The growth of this market is expected to be driven by the inherent benefits of AGM batteries such as their maintenance free & non-spillable nature, upsurge in renewable energy investments, increasing demand for energy storage solutions for high-current applications such as UPS, and easily recycling of AGM batteries compared with lithium-ion batteries
/EIN News/ — NEWARK, Del, May 27, 2022 (GLOBE NEWSWIRE) — As per Future Market Insights, 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 number of research and development by the leading manufacturer and the production of maintenance-free and non-spillage batteries with loner life is the primary factor driving the growth of the absorbent glass mat (AGM) battery market. The increasing demand for renewable energy projects across the globe is also expected to fuel the demand of the market over the forecast period.
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.
- 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.
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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
4. Market Background
4.1. Absorbent Glass Mat (AGM) Battery Market, by Key Countries
4.2. Absorbent Glass Mat (AGM) Battery Market Opportunity Assessment (US$ Mn)
4.3. Market Scenario Forecast
4.4. Investment Feasibility Analysis
4.4.2. Investment in Emerging Markets
4.5. Forecast Factors – Relevance & Impact
4.6. Market Dynamics
5. Key Success Factors
5.1. Manufacturers’ Focus on Low Penetration High Growth Markets
5.2. Banking on with Segments High Incremental Opportunity
5.3. Peer Benchmarking
6. Global Absorbent Glass Mat (AGM) Battery Market Demand Analysis 2015-2021 and Forecast, 2022-2032
6.1. Historical Market Analysis, 2015-2021
6.2. Current and Future Market Projections, 2022-2032
6.3. Y-o-Y Growth Trend Analysis
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