The global absorbent glass mat(AGM) battery market is estimated to garner US$ 18 Billion while exhibiting a 4.8% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 11.2 Billion in 2022.
The primary factor driving the growth of the absorbent glass mat (AGM) battery market is the number of research and development projects conducted by leading manufacturers, as well as the production of maintenance-free and non-spill batteries with long life. The growing global demand for renewable energy projects is also expected to fuel market demand over the forecast period.
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The UPS segment is likely to offer remunerative opportunities for the global absorbent glass mat(AGM) battery market. Several emerging economies are making significant developments in their automotive sector, thereby, providing lucrative opportunities to players in the market.
Key Takeaways:
- By application, the UPS segment is expected to record a 3.8% CAGR by 2032
- By voltage, the 2-4volts segment to expand at a 3.2% growth rate during the forecast period
- The U.S market to garner US$ 6 Billion and record a 4.5% CAGR from 2022-2032
- Market in China to procure US$ 1 Billion, expanding at a 4.1% growth rate during the assessment period
“Rising penetration of renewable energy across grids has boosted the need for efficient and flexible energy storage solutions is expected to fuel the demand of absorbent glass mat (AGM) battery market over the forecast period,” says an FMI analyst.
Competitive Landscape
Eminent players of the global absorbent glass mat (AGM) battery market include Clarios, Power Sonic Corporation, Exide Technologies, C&D Technologies, East Penn Manufacturing Company among others. Recent key developments among players include:
- In November 2021- Clarios entered a strategic collaboration with China Lithium Battery Technology Company (CALB) to develop low-voltage lithium-ion battery systems to address the growing electrical needs of global automaker. The partnership will develop and manufacture low-voltage lithium-ion battery systems with lithium iron phosphate (LFP) cells to support the needs of electric vehicles — combining CALB’s lithium-ion cell expertise with Clarios’ battery system and vehicle integration capabilities.
- In May 2021 – Exide Technologies, updated its Exide Premium range with a modern new black design with new recycled components for reduced environmental impact. The change will lead to savings of 2,700 tons of CO2, 8 million litres of water and 1.2 million litres of crude oil in Exide’s manufacturing each year.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global absorbent glass mat (AGM) battery market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Type (Stationary, Motive) by Voltage (2-4 Volts, 6-8 volts, 12 volts and above) by end-user (OEM, Aftermarket) by Application (Automotive, UPS, Industrial, Energy storage, others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
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