distribution, telecommunication, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Gel battery market share is analyzed across all the regions and segmentation.
On the basis of type, 12V type of gel battery has garnered highest market share, it has 43.8% share in 2019. This is attributed to its adoption in numerous applications such as renewable energy sector, telecommunication, broadband, and others. It is adopted in above mentioned application owing to its characteristics such as excellent retention time, long service life, ease in handling, no addition of distilled water, and others.
Based on application, the energy storage & distribution segment is expected to grow at a fastest growth rate. It is expected to grow at a CAGR of 4.6%. This is attributed to rise in demand from the energy sector of developing regions. Gel battery for energy storage & distribution application in Asia-Pacific and LAMEA is expected to grow at CAGR of 4.7% and 6.3%, respectively, during 2020 to 2027.
On the basis of region, Asia-Pacific has garnered highest market share. It has garnered 39.9% share in 2019. This is attributed to presence of huge consumer base in the region as well as presence of key manufacturing players in countries such as China. In addition, growth of the telecommunication and energy sector in Asia-Pacific is also one of the factors that boosts the growth of the gel battery market.
The gel battery market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include Exide Technologies (Exide), BSB Power Company Limited., Leoch International Technology Limited Inc., Power Sonic Corporation (PS Corporation), Storage Battery Systems, LLC (SBS LLC), Canbat Technologies Inc. (Canbat), C&D Technologies, Inc., (C&D), JYC Battery Manufacturing Co., Ltd., B.B. TECH (Changsha) Co., Ltd. (B.B. TECH), and Vision Group (Vision).
Key Findings of the Study:
• The gel battery market is analyzed from 2019 to 2027
• Depending on the type, the12V battery segment is projected to grow at a CAGR of nearly 4.3%, in terms of revenue, during the forecast period
• Region wise, North America is expected to register a CAGR of nearly 3.4%, in terms of revenue, in the coming future
• By application, the energy & distribution segment is estimated to exhibit a CAGR of 4.6%, in terms of revenue
• Asia-Pacific dominated the gel battery market with a share of over 39.9% in 2019, in terms of revenue
• A comprehensive analysis of the factors that drive and restrain the market growth is provided in the report
• The qualitative data in this report aims at the market dynamics, gel battery market trends, and developments in the industry
Name: David Correa
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Organization: Allied Market Research
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Release ID: 89033197